How to support the "third pillar" of pension?

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  By the end of 2022, the number of individual pension contributors will be 6.13 million, and the total payment amount will be 14.2 billion yuan... After the implementation of the personal pension system, the enthusiasm of financial institutions and others has been high, and the market for personal pensions has rapidly heated up.

Currently, people with higher incomes and closer to retirement age are more motivated.

In the future, the personal pension system needs to be further adjusted and optimized to further enhance the attractiveness of the product.

  At the end of December last year, Zhang Hua, who worked in a state-owned enterprise in Beijing, opened a personal pension account and deposited 12,000 yuan in a "top grid", which served as the third pillar for his future pension "support".

  On November 25, 2022, the Ministry of Human Resources and Social Security, the Ministry of Finance, and the State Administration of Taxation issued a notice clarifying that the personal pension system will be implemented in 36 leading cities and regions including Beijing, Tianjin, and Shanghai.

The enthusiasm of banking and financial institutions is high, and the personal pension market is rapidly heating up.

  The data shows that by the end of 2022, the number of individual pension participants will be 19.54 million, the number of contributors will be 6.13 million, and the total payment amount will be 14.2 billion yuan.

What do people really think about personal pensions?

"Workers' Daily" reporter conducted an interview.

  The enthusiasm of financial institutions and others is high

  At the beginning of December 2022, in order to help high school students working in banks complete the year-end workload assessment, Liu Wei, who works in a design institute in Tianjin, opened a personal pension account online and deposited 1 yuan.

"The process is not complicated, just fill in the relevant information and verify by SMS, and the account opening is successful."

  During the interview, the reporter found that many people, like Liu Wei, were dragged into the game by acquaintances working in the bank.

  After the personal pension system began to be piloted, the first batch of 23 banks can open personal pension accounts, including 6 major state-owned banks, 12 joint-stock banks and 5 city commercial banks.

  A battle for customers also started.

The major banks have "brought in new customers" by means of cash rebates, gift coupons, points and other means.

On December 29, 2022, the entry "60 new account opening indicators per week, bank wealth management managers 'cry bitterly' under the personal pension competition" once rushed to the hot search.

  After Liu Wei opened the account, he received a cash rebate of 50 yuan.

He is still on the fence about whether to continue saving money in his personal pension account.

  Tax advantages are one of the attractions of personal pensions.

According to the system arrangement, after the individual pension account is opened, pre-tax deductions can be made according to the actual payment amount of the personal pension in the comprehensive income or operating income.

Liu Wei said that his annual income is about 120,000 yuan, and he doesn't pay much tax, so the effect of tax reduction is not obvious, so he can wait and see.

  The "two books" behind the personal pension

  Unlike Liu Wei, who took a wait-and-see attitude, Zhang Hua, who works in a state-owned enterprise in Beijing, opened a personal pension account after careful consideration.

  Beginning in 2016, his company began to pay enterprise annuities for employees, which provided the second pillar for Zhang Hua's pension.

When opening a personal pension account this time, Zhang Hua wanted to "support" the third pillar and provide an extra guarantee for his retirement.

  Zhang Hua is 35 years old this year, with an annual income of around 350,000 yuan. He calculated such a tax deduction account for the reporter.

  Excluding various deductions including two special additional deductions for housing loans and elderly care, his annual taxable income is about 180,000 yuan, which is applicable to the 20% tax rate bracket.

If the personal pension of 12,000 yuan can be deducted, he can pay 2,400 yuan less tax that year. If he retires at the age of 60, he can pay 60,000 yuan less.

  With regard to investment income, according to the institutional arrangements, in the investment link, the investment income included in the personal pension fund account is not subject to individual tax; in the receiving link, the personal pension received by the individual is not included in the comprehensive income, and is separately taxed at 3%. Tax rate calculation and payment of individual tax.

  Zhang Hua told reporters that when it comes to investing in pension products, he values ​​stability more than high returns.

Therefore, he is more inclined to choose relatively conservative savings, "equivalent to saving a sum of money for future retirement."

  Calculated at an annualized rate of return of 3%, if Zhang Hua continues to pay 12,000 yuan per year for 25 years until retirement, after paying taxes, he can get 437,100 yuan from his personal pension account.

  According to Zhang Huan, a staff member of a state-owned bank in Fuzhou, personal pensions are more suitable for people with an annual income of more than 200,000 yuan.

Among the account opening customers she contacts, people with higher incomes and close to retirement age are generally more motivated.

  Enhancing the attractiveness of individual pension systems

  Due to the market-oriented operation of personal pension funds, there will inevitably be investment risks.

So, how should ordinary people reasonably use the funds deposited in their pension personal accounts to purchase pension financial products?

  Dong Keyong, secretary-general of the China Pension Finance 50 Forum, suggested that investors should invest according to their age, financial situation and psychological endurance.

For example, young people can choose to buy relatively high-risk pension funds and pension financial products, middle-aged people should tend to invest more steadily, and people close to retirement age can choose relatively conservative pension savings products.

  According to regulations, personal pension products are determined by the financial regulatory department. Products that enter the "white list" of personal pensions must have four attributes: safe operation, mature and stable, standardized targets, and focus on long-term value preservation, so as to better protect the lives of retirees.

The "Personal Pension Implementation Measures" also emphasizes that sales agencies should follow the principle of "sales appropriateness" and provide risk warnings, and should not actively recommend personal pension products to participants that exceed their risk tolerance.

  Next, how to better improve and develop the personal pension system?

Dai Xianglong, former governor of the People's Bank of China and former chairman of the National Council for Social Security Fund, suggested that in the future, the maximum limit of personal pensions can be raised to more than 18,000 yuan, and tax incentives can be expanded.

At the same time, the investment rate of return on personal pensions is guaranteed, and policy support is increased to further enhance everyone's enthusiasm for participating in personal pensions.

  "In order to adapt to the trend of labor market flexibility, the future personal pension system can consider opening up the second pillar (enterprise annuity and occupational annuity) and the third pillar (personal savings-type pension insurance and commercial pension insurance), or establish a combination of the two. The connecting method between them.” Lu Quan, a professor at Renmin University of China and secretary-general of the Chinese Society of Social Security, pointed out that at present, the second pillar is jointly paid by the laborer and the employer. If the laborer changes jobs, the new unit does not have an enterprise annuity plan. , then his second pillar will break.

He suggested enhancing the synergy between the second and third pillars.

(Liu Wei, Zhang Hua, and Zhang Huan are pseudonyms in the text)

  Wang Weiyan