Legal analysis: 1. The first pillar: public pension

2. The second pillar: occupational pension

3. The third pillar: individual pension enterprise annuity

Even in developed countries (such as the United States), the coverage rate of enterprise annuity is not high, because the main enterprises are mainly set up by themselves, and generally only have good benefits and stable performance. Its coverage rate is even lower, and the replacement rate of enterprise annuity will be higher than that of social endowment insurance, reaching 5% or higher of retirement wage income, and the replacement rate of enterprise annuity plan provided by different enterprises will be different.

Social endowment insurance

The coverage rate of social endowment insurance in each country is different. Because the basic purpose of social endowment insurance is to provide old-age security, the coverage rate is generally high, and some are as high as 1%, that is, basically all the working population is covered by social endowment insurance, including high-welfare countries such as Britain and Sweden. However, in China, the coverage of social endowment insurance is not high, and social endowment insurance only covers a part of the urban employed population. It is precisely because social endowment insurance only provides participants with basic old-age security after retirement that the level of pension paid is not high, that is, the replacement rate of social endowment insurance is not high.

Personal pension plan

Personal pension plan is a kind of self-protection, and there is no other payer or redistribution problem. It is the result of personal financial planning. It refers to a pension plan in which individuals or families save and invest part of their income in various ways for the consumption of themselves or their family members when they are able to work. In some countries, in order to encourage residents or citizens to save and invest for their own pension, they often give certain tax incentives to individual pension plans that meet certain conditions.

in order to improve the return on investment of social endowment insurance funds and solve the problem of balance of income and expenditure of social endowment insurance funds under the background of aging population, the proportion of investment in social endowment insurance and enterprise annuity in major western developed countries is increasing, and there is also a trend of entrusting fund management companies to manage and invest fund assets.