The Automatic Balance Mechanism of the Swedish Pension System
The Automatic Balance Mechanism of the Swedish Pension System
复制标题
瑞典养老金制度的自动平衡机制
DOI：
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发表时间：
2001
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影响因子：
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通讯作者：
Ole Settergren
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文献类型：
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作者：
Ole Settergren
新的瑞典现收现付养恤金制度的设计是为了在财政上保持稳定，即无论人口或经济发展如何，它都能够以固定的缴款率和固定的福利计算规则为其义务提供资金。这种财政稳定不可避免地带来了养恤金价值随时间变化的风险。为了最大限度地减少这种可变性，同时确保系统的金融稳定性，它采用了非对称设计的指数化规则。为了达到稳定养恤金水平的目的，试图根据平均收入的增长率来确定系统负债的指数。由于平均收入的增长通常会偏离系统的内部回报率，因此该指数意味着资产的增长可能快于负债，反之亦然。如果负债超过资产，则不确定性的基础自动转为系统内部收益率的近似值，从而也自动调整养恤金水平。养恤金水平自动恢复，作为独立性基础的平均收入增长也是如此，只要有可能，就在不破坏制度财政平衡的情况下恢复。只有历史交易才被用来计算负债和资产。资产的评估是通过一个新的概念，预期周转时间。* Ole Settergren是瑞典国家社会保险委员会（NSIB）的研究员。他负责开发新的瑞典养老金制度的自动平衡机制。致谢如果没有汉斯·奥尔森在早期阶段的支持、经验和辛勤工作，我关于在一个虚拟的、财务稳定的养老金体系中使用养老金负债来管理实际体系的想法就不可能在婴儿期存活下来。爱德华·帕尔默教授在阐述这一想法的漫长过程中提供了宝贵的支持和灵感。此外，大卫Sundén有助于其发展，而在NSIB工作。Boguslaw D. Mikula在工作中的广泛参与，在解释和实施自动平衡机制中使用的方法方面不可或缺。1这是《经济政治报》2001/4号发表的一篇文章的编辑本。
The new Swedish pay-as-you-go pension system has been designed to be financially stable, i.e. regardless of demographic or economic development it will be able to finance its obligations with a fixed contribution rate and fixed rules for calculating benefits. This type of financial stability inevitably entails a risk that the value of pensions will vary over time. To minimise this variability, while at the same time securing the financial stability of the system, it has indexing rules that are asymmetrically designed. The aim of a stable pension level is attempted by basing the indexing of the systems liability on the growth in average income. As the growth in average income normally will deviate from the systems internal rate of return this index implies that assets may grow faster than liabilities, or vice verca. If and when liabilities should exceed assets, the basis for indexation is automatically switched to an approximation of the system’s internal rate of return, thus automatically adjusting pension levels as well. The pension level is automatically re-established, as is growth in average income as the basis of indexation, as soon as this is possible without undermining the financial balance of the system. Only historic transactions are used to calculate the liability and the assets. The valuation of assets is performed by a new concept, expected turnover duration. _____________________________ * Ole Settergren is a researcher at the Swedish National Social Insurance Board (NSIB). He has been responsible for developing the automatic-balance mechanism of the new Swedish old-age pension system. Acknowledgements Without the support, experience, and hard work of Hans Olsson at an early stage, my idea of using the pension liability in a virtual, financially stable pension system to govern the actual system would not have survived its infancy. Professor Edward Palmer has provided invaluable support and inspiration during the lengthy process of elaborating this idea. In addition, David Sundén contributed to its development while working at NSIB. The mathematical and modelling knowledge of Boguslaw D. Mikula, together with his extensive involvement in the work, has been indispensable in explaining and implementing the method used in the automatic balance mechanism. 1 This is an edited version of an article published in Wirtschaftspolitische Blätter 2001/4.