新农保个人账户养老金计发系数评估

根据《国务院关于开展新型农村社会养老保险试点的指导意见》的规定，目前我国新农保个人账户养老金计发系数为139。通过推导出的新农保个人账户养老金计发系数的计算公式测算，发现目前的新农保个人账户养老金计发系数过小，个人账户在未来会存在收不抵支的风险。新农保个人账户实行的是完全积累制，一开始就是实账，在收不抵支时，应主要从制度设计和运行上找原因，而不是让国家财政来承担兜底责任。因此，建议适时调整新农保个人账户养老金计发系数，同时个人账户养老基金应进行市场化投资运营，以提高个人账户收益率。

Appraisal on Individual Account Pension Divisor Coefficient of New Rural Social Endowment Insurance

In accordance with the regulation by ＂State Council＇s Guiding Opinions on Carrying out New Rural Social endowment Insurance＂, the individual account pension divisor coefficient of new rural social endowment insurance in China now is 139. Calculation from deducing the formula of individual ac- count pension divisor coefficient of new rural social endowment insurance shows that the individual ac- count pension divisor coefficient of new rural social endowment insurance is quite low,and individual ac- counts will face the risk of deficit in the future. The individual account of new rural social endowment in- surance is full funding system and is the full account from the beginning. When deficit occurs, it is neces- sary to find out reasons from system design and operation instead of putting state finance to bear the re- sponsibility. Therefore,this paper suggests that individual account pension divisor coefficient should be adjusted in proper time. Meanwhile, individual account pension should implement market-oriented investment and operation in order to increase rate of return of individual account.