China News Service, November 4th, according to the official website of the Ministry of Human Resources and Social Security, the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Administration of Taxation, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission have issued the "Personal Pension Implementation Measures".
The "Measures for the Implementation of Individual Pensions" stipulates that to participate in individual pensions, participants should open individual pension accounts on the information platform through the national unified online service portal or commercial bank channels; The annual contribution of the participants shall not exceed the upper limit of the contribution amount; the personal pension fund account is closed and operated, and the participants who meet any of the following conditions can receive the personal pension on a monthly, instalment or one-off basis, etc.
The following is the full text of the "Personal Pension Implementation Measures":
Measures for the Implementation of Personal Pensions
Chapter 1 General Provisions
Article 1 These Implementation Measures are formulated for the purpose of implementing the "Opinions of the General Office of the State Council on Promoting the Development of Individual Pensions" (Guobanfa [2022] No. 7), strengthening the business management of individual pensions, and standardizing the operation process of individual pensions.
Article 2 Individual pension refers to the system supported by government policies, voluntary participation of individuals, market-oriented operation, and the realization of supplementary functions of endowment insurance.
Individual pensions implement the individual account system, and the payment is entirely borne by the participants, who choose to purchase savings deposits, wealth management products, commercial endowment insurance, public funds and other financial products that meet the regulations (hereinafter collectively referred to as individual pension products), and implement full accumulation. Enjoy preferential tax policies in accordance with relevant state regulations.
Article 3 These implementation measures are applicable to participants of individual pensions, individual pension information management service platforms (hereinafter referred to as “information platforms”) organized and constructed by the Ministry of Human Resources and Social Security, financial industry platforms, participating financial institutions and relevant government departments, etc.
The participants of the individual pension shall be laborers who have participated in the basic pension insurance for urban employees or the basic pension insurance for urban and rural residents within the territory of China.
The financial industry platform is a business information platform organized and constructed by the financial supervision department.
Participating financial institutions include commercial banks (hereinafter referred to as commercial banks) that have been identified by the China Banking and Insurance Regulatory Commission to open personal pension fund account business, as well as individual pension product issuers and sales agencies identified by the financial regulatory authority.
Article 4 The information platform connects commercial banks and financial industry platforms, as well as relevant government departments, to provide support for the implementation of individual pensions, participation in departmental supervision and macro-guidance from the government.
The information platform provides participants with personal pension services through channels such as the National Social Insurance Public Service Platform, the National Human Resources and Social Security Government Service Platform, Electronic Social Security Cards, Pocket 12333 APP and other national unified online service portals or commercial banks. Individuals open individual pension accounts, inquire about the payment amount of individual pension fund accounts, personal asset information and individual pension products and other information, and provide tax-related certificates according to the needs of participants.
Article 5 Each participating department shall supervise the implementation of individual pensions, participating financial institutions and individual pension products according to their duties.
All regions should strengthen leadership, make careful arrangements, and conduct extensive publicity to promote the development of personal pensions in a stable and orderly manner.
Chapter 2 Participation Process
Article 6 To participate in individual pensions, participants shall open individual pension accounts on the information platform through the national unified online service portal or commercial bank channels; other individual pension product sales agencies may assist participants in The information platform opens individual pension accounts online.
The personal pension account is used to register and manage personal identity information, and is associated with the basic pension insurance relationship to record personal pension payment, investment, receipt, deduction and payment of personal income tax and other information. The basis of preferential policies.
Article 7 Participants can choose a commercial bank to open or designate their only personal pension fund account, or they can designate through other sales agencies that meet the regulations for personal pension products.
As a special special fund account, the personal pension fund account shall be managed with reference to Category II accounts under the personal RMB bank settlement account.
The personal pension fund account is bound to the personal pension account, providing participants with services such as fund deposit, payment quota registration, personal pension product investment, personal pension payment, personal income tax payment, and inquiry of funds and related rights and interests information. .
Article 8 The upper limit of the individual pension amount paid by participants each year is 12,000 yuan, and the annual contribution of participants shall not exceed the upper limit of the payment amount.
The Ministry of Human Resources and Social Security and the Ministry of Finance shall adjust the upper limit of the payment amount in a timely manner based on factors such as the level of economic and social development and the development of the multi-level endowment insurance system.
Article 9 Participants can pay monthly, instalments or annual fees. The payment amount is accumulated according to the calendar year and recalculated in the following year.
Article 10 Participants shall independently decide the investment plan of the individual pension fund account, including the investment type and investment amount of individual pension products.
Article 11 Participants can change their personal pension fund accounts between different commercial banks.
When changing personal pension fund accounts, participants should submit a proposal to the original commercial bank to open a new personal pension fund account in the new commercial bank after confirmation by the information platform.
After a participant changes his personal pension fund account, the information platform provides the original commercial bank with the information of the new personal pension fund account and the account opening bank, and provides the new commercial bank with the information on the remaining payment amount of the participant in the current year.
Participating financial institutions shall, in accordance with the requirements of the participants and relevant business rules, handle the procedures for the transfer of funds in the original accounts and the transfer of the personal pension products held by the participants.
Article 12 Individual pension fund accounts are closed and operated, and participants who meet any of the following conditions may receive individual pensions on a monthly, instalment or one-off basis.
(1) Reaching the age for receiving the basic pension;
(2) Completely incapacitated to work;
(3) going abroad (territory) to settle down;
(4) Other circumstances prescribed by the state.
Article 13 If a participant has received a basic pension, he may apply to a commercial bank to receive an individual pension.
After accepting the application, the commercial bank shall verify the eligibility of the participants through the information platform, obtain the social security card bank account of the participant, and transfer the funds to the participant himself after completing the personal income tax withholding method selected by the participant. Social Security card bank account.
If a participant meets the conditions for receiving personal pensions such as complete loss of working ability, going abroad (territorial) to settle or other circumstances stipulated by the state, etc., he may submit the application to a commercial bank by presenting the conclusion of the appraisal of working capacity and the certificate of going abroad (territory) for settling in.
After the commercial bank has reviewed and submitted it to the information platform for verification and recordation, it will go through the collection procedures for the participants.
Article 14 Participants are encouraged to receive long-term personal pensions.
When participants receive monthly payments, they can receive monthly payments according to the number of months determined by the basic endowment insurance, or they can receive monthly payments according to the number of receiving months they choose until they are finished; or they can receive monthly payments according to the fixed amount determined by themselves. , until finished.
If the participant chooses to receive in different installments, he or she should select the time limit for the collection, and specify the number or method of collection until the end of the collection.
Article 15 If a participant dies, the assets in his individual pension fund account can be inherited.
If the social security card is cancelled due to the participant going abroad (territorial) to settle down or die, the commercial bank will transfer the funds in the participant's personal pension fund account to the fund account designated by the participant or the heir.
Article 16 When a participant completes the transfer of funds (assets) in the personal pension fund account, or the funds (assets) in the account are fully received, the commercial bank shall cancel the fund account.
Chapter III Information Submission and Management
Article 17 The information platform implements unified and centralized management of individual pension accounts and business data, is associated with basic pension insurance information and social security card information, and supports system implementation monitoring, decision support, etc.
Article 18 A commercial bank shall promptly submit the relevant information on individual pension fund accounts to the information platform.
Specifically include:
(1) Basic personal information.
Including personally identifiable information, personal pension fund account information, etc.;
(2) Investment information on relevant products.
Including product transaction information, asset information;
(3) Fund information.
Including payment information, fund transfer information, related asset transfer information, collection information, payment of personal income tax information, fund balance information, etc.
Article 19 A commercial bank interacts with the information platform according to the needs of business processes and the timeliness of information, and according to two types of timeliness: real-time verification and timed batching, among which:
(1) When a commercial bank handles the business of opening, changing, canceling and receiving funds of individual pension fund accounts, it shall verify the participation status of the basic endowment insurance of participants, the uniqueness of individual pension accounts and fund accounts in real time, and report the relevant information;
(2) Commercial banks shall submit relevant information in batches on a regular basis after completing the opening of individual pension fund accounts, payment of fees, receiving funds, and providing services such as fund transfer related to the transaction of individual pension products.
Article 20 The financial industry platform shall submit the following data to the information platform in a timely manner.
(1) Basic information on the issuing institution and sales institution of individual pension products;
(2) Basic information on individual pension products;
(3) Transaction information, asset information data, etc. of the participant's investment in related personal pension products.
Article 21 The information platform shall provide technical specifications to commercial banks and financial industry platforms in a timely manner to ensure smooth connection.
Promote the sharing of information between the information platform and relevant departments to provide support for the implementation of standardized systems, implementation of business supervision, and optimization of service experience.
Chapter IV Personal Pension Fund Account Management
Article 22 A commercial bank shall complete the system connection with the information platform and the financial industry platform, and handle the personal pension business after the acceptance is qualified.
Article 23 A commercial bank may open individual pension fund accounts for participants through the counter or electronic channels of its own institution.
When a commercial bank opens an individual pension fund account for a participant, it shall complete the verification of the individual pension account through the information platform.
Commercial banks can also check the basic pension insurance participation certificate or personal rights record and other relevant materials provided by the participants and issued by the social insurance agency, and open personal pension accounts for the participants after reporting to the information platform to open individual pension accounts. The pension fund account is bound to the personal pension account.
Article 24 When a participant opens an individual pension fund account, he shall provide the commercial bank with valid identity documents and other materials in accordance with the requirements of the financial supervision department.
Commercial banks shall strictly abide by relevant regulations when opening individual pension fund accounts for participants.
Article 25 The personal pension fund account shall support participants to make payment through commercial bank settlement accounts, non-bank payment institutions, cash and other channels.
Commercial banks shall provide participants, individual pension product sales agencies, etc., with fund transfer services related to individual pension product transactions.
Article 26 A commercial bank shall register the payment limit of the individual pension fund account in real time, and shall give a reminder if it exceeds the upper limit of the payment limit of the current year, and shall not accept it.
Article 27 A commercial bank shall, according to the transaction results of the relevant individual pension products, record the transaction product information of the participants.
Article 28 Commercial banks shall provide change services for participants' individual pension fund accounts, and assist in the connection between new and old accounts and the cancellation of old accounts.
The original commercial bank and the new commercial bank shall complete account verification, account change, asset transfer, and information submission through the information platform.
Article 29 A commercial bank shall handle the transferred funds differently, and the annual payment amount in the transferred funds shall be calculated cumulatively.
Article 30 Commercial banks shall not handle account change procedures for personal pension fund accounts on the same day as payment and deposit business.
During the period of changing the fund account, the original personal pension fund account is not allowed to handle the business of deposit, investment and withdrawal.
Article 31 When a commercial bank conducts the personal pension fund account business, it shall fairly treat the issuing institutions and sales institutions of personal pension products that meet the regulations.
Article 32 A commercial bank shall keep all personal pension fund account information for at least fifteen years from the date of account cancellation.
Chapter 5 Individual Pension Institutions and Product Management
Article 33 Individual pension products and their issuing and selling institutions shall be determined by the relevant financial regulatory authorities.
Information on individual pension products and their issuers shall be released on the same day as the information platform and the financial industry platform.
Article 34 Personal pension products shall have the basic characteristics of safe operation, maturity and stability, standardized targets, and emphasis on long-term value preservation.
Article 35 Commercial banks, individual pension product issuers and sales agencies shall, in accordance with relevant regulations, establish and improve business management systems, including but not limited to individual pension fund account services, product management, sales management, cooperative institution management, information disclosure, etc.
If a commercial bank finds that there are irregularities, related risks or other problems in the implementation of personal pensions, it shall report to the regulatory authorities in a timely manner and take measures in accordance with regulations.
Article 36 Fund transactions involved in the transaction of personal pension products must be initiated from the personal pension fund account and returned to the personal pension fund account unless otherwise specified.
Article 37 The issuing and selling institutions of individual pension products shall provide participants with convenient purchase, redemption and other services, and support participants in product conversion under the premise of compliance with regulatory rules and product contracts.
Article 38 The interest of the uninvested funds in the individual pension fund account shall be calculated according to the deposit interest rate and the interest calculation method agreed between the commercial bank and the individual.
Article 39 Sales institutions of individual pension products shall, based on the principle of "selling appropriateness", understand participants' risk preference, risk cognition ability and risk tolerance ability according to law, do a good job in risk warning, and shall not proactively recommend to participants Personal pension products for their risk tolerance.
Chapter VI Information Disclosure
Article 40 The Ministry of Human Resources and Social Security and the Ministry of Finance summarize and disclose the implementation of personal pensions, including but not limited to the number of participants, fund accumulation and receipt, investment and operation data of personal pension products, etc.
Article 41 Information disclosure shall take the protection of the interests of participants as the fundamental starting point, ensure the authenticity, accuracy and completeness of the information disclosed, and shall not contain false records, misleading statements and major omissions.
Chapter VII Supervision and Management
Article 42 The Ministry of Human Resources and Social Security and the Ministry of Finance shall, according to their duties, formulate specific policies and supervise the operation of individual pension account settings, payment amounts, receiving conditions, tax incentives, etc.
The tax authorities shall implement tax collection and administration on personal pensions according to law.
Article 43 The Ministry of Human Resources and Social Security shall perform supervisory duties on the daily operation of the information platform, and regulate the information exchange process between the information platform and commercial banks, financial industry platforms, and relevant government departments.
Article 44 The Ministry of Human Resources and Social Security, the Ministry of Finance and the taxation department may take the following measures in accordance with the law when performing their routine supervision duties:
(1) Inquiring, recording, and copying various types of contracts and other business materials related to the individual pension business related to the matter under investigation;
(2) Inquire about the institutions and individuals related to the investigation, and ask them to explain the relevant issues and provide relevant supporting materials;
(3) Other laws and regulations and measures prescribed by the state.
Article 45 The China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission shall, according to their duties, formulate supporting policies respectively, clarifying the list of participating financial institutions, business processes, conditions for personal pension products, reporting of regulatory information, etc., to regulate banks The personal pension business of insurance institutions and the business of personal pension investment in public funds shall perform regulatory duties in accordance with the law on business activities such as the issuance and sale of personal pension products by participating financial institutions, urge participating financial institutions to optimize products and services, provide product risk warnings, and strengthen Investor Education.
Where participating financial institutions violate these Implementation Measures, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission shall take measures in accordance with laws and regulations.
Article 46 The China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission shall perform supervisory duties on the daily operation of the personal pension business of the financial industry platform.
Article 47 All participating departments should strengthen communication, through online and offline channels and other channels, to timely understand the opinions and suggestions of all sectors of society on individual pensions, and handle consultations and complaints during the implementation of individual pensions.
Article 48 All participating institutions shall actively cooperate with the inspection, provide relevant materials truthfully, shall not refuse, obstruct or evade inspection, and shall not make false reports, conceal or destroy relevant evidential materials.
Article 49 If a participating institution violates the provisions of these implementation measures or relevant laws and regulations, the Ministry of Human Resources and Social Security, the Ministry of Finance, and the taxation department shall take measures according to their duties and laws and regulations.
Chapter VIII Supplementary Provisions
Article 50 The China Banking and Insurance Regulatory Commission and the Ministry of Human Resources and Social Security shall, in conjunction with relevant departments, do a good job in the connection between the individual tax-deferred commercial endowment insurance pilot program and individual pensions.
Article 51 These Implementation Measures shall come into force on the date of issuance.
Article 52 The Ministry of Human Resources and Social Security, the Ministry of Finance, the State Administration of Taxation, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission shall be responsible for the interpretation of these Implementation Measures according to their duties.