Recently, the Ministry of Human Resources and Social Security and the Ministry of Finance jointly issued the "Measures for the Implementation of Personal Pensions", and multiple departments issued relevant supporting policies.

　　my country has long adhered to the principle of "enhancing fairness, adapting to mobility, and ensuring sustainability" in the top-level design of the social security system. The reform of the social security system has the characteristics of being systematic, complete and synergistic.

Under this premise, the basic old-age insurance as the "first pillar" plays a role of mutual aid in the society, and already has a relatively complete institutional system. The insurance system is integrated.

At the same time, the role of enterprise annuity and occupational annuity as the "second pillar" to supplement the old-age care has initially appeared. As of the end of March, 72 million employees participated in enterprise annuity and occupational annuity, and accumulated funds of 4.5 trillion yuan, laying a solid foundation for development.

As the "third pillar", the original intention of personal pension is to meet the people's multi-level and diversified pension insurance needs, and to promote the high-quality and sustainable development of social security.

　　The personal pension system is a system supported by government policies, voluntary participation of individuals, and market-oriented operation.

The personal pension is applicable to all workers who participate in the basic pension insurance for urban employees or the basic pension insurance for urban and rural residents in China.

For middle- and high-income people, the annual limit of 12,000 yuan does not seem to "quench their thirst". However, in addition to the social security system, there are other personal commercial pension financial services to choose from. The provisions of the preferential tax deferred policy will also encourage and Invite some residents to participate.

After all, the more accumulation you usually have, the more income you will earn after retirement.

　　It should also be noted that for some relatively disadvantaged people, it is not easy to pay 1,000 yuan per month to pay personal pensions.

In order to improve the coverage of social security, as of the end of September this year, my country has paid the endowment insurance premiums for urban and rural residents this year for 21.11 million people in need.

However, with the development of economy and society, some difficulties will be solved.

Some people who are not currently able to participate in the personal pension system may be able to participate in the future.

One difference between the personal pension and the basic pension insurance is that there is no “15-year payment to receive” period setting. As long as the participants reach the age of receiving the basic pension, they can receive it. This provision is more attractive to some people.

　　The specific implementation measures of the individual pension system fully reflect the characteristics of stable operation.

The social security fund adheres to the concept of long-term investment, value investment and responsible investment, and conducts investment, operation and management in accordance with the principles of prudent investment, safety first, risk control, and improvement of returns to ensure the safety of the fund and achieve value preservation and appreciation.

This principle is also applicable to the personal pension products that are about to “enter the market”. Whether it is a bond asset or an equity asset, it should have the basic characteristics of safe operation, mature and stable, standardized target, and focus on long-term value preservation.

In terms of the supervision process, in order to strengthen the connection between the capital market and the multi-level and multi-pillar pension insurance system, individual pensions have adopted a strict management method. The supervision responsibilities of each department are clearly divided, and participating financial institutions optimize products and services, and do a good job in product risk. Prompts, etc. are clearly required.

　　The report of the 20th National Congress of the Communist Party of China proposed to improve the national overall planning system of basic old-age insurance and develop a multi-level and multi-pillar old-age insurance system.

In recent years, the degree of aging in my country has been deepening, and the introduction of the personal pension system is in line with the actual situation of our country and can also meet the expectations of the people.

In general, the system is a useful supplement to the basic old-age insurance system, and participants will have greater freedom and right to choose, and can better meet the needs of old age.

In order to do good things well and truly benefit participants, all departments should further strengthen coordination to ensure the implementation of the personal pension system.

(Source of this article: Economic Daily Author: Jin Guanping)