智利开创了世界养老金改革的先河,实现了养老金改革与资本市场发展的良性互动,这对中国具有很强的借鉴意义。本文首先介绍了智利的改革经验和取得的效果,在此基础上分析了中国的现状并指出了进一步改革的方向。 一、智利的改革经验 在世界性的养老金改革潮流中,智利率先对现收现付制进行改革,建立了私营的、分散的完全积累式的养老金体系。改革的主要内容包括:建立强制职工缴费的个人账户,并规定缴费的最低比例;分离养老基金的监督管理和经营职能,建立相互竞争的独立的养老基金管理公司(AFPs)和养老基金监管局。AFPs是法定的经营管理者,从事养老基金的 Chile pioneered the pension reform in the world and realized the benign interaction between pension reform and capital market development. This is of great reference to China. This article first introduces the experience of reform in Chile and the results achieved. On the basis of this, it analyzes the current situation in China and points out the direction of further reforms. I. Experience of Reform in Chile In the worldwide trend of pension reform, Chile took the lead in reforming the pay-as-you-go system and established a privately-owned and decentralized fully-accumulated pension system. The main contents of the reform include: establishing a personal account for compulsory employee contributions and setting a minimum percentage of contributions; separating pension fund supervision and management functions and establishing competing independent pension fund management companies (AFPs) and pension fund regulators. AFPs are statutory managers and managers of pension funds