Our reporter Dai Lili
On November 25, the personal pension system was launched in 36 leading cities or regions including Beijing, Shanghai, Guangzhou, Xi'an, and Chengdu, and various banks launched related businesses one after another.
Regarding issues such as what is a personal pension, who can participate, and how to open an account, the official has given detailed guidelines.
However, citizens still have many doubts about some details of participating in personal pension funds: Will personal pension investment and financial management lose money?
If you pay 12,000 yuan a year now, how much will you get in the future?
What is the difference between this and buying bank wealth management... This newspaper invited Du Cheng and Huang Weilan, financial and taxation experts from Sino-Swiss Fangsheng Human Resources Technology (Beijing) Co., Ltd., to answer the above questions for public reference.
The higher the personal tax rate, the more tax savings
Q: Tax preference is one of the highlights of personal pensions compared with ordinary bank wealth management products.
So how much tax can you save?
Answer: First of all, personal pensions are tax-deferred, and no tax is paid when investing, and tax is only paid when receiving.
Personal pensions can be deducted before tax when calculating personal income tax.
Deduction items that often appear at present include deduction of expenses (60,000 yuan/year), special deduction (social security provident fund), special additional deduction (children's education, serious illness medical treatment, mortgage rent, etc.).
According to the "Announcement on Personal Income Tax Policies Concerning Personal Pensions", personal pensions can be deducted before tax according to the actual deposit amount, and the annual deduction limit is 12,000 yuan.
For example: Assume that the individual has an annual income of 300,000 yuan, pays 60,000 yuan in social security provident funds throughout the year, and pays personal pensions according to the annual limit of 12,000 yuan.
Then, before the personal pension is deposited, the annual personal tax payable is: (300,000-60,000-60,000) × 20%-16,920 yuan = 19,080 yuan; after the deposit, the personal tax payable is ( 300,000-60,000-60,000-12,000)×20%-16920=16,680 yuan, and the annual tax saving is 2,400 yuan.
The amount of personal income in the above examples is applicable to the tax rate of 20%. Since my country’s personal income tax system adopts a seven-level excess cumulative tax rate, the specific amount of tax savings is different for different income groups.
For groups of people with different tax rates, the higher the income group, the higher the tax rate, and the higher the amount of personal pension tax savings.
For example, people with a taxable income of more than 960,000 yuan have the highest tax savings, saving 5,400 yuan within the year.
For another example, for people with an annual income between 60,000 yuan and 96,000 yuan, the tax rate of 3% is applicable to personal pensions regardless of whether they are deposited or not. Without considering the time value, preferential tax policies are not attractive.
However, people with an annual income of less than 60,000 yuan are exempt from personal income tax. This part of the income that could have been exempted from tax needs to pay a 3% personal tax when it is withdrawn after depositing personal pensions.
To sum up, the tax benefits of personal pensions cannot be generalized, as they vary from person to person, and individuals should consider their own income.
Taxes and fees are still cost-effective
Question: Although personal pensions enjoy tax benefits when purchasing, they are still taxed at 3% when receiving them.
Is this "one back and one back" worthwhile?
Answer: The 3% calculation and collection of personal pensions means that in the process of receiving pensions, 3% is calculated and collected separately, and the tax paid is included in "wage and salary income".
When an individual receives personal pension according to the regulations, the commercial bank institution in the city where the personal pension fund account is opened shall withhold and pay the personal income tax payable.
Assuming that the taxpayer’s current applicable tax rate is 10%, and enjoy tax incentives by paying 12,000 yuan per year, the current tax fee can be reduced by 1,200 yuan per year, and the principal of 12,000 yuan will be paid 360 yuan in personal tax when withdrawing. In this way, the personal tax can be reduced by 840 yuan .
If calculated on the basis of 30 years of payment, you can enjoy tax incentives of 25,200 yuan.
Therefore, it is cost-effective in terms of paying taxes.
Some citizens simply interpret the contribution and deposit of personal pensions as "10% tax when purchasing and 3% tax when receiving", and they can "earn" a 7% difference in the middle.
In fact, this understanding is not quite accurate-because personal pensions will also enjoy long-term investment returns when they are withdrawn, so it cannot be simply understood as only enjoying a 7% tax benefit difference in the middle.
The average annualized rate of return determines the final return
Q: The maximum annual purchase limit of 12,000 yuan has been determined. Assuming that I invest 12,000 yuan a year, how much money can I get in the future?
Answer: According to the accounting data of professional institutions, assuming that 12,000 yuan of personal pension is paid every year to invest in corresponding products, and the payment is made continuously for 30 years, with a total investment of 360,000 yuan. If the average annualized rate of return is 3%, it will expire after tax. The total income of principal and interest is 570,400 yuan; if the average annualized rate of return is 5%, the total income of principal and interest due after tax is 812,000 yuan; if the average annualized rate of return is 8%, the total income of principal and interest due after tax is 1.4242 million yuan.
However, the calculation of investment income is very complicated, involving too many variables, and the income will vary depending on the number of withdrawals and rules. It is recommended that citizens must listen to the advice of professional investment institutions when participating in personal pensions.
Closed accounts should focus on long-term gains
Q: Personal pension investment products include bank wealth management, savings deposits, commercial pension insurance, public funds, etc.
How safe are these types of investment products?
Will there be losses?
Answer: According to the "Personal Pension Implementation Measures", after paying personal pensions, the relevant operating agencies will realize the appreciation of assets through principal operations, so the accounts of future citizens will include the principal paid and the value-added generated by the principal .
Theoretically, the products of the personal pension platform are selected only after strict checks. The stability, safety and profitability of the products should be relatively guaranteed. Generally, the products purchased from banks and formal financial institutions should be able to relatively control risks .
However, when purchasing investment products, you must do your own risk assessment and listen to professional advice. In particular, you must confirm the risk level and terms of investment and financial products in detail, and match high-quality financial products that meet your wishes and tolerance according to your own capabilities.
Since the pension account is characterized by closed accumulation and long-term investment, it can only be withdrawn in advance after retirement or other special circumstances. Therefore, in terms of income focus, it is recommended to focus on long-term income.