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企业年金基金管理运营模式包括“4+0”与“4×1”两个极端模式,以及“3+1”、“2+2”、“2+1+N”等中间模式。“4+0”模式受现行的企业年金市场规制政策限制,“4×1”模式成本过高,中间模式既能适度降低运营成本,又能控制风险,是市场主流。但中间模式由多牌照企业年金基金管理机构主导,容易形成稳定联盟,不利于市场竞争。企业年金监管部门应审慎考察各种管理运营模式,协调各方利益,推动企业年金市场发展。
The enterprise annuity fund management and operation mode includes two extreme modes of “4 + 0” and “4x1”, and “3 +1”, “2 + 2”, “ N ”and other intermediate modes. The “4 + 0” mode is subject to the current regulatory policies of the enterprise annuity market. The cost of the “4 × 1” model is too high. The intermediate model can moderately reduce the operating costs as well as control the risks and is the mainstream of the market. However, the intermediary model is dominated by the multi-license enterprise annuity fund management agency, which tends to form a stable alliance and is not conducive to market competition. The enterprise annuity supervisory department should carefully examine all kinds of management and operation modes, coordinate the interests of all parties and promote the development of the enterprise annuity market.