An Actuarial Analysis on Tax Savings and Total Return of the Third-pillar Individual Pension
Establishing actuarial models based on the third-pillar individual pension system,we calculate the returns of partici-pants 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 be-tween 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 im-pacts 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 at-tractiveness 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 pub-lic to participate in the pension program as early as possible,moderately increasing the upper limit of contribution amount,control-ling management fee rate,and reducing or waiving benefit receiving taxes.
the third-pillar individual pension programtax savingsnet transfer amounttotal returnsactuarial analysis
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