《保险研究》20240610-《个人养老金节税额与总收益的精算分析》（杨再贵、许鼎）

［摘   要］本文基于个人养老金制度建立精算模型，测算不同收入水平参加人的收益。结果显示：在基准精算假设下，个税级数不同的女性和男性参加人的总收益在 26428~54563 元之间。节税额、净转移额和总收益都随缴费额的提高而提高，缴费额对节税缴费比、净转移缴费比和总收益缴费比没影响。净转移缴费比在47%~50%之间，节税缴费比在 25%~73%之间，总收益缴费比在 72%~123%之间，后两个比值都随个税级数提高而上升。个税级数相同的参加人，男性所获节税额高于女性。节税额和总收益都与待遇领取年龄、缴费额、投资收益率和投资所得税率同向变动，与个人养老金参加年龄、管理费率和待遇领取税率反向变动。这些因素对总收益的影响程度由强到弱依次为投资收益率、待遇领取年龄、参加年龄、缴费额、管理费率、投资所得税率、待遇领取税率。为增强个人养老金的吸引力、增加缴费人数和实际缴费投资规模，可采取提高投资收益率、适时施行延迟退休、引导公众尽早参加个人养老金、适度提高缴费额上限、控制管理费率、减或免待遇领取税负等措施。

［关键词］个人养老金；节税额；净转移额；总收益；精算分析

［基金项目］教育部人文社科重点研究基地重大项目(22JJD790091)；教育部人文社科规划基金项目(23YJA630119)；高等学校学科创新引智计划(B17050)；918棋牌娱乐平台官网入口网址是多少 2024年度研究课题（ISCKT2024-N-1-27）。

［作者简介］杨再贵，中央财经大学中国精算研究院教授，博士生导师，社保精算研究中心主任，研究方向：社保精算。许鼎，郑州航空工业管理学院经济学院讲师，硕士生导师，研究方向：社保精算。

An Actuarial Analysis on Tax Savings and Total Return of the Third-pillar Individual Pension

YANG Zai-gui,XU Ding

Abstract：Establishing actuarial models based on the third-pillar individual pension system,we calculate the returns of participants with different income levels.The results show that under the benchmark actuarial assumptions,the total returns of female and male participants with different levels of individual income tax ranges from 26428 to 54563 yuan.The tax savings,net transfer amount,and total returns all increase with the increase of contribution amount.But the contribution amount has no effect on the tax saving contribution ratio,net transfer contribution ratio and total return contribution ratio.The net transfer contribution ratio is between 47% and 50%,the tax saving contribution ratio is between 25% and 73%,and the total return contribution ratio is between 72% and 123%.The latter two ratios both increase with the increase of individual income tax levels.Participants with the same level of individual income tax receive higher tax savings for men than for women.The tax savings and total returns change in the same direction as the benefit receiving age,contribution amount,investment return rate and investment income tax rate,and in the opposite direction with the participation age,management fee rate and benefit receiving tax rate.In terms of their intensity of impacts on total returns,these factors are,from strong to weak,the investment return rate,benefit receiving age,participation age,contribution amount,management fee rate,investment income tax rate,and benefit receiving tax rate.In order to enhance the attractiveness of the pension program,increase the number of contributors and the actual scale of contributions and investment,the government can take measures such as increasing investment return rate,timely implementing delayed retirement,guiding the public to participate in the pension program as early as possible,moderately increasing the upper limit of contribution amount,controlling management fee rate,and reducing or waiving benefit receiving taxes.

Key words：the third-pillar individual pension program;tax savings;net transfer amount;total returns;actuarial analysis