近年来,我国明确提出构建包括企业基本养老保险、企业补充养老保险和个人储蓄性养老保险在内的三支柱养老保险体系。但目前我国的养老保障体系依然是基本养老保险一险独大,养老金替代率^①不断下滑且低于国际最低标准(国际劳工组织为55%),缺乏长期的可持续性,养老保障的充足性堪忧。本文基于我国养老资产充足性的分析发现,目前我国城镇居民特别是在职人员净养老资产中,基本养老保险占有举足轻重的地位,而作为第二支柱的企业补充保险和第三支柱的商业养老保险的比例相对较低。但在我国城镇居民资产构成中,个人储蓄和其他资产占比均达到20%以上,这意味着在职人员手中积累了可观的财富,说明作为第三支柱的商业养老保险还有很大的发展空间,还有待国家进行政策扶持和对资本市场的引导及培养。因此,政府要多措施保障基本养老保险的可持续性,并完善多支柱养老保障体系。

In recent years, China clearly puts forward that it will build three pillar endowment insurance system, including the basic pension insurance, enterprise supplementary pension insurance and personal savings insurance. However, in terms of current situation of China’s endowment insurance, the basic pension insurance is still a major component, and pension replacement rates are declining and below the international minimum standard (ILO, 55%), lack of long-term sustainability, and the adequacy of the pension insurance system is worrying. This paper, based on the analysis of the adequacy of pension assets in China, found that at present, the pension assets of urban residents in China, especially in the net pension assets, the basic old-age insurance plays an important role. And as the second pillar and the third pillar of the enterprise supplementary pension insurance and personal savings insurance, the ratio is relatively low. And in the composition of China’s urban residents’assets, the ratio of personal savings and other assets accounted were more than 20%, which means on the job personnel accumulated a certain scale of wealth, the third pillar of personal savings insurance still has great development space, to be supported by the national policy to guide and cultivate the capital market. In this paper, and a variety of measures should be taken to guarantee the sustainability of basic endowment insurance to build a multi-pillar pension system in the future.