(Pension Trust)

Pension trust refers to the trust established by enterprises to facilitate the payment of pensions to their retired employees. The typical pension fund in the United States is the same accumulation fund, which is used to pay the pension of an employee of the company and is managed and invested by the company where the employee belongs. Pension fund is the product of the combination of pension insurance and financial system. As special funds, it has the characteristics of long-term, stability and scale. Endowment insurance system is an important part of social security system, which is directly related to the stability of the whole society. This has special requirements for the independence and integrity of pension funds. The independence of trust property just ensures the independence and integrity of pension funds and can promote the stability of pension funds.

In the United States, the Employee Retirement Income Protection Act (ERISA) promulgated by 1974 stipulates mandatory trusteeship rules, requiring that pensions should be established in the form of trust. One of the main reasons for this requirement is to make use of the bankruptcy isolation function of the trust property to ensure that the fund assets are free from recourse by the company's creditors. By the end of 1996, the total value of private pension trusts in the United States had reached $3 trillion, and most of the total national and local pension plans of 16 trillion were in the form of trusts.

Japan has also established a perfect old-age security system. According to its laws, enterprises that establish pensions have no right to use pension funds by themselves, and must entrust them to trust banks, life insurance companies or investment consulting companies. Pension trust assets entrusted by trust banks account for about 54% of the total pension assets. By the end of 1997, Japan's pension trust assets had reached 4,786.495 billion yen; In Britain, at the end of 1995, the assets of pension funds accounted for 76% of its GDP, and the total pension funds in Chile also reached 46% of its GDP.

The basic structure of pension trust is as follows: employers and employees pay in proportion every month to form a pension fund; Employers and employees sign trust deed with professional fund management institutions to entrust pension funds to invest and operate, so as to maintain and increase the value; The members and families of the pension plan are the beneficiaries. The management and operation system of pension fund has all the characteristics of general private trust, and its design completely meets the requirements of trust system in essence. It can be said that the bankruptcy isolation function of commercial trust relieves the enterprise bankruptcy risk faced by pension funds, enables employees' pensions to be effectively managed and increased in value, and with security, it can play a positive role in stimulating employees' work enthusiasm to a certain extent, thus avoiding the enterprise bankruptcy risk faced by pension funds in the form of investment accounts held by companies within the company structure.

By the end of 20001,the accumulated balance of China's endowment insurance fund has reached 73.3 billion yuan over the years. According to the World Bank's forecast, by 2030, the total pension fund in China will reach10.8 trillion US dollars, making it the third largest pension fund in the world. However, there are serious problems in maintaining and increasing the value of China's pension funds. The reasons are as follows: First, in terms of management mode, China's pension funds are currently directly managed by the government, and their use is usually subordinate to political goals rather than pursuing economic benefits, which increases the risk of pension fund operation. Second, the lack of transparency and supervision in fund management has led to serious capital loss. In this regard, scholars point out that China's pension funds should learn from the successful experience of the international social security system, introduce the trust system, and use independent legal person organizations to assume the functions of trustees of pension funds.

Trust mutual fund

(Trust mutual fund)

* * * Mutual funds, as an investment tool, have been popular in recent years. It can be a company or an investment company in the form of an investment trust. Among them, the typical practice of trust mutual funds is that most small investors pool their funds into a large sum of money, and then professional investment institutions invest in different targets, and then investment experts choose and manage assets according to the investment purpose of the fund, providing professional advice and cooperating with the fund to achieve economies of scale. After 1970, investment in the form of * * * mutual funds has become a development trend, playing an increasingly important role in the US financial market. By1May 1997, the total amount of mutual funds in the United States had reached 4 trillion, of which more than half were in the form of trusts.

* * * The two basic functions of the same fund are to provide professional management and diversify investment risks, that is, to gain income for it through professional investment judgment and then avoid risks. This is because mutual funds generally invest in the secondary market, that is, the securities and futures markets. This kind of investment needs long-term observation and professional knowledge to make a correct judgment, and the * * * mutual fund managed by professional institutions can just meet this requirement; At the same time, the shareholders of the same fund are a large number of small investors, which can avoid the risks brought by centralized shareholding.

special purpose trust,spt

(Special Purpose Trust)

Asset securitization plays a very important role in the modern financial market. It refers to the establishment of institutions (that is, clients) through the signing of trust contracts, the trust benefits enjoyed by the establishment of the trust are divided, so that it can be transferred to a large number of investors. Asset securitization not only has the unique bankruptcy isolation function of commercial trust, but also can reduce the credit cost. Special purpose trust refers to the trust relationship established according to law for the purpose of asset securitization. The sponsor institution is in the position of the principal, enters into a trust deed with a special purpose trust institution, and establishes a trust and trustee for a specific financial asset, so that the specific financial asset can be transformed into a beneficial right. According to the purpose of the trust, the trustee divides the * * * in the trust property that proves the beneficiary's beneficial right, issues beneficial securities to commend the beneficial right, and then sells them to investors through securities underwriters. Based on the bankruptcy isolation mechanism of trust, special purpose trust is widely used in financial asset securitization.

Real estate investment trust

Real estate investment trust is also a kind of * * * mutual fund, which refers to the * * * mutual fund that invests in real estate or real estate mortgage and both. 1960 the us congress approved REITs as an investment tool. By1May 1997, the total assets of REITs in the United States had exceeded $98 billion. According to statistics of NAREITs, the market value of American REITs in 2003 has exceeded $220 billion.

Relief trust

(Remedial Trust)

This type of trust is used to resolve disputes arising from company law or management procedures. The Internal Revenue Law was amended in 1986 to promote this trust. Article 468B of the Law stipulates that DSF (Designated Settlement Fund) can be established, and this type of trust has been used in practice.