Professor Wang Zengwen, deputy director of the Social Security Research Center of Wuhan University, and Li Xiaolin, a doctoral candidate, published a paper entitled "Life Expectancy Growth, Personal Account Payment Gap and Pension Replacement Rate" in the third issue of the CSSCI journal Fiscal Research in 2022.

【author】Wang Zengwen,Li Xiaolin

【Published journals】《财政研究》

【Journal level】CSSCI

【Publication time】Issue 3,2022

【Abstract】The increase in life expectancy has led to a huge payment gap in personal account pensions, and the financial pressure has risen. The results show that: (1) without policy intervention, the sum of the present value of the financial subsidy for the personal account from 2021 to 2050 is about 25,620.003 billion yuan, (2) the adjustment of the number of months can reduce the sum of the present value of the financial subsidy by 77.27%, but the pension replacement rate decreases by 2.38 percentage points, and the delay in retirement age reduces the sum of the present value of the financial subsidy by 4.93%— 18.58%, but the pension replacement rate increased by 0.22-0.86 percentage points; (3) When the retirement age is delayed at the same time and the number of months is dynamically adjusted every 10 years, the sum of the present value of financial subsidies can be reduced by 78.55%, and the pension replacement rate is relatively fair in different categories of employees. In this regard, the government should formulate a plan to delay the retirement age in line with the changes in the age structure of the population, and dynamically adjust the number of months in personal accounts according to life expectancy.

【Keywords】life expectancy; delayed retirement age; the number of months of issuance; Pension replacement rate.