An Economic Approach to Public and Private Pensions

本研究通过对公、私养老金的主要作用的考察，探讨了将公、私养老金外包的可能性，并对日本发展私养老金的政策进行了探讨。主要观点如下：a.公共和私人养老金在保障退休后的收入方面发挥着不同的作用。它们应该结合起来，以发挥各自的优点，同时尽量减少它们的缺点。外包可能不会成功，因为期权将有利于外包养老基金，同时给公共养老金带来财务损失。为了在日本发展私人养老金，有必要在缴纳私人养老金时引入税收减免。d.日本未来人口的新估计（1986年8月的估计）预计，65岁以后的退休年数将进一步增加约20%，这将迫使公共养老金的缴款进一步增加。养老金政策应基于老年人的经济状况，他们现在和将来的生活条件各不相同。

Reviewing main roles of public snd private pensions, our research project has investigated possibilities of the contracting-out, and has discussed some policy considerations for developing private pensions in Japan. Main points are as follows:a. Public and private pensions have different roles in securing income after retirement. They should be combined for their respective merits to make out, while their drawbacks to be minimized.b. The contracting-out will be probably unsuccessful, since options will favor the contracting-out pension funds, while giving financial damage to public pensions.c. In order to develop private pensions in Japan, it is necessary to introduce tax deductions in contributing private pensions.d. The new estimate of future populations in Japan (the August 1986 estimate) expects about further 20% increase of retirement years after age 65, forcing further equivalent increase of contributions of public pensions.e. Pension policies should be based on the economic status of old people, who are and will be in wide variety of living conditions.