Xinhua News Agency, Beijing, March 7 -
Title: "retirement money" how to raise?
Experts Weapon to Strengthen the "Third Pillar"
Xinhua News Agency reporter Tian Xiaohang
Consolidating wealth reserves is an important foundation for coping with an aging population.
How to raise "old-age money" is related to everyone's happiness in their old age.
The third pillar of pension insurance has recently become a hot topic.
What is the three-pillar pension insurance system?
Why should my country develop a multi-level and multi-pillar pension insurance system?
How to design the third-pillar pension insurance system model?
Come and listen to expert opinions.
Multi-pillar pension system is more sustainable
Vice Minister of Human Resources and Social Security You Jun said at the press conference of the State Council Information Office on February 26 that international experience has shown that a multi-level pension system is more risk-controllable and more sustainable.
The "14th Five-Year" plan clearly proposes to develop a multi-level and multi-pillar pension insurance system.
Premier Li Keqiang proposed in the government work report on March 5 to promote the national overall planning of endowment insurance and standardize the development of the third pillar of endowment insurance.
What is the "third pillar"?
Dong Keyong, Secretary-General of the China Pension Finance 50 Forum, introduced that a three-pillar pension system in which the country, unit, and individual share pension responsibilities is generally selected internationally.
In my country, the first pillar is basic pension insurance, the second pillar is enterprise annuities and occupational annuities, and the third pillar includes personal savings pension insurance and commercial pension insurance.
Dong Keyong said that in the three-pillar pension system, the goal of the first pillar is to ensure the national basic pension income and prevent poverty in the elderly. The government bears the ultimate financial responsibility; the goal of the second pillar is to increase employee pension income, attract and Retain outstanding employees; and the third pillar's goal is to strengthen self-protection capabilities and change savings for pensions into investment pensions.
Public data shows that at the end of 2019, my country’s basic pension insurance fund had a cumulative balance of 6,287.3 billion yuan, and an enterprise annuity fund had a cumulative balance of 1,798.5 billion yuan. As the third pillar of the pilot, the number of participants in the personal tax-deferred commercial pension insurance was 47,000 and premium income. 245 million yuan.
You Jun said that in my country’s endowment insurance system, the first pillar is basically sound, covering nearly one billion people; the second pillar has been initially established and gradually improved, covering more than 58 million people; the third pillar has not yet been introduced. There are still shortcomings in the system.
The shortcomings of the second and third pillars need to be "lengthened"
The development of the second and third pillar pensions can obviously alleviate the burden of the first pillar.
"Pay-as-you-go means to use the money paid by this generation to support the previous generation," said Zheng Bingwen, a professor at the Chinese Academy of Social Sciences. In most developed countries, the first-pillar pension system adopts the pay-as-you-go system. , The accumulation of funds is not much, and the number of payment months required by the law is often only a few months. Therefore, the second and third pillars of all countries with strong pension asset reserves are very developed. For example, the second and third pillars of the United States The size of the gold reserve is nearly 10 times that of the first pillar.
He said that constructing a multi-level pension system is the choice of the institutional model, and consolidating the pension wealth reserve is the result of the institutional goal.
According to this requirement, in the long run, the reform orientation of China's three-pillar pension insurance system should be an "asset-based" pension system model based on fund accumulation, rather than a "debt-based" pension system based on pay-as-you-go Golden system model.
With the deepening of my country's population aging, the growth of demand for pension services and the increase in the proportion of flexible employment, the importance of the third pillar of pension insurance has become more prominent.
Luo Xi, Chairman of PICC Group, stated at the press conference of the State Council Information Office on March 2 that the third-pillar pension insurance has the following characteristics: one is to provide a channel and method for high-income individuals to provide for the elderly; the other is to provide employment for emerging businesses. Provide a kind of old-age security for employees and employees in various ways; third, promote the healthy development of the capital market through long-term old-age security funds.
Experts believe that the development of my country's pension system is unbalanced and inadequate. The first pillar is "dominant", and the second and third pillars need to be strengthened urgently.
Zheng Bingwen suggested that the participation rate of the enterprise annuity should be expanded as soon as possible, the "auto-join" mechanism should be introduced, and the top-level design of the third pillar should be introduced as soon as possible.
Open up the third pillar channel with the "account system"
How to design my country's "third pillar"?
You Jun said that the design of the third-pillar pension insurance system model has now formed a preliminary idea. The general consideration is to establish an individual based on the account system, voluntary participation by individuals, taxation support from the state finance, and market-oriented investment operations with funds. Pension system.
Zheng Bingwen believes that preferential tax policies should be implemented on account holders rather than products, so that account holders can use one account to “take all” all qualified financial products, so as to improve the convenience and accessibility of the third pillar .
He suggested that a complete third-pillar system design plan that accommodates all financial products should be launched as soon as possible.
In fact, the personal pension system has been explored a lot.
The reporter learned that the personal consumption pension standard management plan that has sprouted in society more than ten years ago and is being piloted under the guidance of the Chinese Society of Social Insurance in the past two years is that enterprises and consumers participate voluntarily and use consumption returns as the source of funds. Use insurance mechanisms to implement an accumulated old-age security model.
"Consumer pension is an innovation in the personal pension security system that conforms to my country's basic national conditions." Ding Huamei, chairman of Tianjin Financial Assets Registration and Settlement Co., Ltd., believes that the accumulation of personal consumer pensions can theoretically alleviate the financial sustainability challenge of basic pension insurance. , The top-level design based on the account system can improve the portability, security and coverage of pension accounts.
"On the one hand, we rely on the initiative to pay, and on the other hand, we save it when we consume." Dong Keyong believes that the third pillar consumer pension is a measure that benefits the country and the people. The establishment of a personal pension account system is very important. Realizing the accumulation of personal pension accounts has a stimulating effect.
At present, how to attract enterprises to participate, how to maintain and increase the value of funds, etc., still need to continue to explore.