Our reporter Bao Xing'an Meng Ke
On April 21, the General Office of the State Council issued the "Opinions on Promoting the Development of Individual Pensions" (hereinafter referred to as the "Opinions"), which established the basic institutional framework of my country's third pillar pension insurance.
The "Opinions" clarify that individual pension participants can choose to purchase financial products such as savings deposits, bank wealth management, commercial endowment insurance, and public funds that meet the regulations.
On the same day, the China Securities Regulatory Commission stated that it will promptly formulate and introduce supporting rules and regulations for personal pension investment in public funds.
The CSRC stated that the "Opinions" will help accelerate the construction of a new development pattern of benign interaction and coordinated development between pensions, capital markets and the real economy.
The capital market will help pensions to share the development achievements of the real economy, promote the long-term preservation and appreciation of pensions, and actively respond to the aging of the population; pensions are long-term, standardized and large-scale, and through active investment in the capital market, provide more for the real economy. Long-term and stable development funds.
100 billion yuan of incremental funds can be expected every year
He Nanye, a special researcher at the Suning Institute of Financial Research, told the "Securities Daily" reporter that personal pensions can be invested in financial products such as public funds, which can play a good role in interaction, support and stability for both the stock market and the bond market, which is conducive to the benign nature of the capital market. develop.
At the same time, through investment, investment income can be expanded, the pension dilemma can be alleviated, the development of the real economy can be effectively served, and the financing dilemma of real enterprises can be solved.
In terms of investment, the "Opinions" stipulate that the funds in the personal pension fund account are used to purchase bank wealth management, savings deposits, commercial pension insurance, and public funds that meet the requirements. The operation is safe, mature and stable, the target is standardized, and it focuses on long-term value preservation to meet different investments. Participants can choose the financial products they prefer.
"In the next step, the China Securities Regulatory Commission will speed up the implementation of various measures to deepen the reform of the capital market, promptly formulate and introduce supporting rules and regulations for personal pension investment in public funds, improve the construction of infrastructure platforms, and optimize the environment for medium and long-term funds to enter the market; continue to strengthen the supervision of institutions and practitioners. Strengthen the management ability and standardized operation level of managers, strengthen investor protection, ensure the safe and standardized operation of pension investment, and promote the high-quality development of individual pensions," said the China Securities Regulatory Commission.
"Personal pensions can invest in financial products such as public funds. For individuals, the products are more diversified. The selected investment targets take into account safety and profitability, and can meet different financial needs; for the market, it can increase the participation of market players. It can promote healthy competition among various financial institutions, and at the same time can bring some long-term capital supply to the market." Xu Yang, chief economist of Hong Kong Zhongrui Fund, said in an interview with a reporter from "Securities Daily" that the most important thing is to ensure that For the safety of funds, we must strengthen the supervision of employees of public offering institutions, and at the same time, we must do a good job of risk assessment for investors, and those who do not meet the conditions are not allowed to invest in public offering products.
"Personal pensions are an important source of funds for overseas mature capital markets. In the future, with the continuous improvement of my country's personal pension system, the incremental funds will continue to expand, and annual incremental funds of 100 billion yuan can be expected." Chinese Academy of Social Sciences Research on World Social Security Zhang Yinghua, an executive researcher at the center, said that at present, residents' savings deposits are nearly 100 trillion yuan, most of which are short-term deposits. If you change to personal pension products, these short-term "funds" can be gradually turned into long-term "capital".
Zhang Yiqun said that in the long run, the development potential of personal pensions is huge, especially after the introduction of the preferential tax policies for personal pensions, as an important channel for the preservation and appreciation of personal wealth, it will rapidly drive more incremental funds into the capital market, which will help expand investment. channels and maintaining financial stability are of great significance.
The old-age insurance system is improving day by day
At present, my country has initially established a three-pillar old-age insurance system including basic old-age insurance, enterprise (occupational) annuity, and personal commercial old-age insurance.
However, the development of the third pillar is relatively low, especially the personal pension system is not perfect, and residents lack pension investment channels to obtain stable and sufficient income.
Zhang Yinghua told the "Securities Daily" reporter that the implementation of the personal pension system will further improve my country's multi-level and multi-pillar pension system, which is conducive to promoting the sustainable development of the pension system.
"Personal pension is an important way for personal funds to make long-term investment and wealth management in the form of pension insurance to obtain value-added benefits. Therefore, the most important thing to promote the development of personal pension is to ensure the safety of personal pension operation and risk prevention and control, so as to achieve the maximum safety and benefits. A good balance." Zhang Yiqun, deputy director of the Performance Management Special Committee of the China Society for Finance and Economics, told the "Securities Daily" reporter.
Regarding the qualifications and payment standards of participants, the "Opinions" stipulate that workers who participate in the basic pension insurance for urban employees or basic pension insurance for urban and rural residents in China can participate in the individual pension system.
The individual pension system adopts the personal account system, and the contributions are entirely borne by the participants and are fully accumulated.
Participants can pay a maximum of 12,000 yuan per year for personal pensions.
In this regard, Dong Dengxin, director of the Institute of Finance and Securities at Wuhan University of Science and Technology, said that this is the unification of the system and the fairness of the system.
"In terms of payment methods and payment standards, it fully reflects the low threshold, low cost and universality of the personal pension system."
Tax incentives are worth looking forward to
In terms of tax policy, the "Opinions" stated that the state formulates preferential tax policies to encourage qualified personnel to participate in the personal pension system and receive personal pensions in accordance with regulations.
In this regard, experts suggest that tax incentives should be increased to increase their attractiveness.
Bai Yanfeng, Dean of the School of Finance and Taxation of Central University of Finance and Economics, said in an interview with a reporter from Securities Daily that the state can not only improve the retirement level of residents after retirement, but also resolve the system under the background of the increasing pressure of aging in my country. sexual risk.
"For old-age insurance, the preferential tax policy usually adopts the EET model (E stands for tax exemption, T stands for taxation), that is, tax exemption is given to residents at the immediate deposit stage, and investment income is also given tax exemption. The link will be taxed again." Bai Yanfeng said that this will allow taxpayers to obtain the time value of long-term payments.
In addition, the total income level of residents after retirement is relatively low, even if the level of taxation tax burden is low, which can enable residents to obtain tax benefits from the whole life cycle.
Wang Yifeng, an analyst at Everbright Securities, said that from the perspective of the development law of mature overseas markets, "tax incentives + personal accounts" is a system design commonly used in the development of the third pillar, and tax incentives can help boost consumers' willingness to buy insurance. Tax incentives for personal pensions will be introduced as soon as possible to stimulate demand for contributions.
Chen Li, chief economist of Chuancai Securities and director of the research institute, told the "Securities Daily" reporter that in terms of tax incentives, it is recommended to formulate appropriate pre-tax deduction standards.
Zhang Yinghua suggested to increase the flexibility of personal accounts, allowing early spending under limited quotas and strict conditions, such as major illnesses, purchasing the first home, necessary education, emergency response to family accidents, etc., and making specific provisions for repayment and tax payment .
(Securities Daily)