Abstract
According to pension's structure composed of basic pension and personal-account pension, the paper builds pension replacement rate models respectively, and analyzes replacement rate's key factors-wage growth rate, interest rate and fee-contributing year by elasticity-analysis. Aimed at ensuring retirees' approximately quite living standards pre and post the retirement and stationary operation of pension fund, the paper determines personal-account pension replacement rate firstly using these parameters above, then determines basic pension replacement rate by the same parameter two modals refer to, finally determines the theoretical level of pension replacement rate, according to positioning principle of relatively stable pension replacement rate. Through the study we find that the theoretical level of pension replacement rate is similar to those of other countries' researches, and Chinese realistic pension replacement rate decreases excessively.
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