China News Service, November 4 (Zhongxin Finance Shao Wanyun) According to the official website of the Ministry of Human Resources and Social Security on the 4th, 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 recently issued the "Personal Pension Implementation Measures" (hereinafter referred to as the "Measures").
What is a personal pension?
How to participate?
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What is a personal pension?
The "Measures" clarify that 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.
How to participate?
The "Measures" mentioned that participants participating in personal pensions should open personal pension accounts on the information platform through the national unified online service portal or commercial bank channels; other personal pension product sales agencies can assist through commercial bank channels. Participants open individual pension accounts online on the information platform.
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.
Participants can choose a commercial bank to open or designate their only personal pension fund account, or they can designate through other compliant personal pension product sales agencies.
How to pay?
The "Measures" stipulate that the upper limit of the individual pension amount paid by the participants is 12,000 yuan per year, and the annual payment of the 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.
Participants can pay monthly, instalments or annually, and the payment amount is accumulated according to the calendar year and recalculated in the following year.
Participants independently decide the investment plan of the personal pension fund account, including the investment type and investment amount of personal pension products.
What are the conditions for receiving personal pension?
The "Measures" mentioned that individual pension fund accounts are closed for operation, and participants who meet any of the following conditions can 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.
Can the assets in the account be inherited?
The "Measures" mentioned that if a participant dies, the assets in his personal 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.
What are the characteristics of individual pension products?
The "Measures" require that personal pension products should have basic characteristics such as safe operation, maturity and stability, standardized targets, and emphasis on long-term value preservation.
Unless otherwise specified, the capital 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.
Interest is calculated on the uninvested funds in the individual pension fund account according to the deposit interest rate and interest calculation method agreed between the commercial bank and the individual.
Individual pension product sales agencies should follow the principle of "selling appropriateness", understand participants' risk preference, risk perception ability and risk tolerance ability in accordance with the law, do a good job in risk warning, and shall not actively recommend to participants any products beyond their risk tolerance ability. personal pension products.
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