经济学人:养老金 随用随取的钱罐

 　　Pensions

　　养老金

　　Pot luck

　　随用随取的钱罐

　　The chancellor¹ hands more freedom to retirees

　　财政大臣给予退休人员更多的自由

　　GET out those cruise brochures—retirees may soon be going on a spending spree. Historically, most Britons with personal pensions and those in so-called “defined-contribution” schemes have been forced to use their pension pots to buy an annuity²—a product paying a (normally fixed) income for the rest of their lives. These have never been popular. Money invested in an annuity is locked away and cannot be passed on to the retiree's heirs. Recently, low interest rates and longer lifespans have caused annuity rates to fall sharply. Last month the Financial Conduct Authority, Britain's regulator, concluded that the annuity market “is not working well for consumers”.

　　现在出现了那种旅行宣传册—退休人员可能很快过上肆意狂欢的生活。回首过去，大多数拥有个人退休金的英国人和那些所谓的“界定供款计划”（即雇主或雇员将资金投入某个计划，由基金管理人员利用此投资进行市场运作）的参与者，都被强制去用他们的退休金购买年金—是一种定期投入资金并且终生可定期领取一定金额的计划。但这些并不被大众接受，因为用于年金投资的钱都是被限制的，子女并不能作为接受者。而近期，低利率和较长的使用期使得年金利率大幅下降。英国的监管机构—金融服务监督局，于上月宣布“年金计划和消费者相处的并不融洽”。

　　养老金.jpg

　　Few anticipated George Osborne's sweeping³ response. In his budget speech, the chancellor outlined a plan to do away with the requirement to buy an annuity and all the arcane⁴ rules that accompany it. Retirees will be free to draw down their pension pot as they like, subject to paying tax at their marginal rate. That will bring Britain into line with other countries including America, Australia and Denmark.

　　几乎没有人预料到乔治·奥斯本的全面响应。在这位财政大臣的预算中，提出了一个废除任何购买年金以及与年金相关的计划。在他们以边际税率来缴税限制下，退休人员可以自由减少退休金的入资。这一举措使得英国与美国、澳大利亚和丹麦等国家面临同一处境。

　　It may prove a popular idea, but is it a good one? Pensions get generous tax treatment to encourage people to provide for retirement⁵; if they blow their pension pot on a Maserati, they may end up as wards⁶ of the state, particularly in their later years when many will need expensive care in nursing homes.

　　这可能是一个大众喜闻乐见的决策，但这是否是一个明智的决策呢？养老金得到了慷慨的税收优惠待遇，这促进了人们积极为退休做准备；但如果他们肆意挥霍他们的退休金，他们可能会在国家的病房中结束一生，特别是当他们在晚年可能需要昂贵的医疗护理。

　　The government reckons that most people can be trusted to make sensible decisions (although it is also proposing that they be given advice when they retire). But that view sits oddly with its other policies. Many workers are now auto-enrolled in pension plans, on the basis that they are too apathetic⁷ to provide for their futures⁸ voluntarily. Do people suddenly acquire wisdom when they retire, perhaps?

　　政府相信大部分人能作出明智的选择（尽管它还提议，当他们退休时可以提出建议）。但是相比于政府的其他政策，这种看法似乎处于一个尴尬的位置。现在很多工人在养老金计划中自发登记，因为他们对于他们的自由的未来是麻木的。也许，人们在其退休之时能突然醒悟？

　　The change will have wide-ranging consequences, not least for the insurance companies that sell annuities⁹, several of which saw sharp share-price plunges¹⁰. To the extent that pensioners¹¹ do take more of their pension pot upfront, the government will get tax revenues earlier than before; the boost may be worth ￡1.2 billion ($2 billion) by the 2018-19 financial year.

　　这个变化产生的结果将会有深远影响，尤其是那些出售年金的保险公司，其中一些保险公司意识到了股票价格的狂跌。由于领养老金的人总是提前领取养老金，政府征收税收收入将比以前不断提早；根据2018-2019年的财政年度，这个增值将会达到12亿英镑（20亿美元）。

　　But there are dangers for the state too. Public employees such as doctors and teachers are covered by final-salary schemes, under which the government guarantees to pay them a retirement income. These pensions are funded on a pay-as-you-go basis, meaning the Treasury¹² has put no money aside to cover them. If public-sector workers decided¹³ to transfer their money into a private pension pot, to take advantage of the new freedom, the Treasury would have to cough up the cash immediately; the government is proposing to deny public-sector workers that right.

　　但是对于国家来说还是存有风险。公务人员，例如医生和教师，他们是被最终薪金计划涵盖在内的，在该计划中，政府承诺支付他们的退休收入。这些养老金是在“现收现付”（即由在职职工承担已退休职工的社会保障成本；支付给退休者的社会保障资金是直接来自该时点的在职劳动者负担的社会保障费用）的基础上提供的。如果公共部门的工人们享受这个新的自由，决定将他们的资金转移至一个私人的养老金存储地方，那么财政部就不得不马上返还资金；政府正提议否决公共部门工人们的这项权利。

　　The same worry applies to private-sector final-salary schemes, which might suddenly face a cash drain if workers opt¹⁴ to convert. Such pension schemes are big investors¹⁵ in government bonds, and the switch might make it more difficult to fund Britain's deficit¹⁶. So private-sector workers in final-salary schemes may also lose their right to transfer. Freedom for some retirees will thus come at the price of restrictions¹⁷ on others.

　　私营部门的最终薪金计划同样有这样的担忧之处，因为当工人选择去转变的时候它可能会很突然的面对资金外流这种状况。这种养老金计划是政府债券的“大投资者”，并且一旦发生转换，为英国的赤字提供资金将会难上加难。因此，在最终薪金计划中的私营部门工人也可能会失去他们变换的权利。如此一来，一些退休人员的自由将会以他人的限制作为代价。

　　1.interest rate 利率；利息

　　例句:Interest-rate cuts have failed to bring about economic recovery.

　　利率下调没有带来经济复苏。

　　2.plan to 打算；计划

　　例句:Both chambers¹⁸ plan to vote on that policy before January 15th.

　　两院都打算在1月15日前对那一政策进行投票表决。

　　3.provide for 为…提供；供养

　　例句:Elaine wouldn't let him provide for her.

　　伊莱恩不愿让他养活自己。

　　4.end up 结束；告终

　　例句:We will end up living in a society where life is cheap.

　　我们最终将生活在一个视人命为儿戏的社会。

1 chancellor   

n.(英)大臣；法官；(德、奥)总理；大学校长

参考例句：

• They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
• He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。

2 annuity   

n.年金；养老金

参考例句：

• The personal contribution ratio is voluntary in the annuity program.企业年金中个人缴费比例是自愿的。
• He lives on his annuity after retirement.他退休后靠退休金维生。

3 sweeping   

adj.范围广大的，一扫无遗的

参考例句：

• The citizens voted for sweeping reforms.公民投票支持全面的改革。
• Can you hear the wind sweeping through the branches?你能听到风掠过树枝的声音吗？

4 arcane   

adj.神秘的，秘密的

参考例句：

• The technique at one time was arcane in the minds of most chemists.这种技术在大多数化学家心目中一度是神秘的。
• Until a few months ago few people outside the arcane world of contemporary music had heard of Gorecki.直至几个月前，在现代音乐神秘殿堂之外很少有人听说了戈莱斯基。

5 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

6 wards   

区( ward的名词复数 )； 病房； 受监护的未成年者； 被人照顾或控制的状态

参考例句：

• This hospital has 20 medical [surgical] wards. 这所医院有 20 个内科[外科]病房。
• It was a big constituency divided into three wards. 这是一个大选区，下设三个分区。

7 apathetic   

adj.冷漠的，无动于衷的

参考例句：

• I realised I was becoming increasingly depressed and apathetic.我意识到自己越来越消沉、越来越冷漠了。
• You won't succeed if you are apathetic.要是你冷淡，你就不能成功。

8 futures   

n.期货，期货交易

参考例句：

• He continued his operations in cotton futures.他继续进行棉花期货交易。
• Cotton futures are selling at high prices.棉花期货交易的卖价是很高的。

9 annuities   

n.养老金；年金( annuity的名词复数 )；（每年的）养老金；年金保险；年金保险投资

参考例句：

• Many companies in this country grant their old employees annuities after they retire. 这个国家的许多公司在老年雇员退休后发给他们养老年金。 来自辞典例句
• Can I interest you in one of our Easter Annuities or IRA accounts? 您对我们的复活节年金保险或者个人退休金帐户有兴趣吗？ 来自电影对白

10 plunges   

n.跳进，投入vt.使投入，使插入，使陷入vi.投入，跳进，陷入v.颠簸( plunge的第三人称单数 )；暴跌；骤降；突降

参考例句：

• Even before he plunges into his program, he has his audience in his pocket. 他的节目甚至还没有出场，就已控制住了观众。 来自《简明英汉词典》
• 'Monseigneur, he precipitated himself over the hill-side, head first, as a person plunges into the river.' “大人，他头冲下跳下山坡去了，像往河里跳一样。” 来自英汉文学 - 双城记

11 pensioners   

n.领取退休、养老金或抚恤金的人( pensioner的名词复数 )

参考例句：

• He intends to redistribute income from the middle class to poorer paid employees and pensioners. 他意图把中产阶级到低薪雇员和退休人员的收入做重新分配。 来自《简明英汉词典》
• I am myself one of the pensioners upon the fund left by our noble benefactor. 我自己就是一个我们的高贵的施主遗留基金的养老金领取者。 来自辞典例句

12 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

13 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

14 opt   

vi.选择，决定做某事

参考例句：

• They opt for more holiday instead of more pay.他们选择了延长假期而不是增加工资。
• Will individual schools be given the right to opt out of the local school authority?各个学校可能有权选择退出地方教育局吗？

15 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

16 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

17 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

18 chambers   

n.房间( chamber的名词复数 )；（议会的）议院；卧室；会议厅

参考例句：

• The body will be removed into one of the cold storage chambers. 尸体将被移到一个冷冻间里。 来自《简明英汉词典》
• Mr Chambers's readable book concentrates on the middle passage: the time Ransome spent in Russia. Chambers先生的这本值得一看的书重点在中间：Ransome在俄国的那几年。 来自互联网