{"id":4267,"date":"2020-01-05T22:50:04","date_gmt":"2020-01-05T14:50:04","guid":{"rendered":"https:\/\/www.mpfdiy.com\/?p=4267"},"modified":"2020-01-05T23:05:06","modified_gmt":"2020-01-05T15:05:06","slug":"2020%e5%b9%b4%e5%bc%b7%e7%a9%8d%e9%87%91%e5%b1%95%e6%9c%9b","status":"publish","type":"post","link":"https:\/\/www.mpfdiy.com\/2020\/01\/2020%e5%b9%b4%e5%bc%b7%e7%a9%8d%e9%87%91%e5%b1%95%e6%9c%9b\/","title":{"rendered":"2020\u5e74\u5f37\u7a4d\u91d1\u5c55\u671b"},"content":{"rendered":"

2020\u5e74\u5f37\u7a4d\u91d1\u5c55\u671b<\/span><\/strong><\/span><\/p>\n

 <\/p>\n

\u7e8c\u524d\u6587<\/span><\/p>\n

2017\u5e74\u5f37\u7a4d\u91d1\u5c55\u671b<\/span><\/a><\/p>\n

2018\u5e74\u5f37\u7a4d\u91d1\u5c55\u671b<\/span><\/a><\/p>\n

2019\u5e74\u5f37\u7a4d\u91d1\u5c55\u671b<\/span><\/a><\/p>\n

 <\/p>\n

eMPF \u662f\u524d\u4e09\u5e74\u672c\u7ad9\u7684\u5c55\u671b\u4e3b\u984c\uff0c\u9019\u500beMPF \u65bc2020\u5e74\u982d\u73fe\u6b63\u62db\u6a19\uff0c\u4ee5design-operate \u6a21\u5f0f\u5305\u5e72\uff0c\u4f46\u73fe\u6642\u770b\u4e0d\u51fa\u6709\u4ec0\u9ebcdistributed network \u53ca API \u5143\u7d20\u5728\u5176\u4e2d\uff0c\u4ee4\u7b46\u8005\u9817\u70ba\u5931\u671b<\/span>\u3002<\/span><\/p>\n

 <\/p>\n

\u4eca\u5e742020\u5e74\u7684\u5f37\u7a4d\u91d1\u5c55\u671b\uff0c\u96c6\u4e2d\u65bcdrawdown fund<\/strong> <\/span>\u9019\u9805\u65b0\u4e8b\u7269\uff0c\u5148\u770b\u770b\u6709\u95dc\u65bcdrawdon fund \u7684\u5831\u5c0e\uff1a<\/span><\/p>\n

 <\/p>\n

MPF\u9000\u4f11\u6295\u8cc7\u7522\u54c1\u5180\u4e0b\u5b63\u63a8 \u7a4d\u91d1\u5c40\u64ec\u660e\u5e74\u521d \u5411\u53d7\u8a17\u4eba\u63d0\u4f9b\u6307\u5f15<\/a><\/span><\/p>\n

OECD\uff1a\u6e2fMPF\u5b9c\u8a2d\u5e74\u91d1\u9078\u64c7<\/a><\/span><\/p>\n

 <\/p>\n

 <\/p>\n

Drawdown fund \u73fe\u6709\u4e2d\u8b6f\u70ba\u300c\u63d0\u53d6\u6536\u76ca\u7522\u54c1<\/strong><\/span>\u300d\uff0c\u500b\u540d\u5481\u6280\u8853\u6027\u597d\u96e3\u8a18\uff0c\u7b46\u8005\u7540\u500b\u82b1\u540d\u4f62\u53eb\u300c\u6d3e\u9322\u57fa\u91d1<\/span><\/strong>\u300d\u3002Drawdown fund \u9867\u540d\u601d\u7fa9\u662f\u63d0\u53d6\u91d1\u9322\uff0c\u5373\u57fa\u91d1\u6301\u6709\u4eba\u5b9a\u671f\u6709\u9322\u6536\uff0c\u76ee\u6a19\u4eba\u58eb\u662f\u5df2\u9000\u4f11\u4eba\u58eb\uff0c\u9000\u4f11\u5f8c\u5c07\u5f37\u7a4d\u91d1\u8f49\u53bb\u300c\u6d3e\u9322\u57fa\u91d1\u300d\uff0c\u53bb\u652f\u6301\u9000\u4f11\u5f8c\u7684\u751f\u6d3b\u8cbb\u3002<\/span><\/p>\n

 <\/p>\n

\u7a4d\u91d1\u5c40\u5c0d\u6b64\u985e\u9000\u4f11\u5f8c\u57fa\u91d1\u8a02\u4e0b\u4e864\u5927\u539f\u5247\uff1a<\/span><\/p>\n

 <\/p>\n

    \n
  1. \u7c21\u55ae\u6613\u660e<\/span><\/li>\n
  2. \u98a8\u96aa\u9069\u5408\u9000\u4f11\u4eba\u58eb<\/span><\/li>\n
  3. \u5b9a\u671f\u6aa2\u8a0e\u56de\u5831<\/span><\/li>\n
  4. \u4f4e\u6536\u8cbb<\/span><\/li>\n<\/ol>\n

     <\/p>\n

    \u7b46\u8005\u8a8d\u70ba\u6b64\u985edrawdown fund \u7684\u98a8\u96aa\u61c9\u8a72\u8a2d\u5b9a\u70ba\u6309\u6708\u6ce2\u5e452%<\/span>\u5de6\u53f3\uff0c\u898b\u300a\u7a4d\u91d1\u5927\u53cd\u64ca\u300b\u7b2c118\u9801\uff0c\u5e74\u5747\u56de\u5831\u53ef\u4ee5\u67094%\u3002<\/span><\/p>\n

     <\/p>\n

    Drawdown fund \u6700\u96e3\u662f\u8a2d\u5b9a\u5982\u4f55drawdown\uff0c\u5982\u679c\u63d0\u53d6\u9ad8\u65bc\u56de\u5831\uff0c\u4fbf\u9700\u8981\u6263\u6e1b\u672c\u91d1\uff0c\u5f71\u97ff\u65e5\u5f8c\u56de\u5831\uff0c\u751a\u81f3\u904e\u65e9\u6e05\u888b\uff1b\u63d0\u53d6\u592a\u5c11\u53c8\u6703\u964d\u4f4e\u751f\u6d3b\u6c34\u5e73\uff0c\u6173\u6173\u57cb\u57cb\u76ca\u5de6\u5176\u4ed6\u4eba\u3002\u53e6\u5916\uff0c\u5982\u53ef\u6c7a\u5b9a\u63d0\u53d6\u7684\u91d1\u984d\uff1f\u7531\u6295\u8cc7\u8005\u7533\u8acb\uff1f\u9084\u662f\u7531\u57fa\u91d1\u5b9a\u671f\u6d3e\u9322\uff1f\u662f\u5b9a\u984d\uff1f\u9084\u662f\u6309\u901a\u8139\u52a0\u6e1b\uff1f\u53ef\u5426\u96a8\u6642\u8f49\u8b8a\u6d3e\u9322\u91d1\u984d\uff1f<\/span><\/p>\n

     <\/p>\n

    \u898b\u524d\u6587<\/a>\uff0c\u7b46\u8005\u5c07\u9000\u4f11\u5f8c\u958b\u652f\u5206\u62103\u90e8\u4efd\uff1a<\/span><\/p>\n

     <\/p>\n\n\n\n\n\n\n
    \u9000\u4f11\u91d1\u7684\u5b9a\u4f4d<\/strong><\/span><\/td>\n\u6295\u8cc7\u5e74\u671f<\/strong><\/span><\/td>\n\u5e74\u5747\u56de\u5831<\/strong><\/span><\/td>\n\u6309\u6708\u6ce2\u5e45<\/strong><\/span><\/td>\n\u6295\u8cc7\u7269<\/strong><\/span><\/td>\n<\/tr>\n
    \u9700\u6c42<\/span><\/strong><\/td>\n5\u5e74<\/span><\/td>\n1%\u81f32%<\/span><\/td>\n0%\u81f31%<\/span><\/td>\n\u73fe\u91d1\u3001\u5e74\u91d1\u3001\u5b9a\u671f\u5b58\u6b3e\u3001\u4fdd\u96aa\u3001\u512a\u8cea\u50b5\u5238\u3001\u6297\u901a\u8139\u50b5\u5238<\/span><\/td>\n<\/tr>\n
    \u6b32\u6c42<\/span><\/strong><\/span><\/td>\n20\u5e74<\/span><\/td>\n2%\u81f34%<\/span><\/td>\n1%\u81f33%<\/span><\/td>\n\u80a1\u7968\u3001\u50b5\u5238\u3001\u5b9a\u671f\u5b58\u6b3e\u3001\u4fdd\u96aa<\/span><\/td>\n<\/tr>\n
    \u907a\u7522<\/span><\/strong><\/span><\/td>\n40\u5e74<\/span><\/td>\n4%\u81f310%<\/span><\/td>\n3%\u81f36%<\/span><\/td>\n\u80a1\u7968\u70ba\u4e3b\u3001\u53e6\u985e\u8cc7\u7522<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

     <\/p>\n

     <\/p>\n

    \u7531\u65bcDrawdown fund \u59cb\u7d42\u662f\u6709\u98a8\u96aa\u6295\u8cc7\u7269<\/span>\uff0c\u9700\u6c42<\/span>\u958b\u652f\u4e0d\u592a\u9069\u5408\u7531drawdown fund \u652f\u6301\uff0c\u800c\u4e14\u9700\u6c42\u958b\u652f\u8981\u9762\u5c0d\u9577\u58fd<\/span>\u98a8\u96aa\u53ca\u901a\u8139<\/span>\u98a8\u96aa\uff0cdrawdown fund \u672a\u5fc5\u80fd\u61c9\u4ed8\uff0c\u6240\u4ee5\u9700\u6c42\u958b\u652f\u61c9\u7531\u5e74\u91d1\u3001\u4fdd\u96aa\u3001\u9280\u884c\u5b9a\u671f\u7b49\u6295\u8cc7\u7269\u61c9\u4ed8\u3002\u7b46\u8005\u8a8d\u70ba\u5927\u5bb6\u4e0d\u8981\u5e0c\u671bdrawdown fund \u53ef\u4ee5\u5b8c\u5168\u652f\u6301\u6240\u6709\u9700\u6c42\u958b\u652f<\/span>\uff0c\u9802\u591a\u81ea\u9858\u91ab\u4fdd\u9019\u985e\u534a\u5fc5\u9700\u534a\u6b32\u6c42\u7684\u958b\u652f<\/span>\uff0c\u53ef\u7531drawdown fund \u652f\u4ed8\u3002<\/span><\/p>\n

     <\/p>\n

    \u81f3\u65bc\u6b32\u6c42\u958b\u652f\u6709\u975e\u7d93\u5e38\u6027\u672c\u8cea<\/span>\uff0c\u5c31\u9069\u5408drawdown fund\u3002<\/span><\/p>\n

     <\/p>\n

    Drawdown fund \u7684\u6d3e\u9322\u91d1\u984d\uff0c\u9032\u53d6\u7684\u53ef\u4ee5\u8003\u616e\u4ee5\u6709\u751f\u4e4b\u5e74\u6d3e\u5b8c<\/span>\u70ba\u6b62\u3002\u4f8b\u598265\u6b72\u4eba\u58eb\u7684\u6d3e\u9322\u57fa\u91d1\u7d50\u9918\u670950\u842c\u5143\uff0c\u7576\u5e74\u4fbf\u6d3e50\u842c\u5143\/(100-65) = 1.4\u842c\u5143\uff0c\u5982\u679c90\u6b72\u670920\u842c\u5143\uff0c\u7576\u5e74\u4fbf\u6d3e20\/(100-90) = 2\u842c\u5143\uff0c\u5373\u662f\u6709\u4e00\u689d\u9810\u8a2d\u6d3e\u9322formula<\/span>\uff0c\u50cfDIS \u4e00\u6a23\u3002\u53c8\u6216\u8005\u6309\u524d\u6587<\/a>\u7684\u5217\u8868\uff0c\u6309\u5e02\u6cc1\u8abf\u6574\u6d3e\u9322\u6bd4\u7387\u3002<\/span><\/p>\n

     <\/p>\n

    \u53e6\u4e00\u500b\u6d3e\u9322\u65b9\u5f0f\u662f\u53c3\u8003Vanguard \u7684\u505a\u6cd5\uff08\u898b\u6b64<\/a>\uff09\uff0c \u6309\u56de\u5831\u9ad8\u4f4e\u9032\u884c\u52d5\u614b\u8abf\u6574\u3002<\/span><\/p>\n

     <\/p>\n

    Drawdown fund \u53ef\u4ee5\u914d\u5408\u6263\u7a05<\/span>\u3002\u9000\u4f11\u524d\u53ef\u4ee5\u50cfTVC\u4e00\u6a23\u6263\u7a05\uff0c\u5982\u9000\u4f11\u5f8c\u6c92\u6709\u7a0e\u53ef\u6263\uff0c\u4fbf\u53ef\u6263\u4f9b\u990a\u4ed6\u5011\u7684\u4eba\u7684\u7a0e\u3002\u73fe\u6642\u4f9b\u990a\u7236\u6bcd\u53ca\u7956\u7236\u6bcd\u53ef\u4ee5\u6263\u7a05\uff0c\u5982\u679c\u4f9bdrawdown fund \u4ea6\u53ef\u53e6\u8a08\u6263\u7a05\u7684\u8a71\uff0c\u4fbf\u6703\u5438\u5f15\u66f4\u591a\u4eba\u4f9b\u6b3e\u3002\u7b46\u8005\u6709\u4e00\u500b\u60f3\u6cd5\u662f\u5b50\u5973\u4f9b\u6b3e\u7d66\u81ea\u5df1\u540d\u4e0b\u7684drawdown fund\uff0c\u4f46\u6307\u5b9a\u53d7\u76ca\u4eba\u662f\u7236\u6bcd\u624d\u53ef\u6263\u7a05<\/span>\uff0c\u7576\u7236\u6bcd\u96e2\u4e16\u5f8c\uff0c\u8a72drawdown fund \u7684\u6307\u5b9a\u53d7\u76ca\u4eba\u53ef\u8f49\u70ba\u81ea\u5df1\u53ca\u914d\u5076\uff0c\u751a\u81f3\u5b50\u5973\uff0c\u6709\u907a\u7522\u57fa\u91d1<\/strong>\u7684\u6982\u5ff5\u3002\u5f8c\u7e7c\u7121\u4eba\u7684\u53ef\u81ea\u52d5\u8f49\u5165\u793e\u6703\u6027\u5927pool\uff0c\u7531\u653f\u5e9c\u6216\u6307\u5b9a\u6a5f\u69cb\u7ba1\u7406\uff0c\u53ef\u652f\u63f4\u5176\u4ed6\u793e\u6703\u4e0a\u6709\u9700\u8981\u7684\u9577\u8005\u3002<\/span><\/p>\n

     <\/p>\n

    \u57fa\u91d1\u6536\u8cbb\u9664\u4e86\u8981\u4fbf\u5b9c\uff0c\u4ea6\u53ef\u4ee5\u5206\u958b\u56fa\u5b9a\u7684\u884c\u653f\u6536\u8cbb\u53ca\u975e\u56fa\u5b9a\u7684\u6295\u8cc7\u8868\u73fe\u6536\u8cbb<\/span>\uff0c\u4e26\u4ee5\u62db\u6a19\u5f62\u5f0f\u53bb\u9078\u53d6\u6700\u5e73\u56fa\u5b9a\u884c\u653f\u6536\u8cbb\u7684\u57fa\u91d1<\/span>\uff1b\u81f3\u65bc\u56de\u5831\u8868\u73fe\u6536\u8cbb\u53ef\u8003\u616ehigh water mark \u53ca hurdle rate (\u898b\u524d\u6587<\/a>) \uff0c\u539f\u5247\u662f\u4e0d\u8cfa\u9322\u4e0d\u6536\u8cbb<\/span>\uff0c\u4ee4\u6295\u8cc7\u7d93\u7406\u66f4\u6709\u5229\u76ca\u8a98\u56e0\u53bb\u5de5\u4f5c\uff0c\u800c\u4e0d\u662f\u53ea\u9760\u7121\u529b\u7684\u8077\u696d\u9053\u5fb7\u8cac\u4efb\u53bb\u5962\u671b\u6295\u8cc7\u7d93\u7406\u505a\u5230\u5622\u3002<\/span><\/p>\n

     <\/p>\n

    \u4ee5\u4e0a\u53ea\u662f\u7b46\u8005\u5c0ddrawdown fund \u6d3e\u9322\u57fa\u91d1<\/strong><\/span>\u7684\u521d\u6b65\u601d\u7dd2\uff0c\u65e5\u5f8c\u6709\u66f4\u591a\u8cc7\u6599\u518d\u8207\u5927\u5bb6\u5206\u4eab\u3002<\/span><\/p>\n

     <\/p>\n

     <\/p>\n

     <\/p>\n

     <\/p>\n

    Image from telegraph.co.uk<\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    2020\u5e74\u5f37\u7a4d\u91d1\u5c55\u671b   \u7e8c\u524d\u6587 2017\u5e74\u5f37\u7a4d\u91d1\u5c55\u671b 2018\u5e74\u5f37\u7a4d\u91d1\u5c55\u671b 2019\u5e74\u5f37\u7a4d\u91d1\u5c55\u671b …<\/p>\n","protected":false},"author":1,"featured_media":4276,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[69],"tags":[24,23,43,50],"class_list":["post-4267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-69","tag-24","tag-23","tag-43","tag-50"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.mpfdiy.com\/wp-content\/uploads\/2020\/01\/drawdown-fund.jpg?fit=1200%2C749&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7Tc20-16P","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/4267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/comments?post=4267"}],"version-history":[{"count":5,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/4267\/revisions"}],"predecessor-version":[{"id":4282,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/posts\/4267\/revisions\/4282"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/media\/4276"}],"wp:attachment":[{"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/media?parent=4267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/categories?post=4267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mpfdiy.com\/wp-json\/wp\/v2\/tags?post=4267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}