1. Adopt the regulatory provisions of prudent rule of man. The Employee Retirement Income Protection Act of the United States 1974 stipulates that pension funds must have the professional level, experience and ability to carry out trust and financial business, but the regulatory authorities will not impose strict quantitative restrictions on the asset allocation of pension funds; The bill requires pension funds to diversify their investments and take recognized prudent actions; Regulators implement the "prudent person" supervision rule and give pension funds full freedom in specific investment behaviors. The 40 1(K) plan of the United States puts forward that the investment direction of pension funds is decided by the participants, which puts high demands on the participants themselves. Because the bankruptcy of sponsors may not reach the promised investment income, which will affect the income of employees, both Britain and New Zealand stipulate that the self-investment of DB pension plan should not exceed 5%. In Britain, prudent man rule is mainly used to supervise the DC pension plan; In New Zealand, the requirement of "prudent man rule" 10% can be applied to self-retention. Like Canada and Italy, Japan has also imposed quantitative restrictions on the application of prudent man rule. Japan stipulates that in the asset portfolio of pension funds, bonds should not be less than 50%, stocks should not be higher than 30%, real estate should not be higher than 20%, foreign assets should not be higher than 30%, and single company investment should not be higher than 10%.
2. Regulatory provisions of countries that adopt strict quantitative restrictions. Belgium stipulates that in the asset portfolio of pension funds, the investment in sponsors shall not exceed 15%, the real estate shall not exceed 40%, and the deposit shall not be less than 10%. Denmark stipulates that in the asset portfolio of pension funds, domestic creditor's rights should not be less than 60%, foreign assets should not exceed 20%, and real estate and stocks should not exceed 40%. Norway stipulates that in the asset portfolio of pension funds, shares shall not exceed 20% and loans shall not exceed 30%. Portugal stipulates that in the asset portfolio of pension funds, self-investment shall not exceed 65,438+05%, government bonds shall not be less than 30%, real estate shall not exceed 50%, and foreign listed securities shall not exceed 40%. Sweden stipulates that domestic bonds and loans should account for a large proportion in the asset portfolio of pension funds, and the proportion of investment in foreign assets is limited to 5- 10%.
Latin American countries have imposed strict quantitative restrictions and made strict regulations on the asset portfolio of pension funds. Judging from the restrictions on the investment ratio of national debt, Mexico requires all assets of pension funds to invest in national debt, while Uruguay's restrictions are 70-90%, Chile, Argentina and Colombia all stipulate that it should not be less than 50%, and Peru stipulates that it should not be less than 30%. Judging from the restricted proportion of domestic stock investment, Peru, Chile, Argentina and Colombia stipulate that the investment proportion of pension funds should not exceed 40%, 37%, 35% and 30% respectively, while Uruguay and Mexico stipulate that pension funds are prohibited from investing in domestic stocks. Judging from the restrictive ratio of foreign securities investment, Chile, Argentina, Colombia and Peru stipulate that pension fund investment shall not exceed 65,438+02%, 65,438+00%, 65,438+00% and 5% respectively, and Uruguay and Mexico also prohibit pension funds from investing in foreign securities. Comparison of the actual combination of the two regulatory rules From the perspective of horizontal country comparison, the proportion of international investment in pension funds in countries with prudent rules is usually higher than that in countries with strict quantitative restrictions. For example, the Netherlands is a small open economy, and the proportion of its pension funds invested in foreign assets has reached 42% from 65438 to 0998. Scandinavian countries such as Sweden and Denmark are also small open economies, and the proportion of foreign assets held by pension funds in these two countries is relatively low, only 2% and 1 1% respectively, because the Netherlands implements the prudent person rule, while Sweden and Denmark implement strict quantitative restrictions. 1. Adopt the asset portfolio of prudent man rule's national pension fund. Compared with the overall average level, the proportion of liquid assets in the national pension fund portfolio adopting this regulatory rule is 3.3%, which is the same as the average level; Loans, domestic bonds and other low-risk assets accounted for 4.8% and 27.2%, respectively, which were 3.2 and 13.2 percentage points lower than the average level. The high-risk assets such as domestic stocks, industrial investment and foreign assets accounted for 3 1.8%, 10.2% and 17.3%, respectively, which were 7.8, 1.7 and 4.7 percentage points higher than the average level. 2. Asset portfolio of national pension funds with strict quantitative restrictions. Compared with the overall average level, the proportion of liquid assets in the national pension fund portfolio with this regulatory rule is 3.3%, which is also the same as the average level; Loans, domestic bonds and other low-risk assets accounted for 65,438+02.8% and 60.3%, respectively, which were 4.8 and 65,438+09.9 percentage points higher than the average level. The high-risk assets such as domestic stocks, industrial investment and foreign assets accounted for 12.3%, 6% and 5.5% respectively, which were 1 1.7, 2.5 and 7. 1 percentage points lower than the average level. This is just the opposite of the asset portfolio of prudent man rule's national pension fund. Looking at the supervision rules of pension fund investment adopted by countries all over the world, we can sum up the following four basic characteristics: (1) Most developed countries applied the prudent person rule earlier; (2) Most developing countries implement strict quantitative restrictions; (3) More and more developed and developing countries are gradually shifting from strict quantitative restrictions to prudent person rules; (4) Adopting prudent man rule can promote international investment and improve the return on investment. Sina statement: the content of this article is purely the author's personal opinion, which is for investors' reference only and does not constitute investment advice. Investors operate accordingly at their own risk.