【摘要】 个人养老金制度的出台为灵活就业人员提供了新的养老制度选择，配置多支柱养老资产是保障灵活就业人员基本养老权益的重要策略。根据现行制度基础，构建了月领养老金、养老金替代率及联合替代率精算模型，基于设定的制度核心参数，总结出灵活就业人员在单一支柱间的选择策略以及多支柱组合配置的较优策略。进而敏感性分析发现：预期余命越长，职保的保障优势越突出；个人养老金的优势主要取决于年均收益率；个税税率对两种制度替代率水平的影响较小；缴费额上限的影响取决于对替代率水平的偏好。对此，建议要适应长寿时代，在收益回报、财政补贴、制度设计上提升个人养老金吸引力，强化宣传提升职保的政策认知度，引导灵活就业人员在多支柱养老金体系中进行养老资产组合配置。更多还原

【Abstract】 The introduction of the personal pension system provides a new pension option for flexible employees. Multi-pillar pension asset allocation is an important choice to protect the basic pension rights of flexible employees. According to the current system foundation, a monthly leading pension, pension replacement rate, and joint alternative rate actuarical model were constructed. Based on the setting system core parameters, summarized the selection strategy of flexible employees in a single pillar and optimal strategy for multi-pillar combination configuration. Sensitive analysis found that the longer the life expectancy, the more prominent the advantages of the guarantee of vocational insurance; the advantages of personal pension depends mainly on the average annual yield; the impact of individual tax rates on the advantages of the two systems is small; the impact of upper limit of contributions depends on the preference for the alternative level. In this regard, it is recommended to adapt to the longevity era, improve the attractiveness of personal pensions in the return of income, fiscal subsidies, and system design, strengthen publicity and improve the policy awareness, and guide flexible employees to carry out asset portfolio allocation in the multi-pillar pension system.更多还原