Implicit Pension Debt-driven-investment: The Study on Asset Allocation Strategy of National Social Security Fund
|Keywords||National Social Security Fund Floated Implicit Pension Debt Fund ratio Asset allocation strategy|
As a national reserve fund, National Social Security Fund takes an important role in our social security system strategically. The purpose is mainly for the pension gap caused by aging process. With the rapid development of our national economy and the increasingly aging process, elementary endowment insurance system had experienced a huge change, and there existed an eager expectation for a national-unified endowment insurance system. So it raised new requests to the strategic role of NSSF naturally, one is to become a resource to pay IPD and another is to provide a pilot and successful investment experience for the management and investment of national-unified pension in the future.This article is started with the analysis on assets and liabilities of NSSF. The fund investment has no connection with its payment responsibility of the target liability: this may lead to the separation of NSSF from its social security function. The NSSF will not be available to shoulder the paying responsibility in the future. Therefore, this article assumes that NSSF will shoulder the paying responsibility. On this assumption, this article analyzed the status and developmental tendency of NSSF, and set up an econometric model to explain the relationship between the NSSF and the investment portfolio. In addition, in reference of some conclusions of formal studies, this article also precast when the fund will be able to pay the accumulated floated implicit pension debt under different policies, how it changes and affects the paying plan while other factors change, and which strategy most suitable to the NSSF according to the paying response as well.