???????? ?? ???? ???????? ???? ??????? (Defined Benefit) ??? ???? ??????? / ?????? ???????? ???? ?????????? (Defined Contribution) ????? ????

1
???????? ?? ???? ???????? ???? ??????? (Defined
Benefit) ??? ???? ??????? / ?????? ???????? ????
?????????? (Defined Contribution) ????? ????

• ???? ??
• ??????? / ???? ???? ??? ????
• ????? ???????
• ???? ????? ?????? ?????? ?????????
• ???? 2008

2
????? ????????? ???????? ???? ???????
(Defined Benefit)
3
???????...

• ????????? ?????????? ????? ????????? ?????????
  Projected Benefit Obligations))
• ????? ?????? ??????? ???????? ????????
  ??????????? ????? ?? ???????? ??????? ???????? ??
  ??????? ??? ???? ????? ????? ?????????? ????????
  ???
• ????????? ????????? ????????? Accumulated Benefit
  Obligation))
• ????? ?????? ??????? ???????? ???????? ??????
  ????? ?????? ???????? ?????? ??? ???? ?????? ????
  ??????? ??? ???? ??? ?????????? ??? ?? ?????
  ?????? ???????? ?? ??? ?????? ??????? ???
• ???? ?????? ???? ???????? (Vesting)
• ????? ???? ????? ???????? ?? ????? ?????? ??
  ????? ??? ?????? ????? ????? ?? ????? ?? ???
  ?????? ??? ???? ???????? ????????? ???? ????? ???
  ?? ???? ???? (vesting schedule) ????? ?? ????
  ?????
• ????????? ????????? ???????? Vested Benefit
  Obligation))
• ??? ????????? ????????? ????????? ???? ???
  ???????? ???????? ??? ????? ????? ????????
  ??????? ?? ??? ??????? (vesting schedule)? ?????
  ???? ???? ????? ???? ????? ?????? ?? ??????? ????
  ?????? ??? ???????? ????????? ?????????? ??? ????
  ???? ??? ????????? ????????? ?? ???? ???????
  ?????? ????? ??????

4
????? ???????? ????? ??????? ?????? ????????
????? ??????? ??????
?????? ???????
?????????? ???????
?????? ??????? ????? ??????? ???????
????? ??????? ??? ???????
????????? ???????? ?? ????? ??????? ? ???????
?????????
???? ???????? ??? ?????? ????????
???????? ?????????? ????? ???????? ??? ????
?????? ???? ???????? ????? ???????
???? ??????? ?????? ????? ??????? ???????
???????? ???? ????????? ????????
??????? ??????????? ???????? ??? ??????
???? ????????? ????????? ????????
?????? ??????? ??????? ?????? ????????
?????? ??????? ????????? ?????????? ?????
????????? ?????????
??? ?????? ????????? ?????????? ????? ?????????
????????? ???? ???? ?????????? ??????? ?? ????
?????? ???????
5
??????? ???? ???????? ???? ???????
????????? ???????? ?? ???? ????????? ??????????
????? ????????? ?????????
???? ?????? ????????? ?????????
??? ????? ???????? ?????? ??? ?????? ??????? ?
??????? ??????????? ???????? ?
??? ?????????? ???????
????? ????? ??????? ??? ??????? ?
???? ??? ?????? ?
?????? ???????? ??? ??????? ?
????????? ????????? ???? ???? ?? ??? ?????? ????
??? ????? ???? ???????

• ?????? ???????
• ??? ????? ????? ??????? ???????????
• ??? ????? ????? ????? ?????????
• ??? ????? ??????? ????????

?????? ????? ??? ?????? ???????? ??????? ?
????????
6
???? ???????? ?? ????????????? ??????? ????
??????????? ???????? ??????? ?? ???? ???????
?????? ?????? ????? ??????? ????? ???? ???? ????
???????? ????????
????? ????? ????? ????? ????????
???????? ????? ?? ????? ???????
7
??????? ??? ??????? ?? ???? ???????? ???? ???????
??????? ???????? ???? ?????? ???????? ?????
??????? ?????????? ??????????? ?? ???? ??? ?????
????????? ???????? ?????? ??????? ???????
?????? ??????? ??????? ???????? ????? ?????? ?????
????? ?????? ?????? ?? ????? ??????? ??????
??????? ??????? ????????
??????? ?????? ??? ???? ??? ????? ???? ?? ???
????????
????? ?????? ??????? ??????? ???????? ??? ?????
?????????
????????? ?? ????? ????? ????? ??????? ??????
??? ????? ???? ???? ????? ?? ????? ??????? ??
?????? ????????
????? ?????? ???????? ?????? ????? ????? ???????
8
????? ?????????? ???????? ???? ??????????
(Defined Contribution)
9
???? ???????? ???? ?????????? ?????? ????????
?????? ???????? ??????? ??? ????????? ????? ?????
???? ?? ????? ??? ??? ?????? ?????????
????????? ??????? ???????? ???? ???? ?? ??????
????????? ??????? ?????? ??????? ???????
???????? ??? ?????? ??????? ????????

• ?????????? ??????? ???? ??????? ??? ????? ??????
  ????? ?????? ???? ????? ?? ??????
• ????????? ????????? ????????? ????? ???
  ?????????? ???????? ??? ??????? ????????? ??
  ??????? ???? ?????? ????????

10
????? ????? ???? ???????? ???? ??????????
???? ???????? ???? ????????? ???? ?????? ?? ????
????? ?????? ??????
??????? ???????
??????? ???????? ???????
?????? ????? ??????? ??? ??????? ???????? ??????
?????? ????????
?????? ????? ??????? ??? ????? ?????? ?????? ????
????? ????? ?????? ????????
?????? ????? ??????? ??? ??? ?? ??????? ??????
????? ????? ?????? ????????

• ???? ??????? ?????????? ????? ?? ??????? ?????
  ?????????.
• ????? ???? ??????? ????? ??? ?????? ?????????
  ???????? ????????
• ?????? ??? ?????? ????? ?? ??? ????? ??????
  ?????????? ?????? ?? ????? ???????

• ???? ????????? ????????
• ????? ??????? ?????? ?????????? ?????? ????
  ?????? ?? ????? ?????? ?? ??????? ?? ???? ?????
  ???????
• ??? ???? ??????? ????? ???? ??????

• ?????? ??????? ??????? ???????? ???? ?????? ????
  ????? ????? ??????? ???????
• ????? ??????? ??? ?????? ?? ??????? ????? ?????
  ??? ??????? ????????

11
??? ?????? ???????
????? ?????? ??? ???? ??? ????????? ?? ???????
????? ???????
???? ?????? ??? ?????????
?????? ??? ?????????
???? ?????? ???????? ???? ???????? ???????
????? ?????? ??? ???? ??? ?????? ????? ????? ??
?????? ??????
?????? ???????? ???????
????? ???? ?????????
???? ???? ?????? ????????
????? ?????
????? ????? ???????
????? ????? ????? ??????? ???? ??? ??????? ????
?????? ?????????
?????? ???????
???? ??? ????? ???? ???? ?????? ????? ?? ??????
?? ???? ?????
??? ??????? ????????? ????? ???? ????? ????????
????? ???? ????????? ???????
12
????? ??????? ???????? ?? ??? ??????

• ???????? ??????? ?????????
• ????? ???? ????????? 1.28
• ????? ????? ??????? USD200-USD1000 ??? ????? (??
  ????? ?????? ?????? ???? ??? ?? ???
• ?????????)
• ????
• ????? ?????? 1.77
• (???? ????? ????? ??????? ? ????? ????
  ?????????)
• ????? ???? 0.67
• (????? ?? ??? ????? ???????)
• ????????
• ?????? ??????? 1.21
• ??????? ???????
• ???? ?????? ??????? ??????? 1.50 ???? ?????
  ???? ?????? ???????
• 1.00 ???? ??? ?? ??????

??????Mesa-Lago, Carrmelo. Reassessing Pension
Reform in Chile Other Countries in Latin
Ameriica. University of Pittsburgh. -1 2-
Broadbent, John et al. The shift from Defined
Benefit to Defined Contribution Pension Plans-
Implications for Asset Allocation Risk
Management. December 2006
13
?????? ????? ????? ???????? ????? ???????
???????????
?? ???? ???????? ???? ?????????? ?? ?????????
??????? ???? ?????? ?????? ??????? ?? ???? ?????
??? ??????
14
???? ?????????? ???????? ??? ????? ????????
??????? ??? ?? ???????? ?? ???? ???????? ????
??????? ??? ???? ???????? ???? ??????????
15
????? ?????????????? ?? ???? ???????? ????
??????? ??? ???? ???????? ???? ??????????
16
????? ???????? ????????
???? ???????? ?????? ??????
????? ???? ?????? ?????? ?? ??????? ?? ??????
???? ????? ????? ??? ???? ???? ??? ?????? ??????
???????? ?????? ?????
???? ?????? ????? ?????? ??????????? ????????
??????? ?????? ?????? ?? ????? ???????
???? ???????? ???? ?????????? ??????
????????? ??????? ??? ?? ????????
???????? ???????? ???????
????????? ?????
????????? ?? ?????? ??????
???????? ?????? ??????
17
????? ??????? ????? ????? ???? ?????

• ????? ?????? ??????? ??????? ???????? ?????????
  ????? (Fiduciary Responsibility) (??? ???)
• ??? ?????? ????? ?????? ?????? ????????
• ??????? ?? ????? ??????? ???????
• ??????? ?? ????? ?????????
• ????? ???? ??????? ??? ???? ?????? ???????
• ????? ?????? ????? ?? ???????? ????? ??? ??????
• ??????? ?? ????????? ?? ?????? ???????? ????
  ????? ?????? ????? ??? ????? ??????? ?? ????
  ??????????? (???? ??????)
• ????? ?????? ????????? ???????? ???? ????? ?????
  ?????
• ????? ????? ????? ??????
• ????? ??? ????? ????? ???? ???? ???? ??? ??????
  ??????? ??? ????? ????????

18
????? ???? ?????? ???????
????????? ? ????? ????????
???? ???????
?????? ????????
??????? ????????
???????? ????????
???????
??????? ????????
???? ?????????
???? ?????
19
?????????? ??????? ????? ?????????
20
????? ???? ???????? ?? ??? ?????

• ???????? ??????? (?????? ??????? ????????
  ?????????? ???) ?????? ??? ???? ?????? ??????
  (?????? ??????? ??? ?? ????)
• ???? ?????????? ??? ???? ???????? ???? ??????????
  ??? ?? ?????? ???????? ??????? ???????? ?????
  ????? ??? ???? ?????? ?????? ??? ????? ??? ?????

???? ??? ????? ???????? ???? ??????? ???????????
??????? ?????? ?? ???????? ??????? ????????? ????
?????? ?? 1985-2005
?????? Broadbent, John et al. The shift from
Defined Benefit to Defined Contribution Pension
Plans- Implications for Asset Allocation Risk
Management. December 2006
??????Mesa-Lago, Carrmelo. Reassessing Pension
Reform in Chile Other Countries in Latin
Ameriica. University of Pittsburgh.
21
????? ??????????? ???????? ?? ???? ????????
???? ??????? ??? ???? ???????? ???? ??????????
22
????? ???????? ?? ???? ???????? ???? ??????? ???
???? ???????? ???? ??????????

• ?????? ??????? ??????????? ?? ????? ???????
  ??????? ???????? ??? ????????
• ???????? ??????? ??????? ????????? ???? ??? ?????
  ?????? ??????? ?? ?????? ???????????

???????

• ?????? ???? ???????
• ?????? ????? ??????? ????? ?????? ????????
  ?????? ???????? ?? ???????
• ?????? ????? ??????? ??? ??????? ???? ??????
  ??????? ?????? ??? ?????? ????????

?????? ???

• ????? ???? ??????????? ???? ??? ?????
• ??????? ????? ????? ????? (??????? ???? ???? ????
  ???? ??? ??????)

??? ??? ?????
23
?????? ?? ????? ?????? ??? ??????? ???????
?????????????? ????????? 1985 - 2005
?????? Broadbent, John et al. The shift from
Defined Benefit to Defined Contribution Pension
Plans- Implications for Asset Allocation Risk
Management. December 2006
????????? ?????? ?????? ???? ????? ???????? ?????
??????? ? ????? ??????????
????????? ?????? ?????? ???? ???? ???????? ?????
??????????

1. ????? ?????? ????????? ????? ????? ???? ????
   ????? ?? 1 ??? 37 ??? ??? ???? 20 ??? ???????
   ???? ??? ???? ?? ??????? ??????? ??????
2. ?????? ???? ?????? ?????? ??? ??????? ???????
   ???????? ?????? ??????? ????????? ????????
3. ????????? ?? ?????? ???? ??? ??????? ?????
   ??????? ?? ???? ?????? ????????? ???? ???? ????
   ???? ???????? ???? ??????????

1. ????? ?????? ????????? ????? ????? ???? ????
   ????? ?? 1 ??? 27 ??? ??? ???? 20 ??? ???????
   ???? ??? ???? ?? ??????? ??????? ??????
2. ????????? ??????? ?? ?????? ??? ????? ????? ?????
   5 ?? 42 ??? 47

24
??????? ??????????? ????????

• ???? ?? ????????? ?? ???? ??????? ??????? ???????
  ????????
• ???? ?????
• ???? ??? ??????
• ????? ????????? ???? ??? ????? ??? ??? ?????????
  ?????? ??? ???????? ???????? ??????
• ????? ???? ?? ??? ???????? ?? ?????? ??????? ??
  ??????? ????????
• ????????? ?????? ????? ????? ??????? ???????? ??
  ???? ????? ???? ?????? ????????
• ????? ????
• ??? ???? ???? ?? ??????? ??????? ?? ???? ???? ??
  30 ?? ???????
• ??? ???? ???? ?? ?????? ?? ???? ????? ????? ?????
  ????? ??? 10 ?? ??????? ????????? ?? ????????
  ???? ?? ????? 15 ?? ??????? ??????? ???? ??????
  ??? ??????
• ??? ???? ???? ?? ??????? ??????? ?? ???? ?????
  ?????? ???? ?????? ?? 30 ?? ??????? ????????? ??
  ???????
• ??? ???? ???? ?? ??????? ??????? ?? ??????? ???
  ???? ????? ????? ??? ??? ???? ?? 50
• ??? ??? ??????? ????????? ?????? ?????? ?????
  ?????? ?? - ?BBB

25
??????? ??????? ???? ???? ???? ???? ???
?????????? ?????? ????? ???????? ?????
??????????
????? ???? ??? ?????? ??? ???? ??? ???
??????? ???? ???? ???? ????? ?????? ??? ?????
????? ?? ??????? ??? ??????
????? ??????? ?? ?????? ??????? ??????? ???????
???? ???? ???? ???? ??? ??????
??????? ????????
???? ???? ???? ???? ??? ????? ?? ????? ???????
????? ?????? ????? ?????
????? ??????? ?? ???????
????? ????? ??? ???????? ??? ???? ??? ??? ??????
????? ???? ??? ?????? ????? ???????? ??? ?????
??????? ??????? ?????? ?????? ???????

?????? Mitchell, Olivia S. Developments in
Decumulation The Role of Annuity Products in
Financing Retirement. The Pension Institute,
Birkbeck College, University of London, June 2001
26
????? ?????????? ?? ???? ?????? ????? ????
???????
27
???? ???? ???????? ?? ????
?????? ?????? ????? ???????? ?? ????
1924 ??? ????? ????? ????
1924 1970 ????? ??????? ????
1970 1980 ????? ???? ????????
1980 - ????? ?????? ???? ?????? ???? ??????????

• ????? ?????????? ?? ????? ?????? ???? ????????
  ?????? ????? ??? ???? ?? 150 ??? ?????? ????? ???
  ??? ????? ?????? ?????? ???? ????? ??????
  ???????? ?????
• ????? ??? ?????? ??????? ??????? ??? ???????
  ??????? ???? ????? ?? ?????? ???????? ????????
• ?? ??? 1981 ??? ??????? ????? ????? ???????? ???
  ?????? ?????? ???? ?? ????? ?????? ????????
  ?????? ???????
• ?????? ???? ???????? ?????? (???? ???????) ?????
  ????? ???????? ??? ???? ???????? ?????? (????
  ??????????) ?? ??? ????????? ???????? ???? ??????
  ?????? ????? ??? ?? ?? ?????? ??????
• ?????? ?????? ???? ??? ???????? ??????? ????
  ??????? ???????? ??????? ?????
• ?? ??????? ?? ??? ????? ?????? ?????? ????? ???
  2050

28
??????? ??????? ????? ????????
??????? ?????? ???? ???????? ????? ???????
??????? ??????? ???? ???????? ????? ??????????
??????? ??????? ???? ???????? ????? ??????????
???????

• ???????? ??? ???? 10 ?? ????? ??????
• ??? 2-3 ?? ???? ?????? ?????? ???????? ????????
• ??? ???? ???? ???? ???????? ??? ?????? ????????
  ???????? ??? ?? ???? ????? ?? ????? ???? ???? ???
  ?? ?? ???
• ?? ???? ?????? ?????? ????????
• ??? ???? ????????? ???????? ????? ?? ?? ??? ?????
  ???? ????? ??????? ????? ??? ?????? ????? ???????
  ???? ?????? ??? ??????

• ????????? ???????? ?? ????? ????????? ?? ?????
  ???????? (??? ????? ???? ?? ???????)

???? ?????? ????? ???? ?????????? (???????? ??
?????)
???? ????? ??????? ???? ?????? ???????? ?? ????
???????? ??????? ??????????
???? ???? ???? ????? ????????? ??? ?? ??????
??????? ??? ?????? ?????? ??? ??????
??????? ???????
??????? ???????
29
???? ????? ???? ????????
??? ????? ?? ?????? ?????? ????? ?? ?????? ??????
????????
???? ????????? ?? ?????? ?????? ?? ??????
?????????


??? ???? ???? ???????? ????? ??????????
????? ???? ????????
Mean Returns

?????? Arenas de Mesa, Albertro Bravo, David
et al. The Chilean Pension Reform Turns 25
Lessons from the Social Protection Survey. The
Wharton School, University of Pennsylvania. July
2006
30
????? ???? ??????? ??????????? ?? ????
???????? ??? ?????? ?? ??????? ???? ??????
????????
31
?????? ????????? ?? ??????? ???????
??????? ???????? ?????
???????
?????? ????????
?????? ???????? ???????
????? ??????? ??? ???????? ?????? ??? ??????
????????
???????? ??? ????? ???????? ???? ???? ?????
?????? ?????? ??? ????????
?????? ?? ??? ??????????
?????? ??? ???????? ?? ??????? ??? ???? ???
?????? ????? ???????
???? ?????? ?????? ?????
?????? ???? ????? ???????
?????? ???? ???????? ??? ????? ????? ?????
????????
?????? ??? ????????
?????? ????? ????????
?????? ??????? ??????? ??? ?????? ????????
???? ?? ???????? ???????? ??????
??? ???? ???????????
?????? ????? ?????????
??? ????? ???? ????? ??????????? ??? ????
???????
?????? ????? ????? ?? ???? ???? ??? ??????
????? ?????? ??? ????????? ?????
????? ????? ????? ??? ???? ???? ??? ??????
32
?????!