The Role of Insurers in Developing the Third Pillar of China's Pension System
September 2023
Authors:
Mengyi Xu, PhD, FSA, FIAA
Assistant Professor
Department of Statistics and Department of Mathematics, Purdue University
United States
Kerwin Gu, MPhil, FSA, FIAA
Partner
Baker Tilly China
Beijing, China
Adam W. Shao, PhD, FSA
Research & Development Actuary
SCOR Global Life
Singapore
Description
China's pension system is facing funding challenges as a result of changing demographics. The first pillar, which relies on contributions from current workers, is particularly vulnerable to an aging population. While the second pillar has shown some growth, its limited coverage cannot fully bridge the funding gap of the first pillar. The third pillar presents a potential solution to enhance the financial sustainability of China's pension system. In this context, actuaries play a crucial role in advancing the third pillar. Our research aims to provide valuable insights and recommendations that can optimize the participation of insurance companies, enhancing the long-term sustainability and effectiveness of China's pension system.
Materials
The Role of Insurers in Developing the Third Pillar of China's Pension System
The Role of Insurers in Developing the Third Pillar of China's Pension System – Simplified Chinese
The Role of Insurers in Developing the Third Pillar of China's Pension System – Excel Tool
Podcast
The Role of Insurers in Developing the Third Pillar of China’s Pension System
Thank You
The researchers’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the Project Oversight Group and others for their diligent work overseeing questionnaire development, analyzing and discussing respondent answers, and reviewing and editing this report for accuracy and relevance.
Project Oversight Group members:
Kai Chen, PhD, ASA
Jiangang He, FSA, FCIA
Qi Li, FSA
He Wang, PhD
Min Zhang, FSA
At the Society of Actuaries Research Institute:
R. Dale Hall, FSA, CERA, CFA, MAAA
Jessie Li, FSA
Xiao Xu, FSA, CERA, FIAA, CFA, FRM, CA, CPA, PhD
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