Recently, the Congressional Budget Office (CBO) said that as the global credit crisis on financial markets in the U.S. economy and the deepening of the pressure in the past one and a half years, the U.S. pension assets fell by at least 1 trillion U.S. dollars, the loss may be as high as 2 trillion U.S. Million.
At the same time, Britain, Chile, Argentina and other countries have also been discovered in private pension funds have suffered losses. It is reported that British private pension funds by the financial crisis worse, the per capita loss amounted to 20,000 pounds. But then, the British official come forward to clarify that pension plans are not facing great risks.
A few days ago, this reporter had an interview with Britain's largest insurance company Standard Life, one of the people in charge of pension policy John Lawson, and the Chinese and British policy on the part of the pension comparative analysis.
John has been working in Standard Life 9, after the Bank of Scotland 8, 2001 and was re-joined the Standard Life. As Standard Life and British insurance industry representatives, he is currently involved in the United Kingdom, Europe and Asia, the Government's pension work.
British standard is not affected by the financial crisis
"21": how you look at the pension accounts of the United States appears substantially reduced?
John: pension accounts in the United States is indeed facing some threat, in particular, they have a pension plan of operation is to encourage employees to the pension fund to invest in their own company's stock, once the business problems, not only the employees lost their jobs, The loss of pension. As a result, I hope that the United States can learn from it, the diversification of pension assets, while in Britain there are more choices, many of which are bond-type, the risk is relatively small investment varieties.
"21": The Asian financial crisis, the British pension market is under attack?
John: In the UK, is not more credit risk, but the financial crisis triggered an economic downturn, some companies declare bankruptcy and close down, more liabilities than assets, resulting in a decline in the quality of corporate debt, which led to the pension assets at risk. However, the British Government to have a compensation mechanism, that is, the old-age insurance fund, once the employer has gone bankrupt, the pension beneficiaries will be able to obtain appropriate compensation from the fund.
"21": the management of Standard Life pension affected and to what extent?
John: Standard Life operation of the pension funds to invest there are two general direction of government bonds and corporate debt, government debt most of which has not been affected. As of the end of 9, Standard Life surplus capital levels higher than the statutory requirements of 3,400,000,000 pounds.
Sino-British pension model comparison
"21": Britain's pension model in China learn from what?
John: the United Kingdom known as the supplementary old-age pension insurance, there are two functioning the way one is built on trust on the basis of the plan, known as the trust model; the other is built on the basis of the contract plan, known as the model contract.
Trust model is a more traditional way, as was the relationship between employees and businesses is relatively stable, and now very few people in a single enterprise, so as to the insurance contract on the basis of the new system go from strength to strength. China will be faced with this trend.
In Britain, more than 90% of the supplementary old-age insurance from insurance companies, insurance companies, to adopt an open design and investment mechanism. For example, our investors to buy the company's annuity business, investment by us may not be completed, but to different external investment - funds, securities, banking and so on - and opening up, we just gave him a total investment , A bit like a trustee.
"21": the crisis in the mechanism under which the risk of exposure to a greater degree?
John: I personally believe that the risk of greater trust model. In Britain the two models are different regulatory departments in the tube, often more stringent regulation of insurance companies. Insurance companies have strict internal and external auditing, investment strategy is relatively strict. The trust models, especially the small trust schemes, often in the process there are certain risks.
In addition, insurance companies, even if the closure of Britain's insurance guarantee fund to protect policy holders 90% interest from the loss. Many cases show that, if the system is the trust of many of the interests of policy holders are not guaranteed.
"21": Britain's pension supervision of several departments? And the role played by, respectively?
John: There are four British regulators governing corporate annuity, a financial sector, is responsible for tax policy; followed by labor and pension and social security department, in charge of the first pillar of the basic old-age insurance; is the third financial services regulation, banks , Securities, insurance and so on the operation mode of supervision; there is a newly established, specifically for pension supervision of the sector, the main regulatory supplementary old-age insurance of enterprise risk "to determine the treatment of" that part of the business, To ensure that the relevant agencies to carry out, such as about the treatment of old-age, the development of standards and management fees, and so on, this part of the market is currently around 20%.
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