Our reporter Nie Guochun
On November 25, the Ministry of Human Resources and Social Security announced the launch of the personal pension system. Beijing, Shanghai, Guangzhou and other 36 leading cities or regions can establish personal pension accounts.
A reporter from "China Consumer Daily" found that, in fact, after the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Administration of Taxation, the Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission jointly issued the "Personal Pension Implementation Measures" on November 4, public funds, banks, and wealth management companies The matching rules for the participation of insurance companies in the personal pension system began to be introduced one after another.
When the personal pension business is officially implemented, issues such as whether to handle personal pension business, how to open a personal pension account, how to choose pension products, and how to receive personal pension in the future have attracted widespread attention.
Policies are constantly improving
With the aging of the population, pension reserves have become the focus of national attention.
In April this year, the General Office of the State Council issued the "Opinions on Promoting the Development of Personal Pensions", and the design of the top-level system of personal pensions was determined.
Entering November, the implementation of relevant supporting policies has been accelerated.
The "Personal Pension Implementation Measures", "Interim Measures for the Management of Personal Pension Business of Commercial Banks and Wealth Management Companies", "Interim Regulations for the Management of Personal Pension Investment in Publicly Offered Securities Investment Fund Business" and other intensive releases.
On November 22, the China Banking and Insurance Regulatory Commission issued the "Notice on Matters Concerning Insurance Companies' Development of Personal Pension Business", which made detailed regulations on insurance companies' development of personal pension business.
Li Zhong, deputy minister of the Ministry of Human Resources and Social Security, said at the 2022 Financial Street Forum Annual Conference on November 23 that personal pensions are a brand new system that needs to be piloted in some cities or regions first, and gradually rolled out after accumulating experience. , the Ministry of Human Resources and Social Security will go all out to implement the personal pension system.
Participate in tax incentives
Personal pension refers to a system supported by government policies, voluntary participation by individuals, market-oriented operation, and the realization of supplementary functions of pension insurance.
Personal pensions implement a personal account system, and the contributions are entirely borne by the participants themselves.
According to the "Implementation Measures for Personal Pensions", participants of personal pensions should be workers who participate in the basic pension insurance for urban employees or the basic pension insurance for urban and rural residents in China, and the maximum amount of personal pension paid by participants is 12,000 yuan per year.
Since January 1 this year, the finance and taxation department has implemented a preferential tax deferred policy for personal pensions.
Individuals' contributions to personal pension fund accounts shall be deducted from comprehensive income or operating income according to the ceiling standard of 12,000 yuan per year; personal income tax shall not be levied on investment income included in personal pension fund accounts; Personal pensions are not included in the comprehensive income, and are calculated and paid separately at a tax rate of 3%.
Regarding the collection of personal pensions, the "Implementation Measures for Personal Pensions" stipulates that participants can receive personal pensions when they reach the age of receiving basic pensions, are completely incapable of working, go abroad (territory) and settle down, and other conditions stipulated by the state .
The way of receiving is decided by the participants themselves, and they can receive personal pensions on a monthly basis, in installments or in one lump sum.
If the participant dies, the account assets can be inherited.
"It's only 12,000 yuan a year. If you pay for 20 years, the principal will only be 240,000 yuan when you retire. I feel that the money will not do much at that time." Mr. Zhang, born in the 1980s, is a little confused about whether to apply for a personal pension.
The wealth management manager of Postal Savings Bank Beijing Mashenmiao Sub-branch told the reporter of China Consumer News that although the amount of 12,000 yuan is not much, if the personal taxable income happens to be between the two tax rates, you can still enjoy a lot of discounts.
For example, if the personal taxable income is 310,000 yuan, the tax rate is 25%, and the tax payable is 45,580 yuan; if 12,000 yuan is deducted, the tax rate becomes 20%, and the personal taxable income is 42,680 yuan, which saves nearly 3,000 yuan in taxes a year. .
In his view, if the current personal tax rate is higher than 3%, participating in personal pensions will have a tax reduction effect. The higher the personal tax rate corresponding to the current income, the more obvious the tax reduction effect.
"In addition to personal income tax benefits, personal pension funds are long-term investments that can achieve greater returns, and the investment income is not taxed. At the same time, the account adopts a cumulative closed system, which can effectively control your hands, and the safety of funds is also guaranteed. Personal accounts are real-time It can be checked." said the above-mentioned financial manager.
The battle for accounts begins
"Zheshang Bank's personal pension business is open for appointments! Plan and arrange the future in advance, retire with an extra pension fund, and enjoy preferential tax policies at the same time. Quickly log in to the mobile banking APP or the retail finance official account of Zheshang Bank to make an appointment." On November 23, the reporter received a text message from Zheshang Bank to make an appointment to open an account.
It is understood that to handle personal pension business, one should open a personal pension service through the national social insurance public service platform, the national human resources and social security government service platform, electronic social security card, palm 12333 APP and other national unified online service portals or commercial bank channels. Fund account, which 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.
After that, participants should choose a commercial bank that meets the regulations to open or designate their only personal pension fund account (or through other qualified personal pension product sales agencies), and bind it to the personal pension account for Participants provide services such as fund deposit, payment quota registration, personal pension product investment, personal pension payment, personal income tax payment, fund and related rights information inquiry, etc.
Zheshang Bank is one of the first batch of institutions that meet the requirements of the "Interim Measures for the Administration of Personal Pension Business of Commercial Banks and Wealth Management Companies". There are also 6 large state-owned banks, 12 joint-stock banks, 4 city commercial banks and 11 shortlisted institutions. financial company.
The reporter's investigation found that with the opening of personal pension funds, financial institutions have been actively competing for account opening.
For example, in the pension finance section of the homepage of China Merchants Bank’s mobile banking APP, a pop-up advertisement shows the activity of personal pension “make an appointment to draw 66 yuan to help the red envelope”.
Agricultural Bank of China, Industrial Bank, China CITIC Bank and other institutions have also set up appointment areas for personal pension account opening in mobile banking apps.
On the same day that the finalists of banks and wealth management companies were announced, the China Securities Regulatory Commission also released a list of 37 personal pension fund sales agencies, including 16 banks including ICBC, 14 securities companies including Huatai Securities, and 7 companies including Shanghai Tiantian Fund. Independent fund sales agency.
In response to the announcement issued by the China Banking and Insurance Regulatory Commission on November 22, Zhu Junsheng, research director of the China Insurance and Pension Research Center of Tsinghua University PBC School of Finance, believes that there may not be more than 30 insurance companies currently qualified to operate personal pension business.
The reporter learned that after the notice was issued, many insurance companies such as Taiping Life Insurance and China Life Insurance stated that they are actively promoting the implementation of personal pension business.
The first batch of product list released
When a series of rules related to personal pensions are implemented, various investable products are also ready to go.
On November 18, the China Securities Regulatory Commission released a directory of personal pension funds, including 129 pension target fund products, involving 40 fund companies such as China Asset Management and Southern Asset Management.
On November 23, the official website of Bank of China Insurance Information Technology Management Co., Ltd. disclosed the list of the first batch of personal pension insurance products, and 7 products from 6 companies including China Life Insurance and Taiping Life Insurance were selected.
However, the first batch of products for banks and wealth management companies has not yet been announced.
A number of shortlisted institutions indicated that they are speeding up the research and development and approval of pension financial products.
So, how should people choose personal pension savings products, wealth management products, insurance products and fund products?
The reporter noticed that since the establishment of 129 pension target fund products, the annualized returns have ranged from -12.45% to 13.03%, and the 2021 annualized settlement rates of the 7 exclusive commercial pension insurance stable accounts are all between 4% and 6%. The settlement interest rate of the aggressive account is between 5% and 6.1%.
The interest rate of pension savings products launched by the pilot banks is roughly around 4%. Of the 49 pension wealth management products previously issued, more than 20 products have a latest net value higher than 1.01 yuan.
The "China Pension Finance Survey Report 2021-2022" previously released by the China Pension Finance 50 Forum shows that bank deposits or bank wealth management are the mainstream way for the public to store pension wealth. Products (such as stocks, funds, trusts, etc.) allocation intention is relatively limited.
Even with tax incentives, respondents still prefer products with lower risks and stable returns such as bank wealth management and bank savings.
According to Zheng Bingwen, director of the World Social Security Research Center of the Chinese Academy of Social Sciences, financial institutions undertake the task of maintaining and increasing the value of people's "retirement money", and the product rate of return is an important factor related to the attractiveness of the personal pension system.
Products with mature investment strategies, stable investment styles and competitive investment returns will be favored by more participants.
Experts suggest that the above four types of products have their own advantages and disadvantages, and participants can achieve steady growth of personal pension assets through different combinations of liquidity risk, longevity risk, market risk and credit risk.