CNR Beijing, November 7 (Reporter Wang Jing) Recently, five departments including the Ministry of Human Resources and Social Security and the Ministry of Finance jointly issued the "Implementation Measures for Individual Pensions" (hereinafter referred to as the "Implementation Measures").
On the same day, the China Banking and Insurance Regulatory Commission issued the Interim Measures for the Administration of Personal Pension Business of Commercial Banks and Wealth Management Companies (Draft for Comments).
According to Jia Jiang, Deputy Director of the Endowment Insurance Department of the Ministry of Human Resources and Social Security, individual pensions are supplementary endowment insurance systems supported by government policies, voluntary participation by individuals, and market-oriented operations. .
The reporter learned that in my country's multi-level, multi-pillar old-age insurance system, the first pillar is the basic old-age insurance, including the basic old-age insurance for employees and the basic old-age insurance for urban and rural residents, which are public pensions and are jointly borne by the state, units and individuals.
As of the end of September, the number of people participating in the national basic pension insurance reached 1.047 billion.
The second pillar is enterprise annuity and occupational annuity, which are paid jointly by units and employees, and the state provides policy support.
As of the end of March, there were about 72 million employees; the third pillar includes personal savings-type endowment insurance and commercial endowment insurance, which is an effective form for individuals to use financial means to increase the supply of endowment security.
Experts said that in April 2022, the General Office of the State Council issued the "Opinions on Promoting the Development of Individual Pensions", marking the establishment of the individual pension system.
The release of relevant documents such as the "Implementation Measures" means that the personal pension system has entered a stage of substantive promotion.
Key point 1:
What is the difference between a personal pension and a deposit? what's the effect?
A personal pension is a "special" deposit.
Xie Yongcai, associate professor at the School of Sociology, Huazhong University of Science and Technology, said in an exclusive interview with a reporter from China Central Broadcasting Network that compared with ordinary deposits, there are two main differences between personal pensions: one is that personal pensions can enjoy certain tax benefits; the other is that personal pensions can be invested Operation, through personal investment and financial operations, to purchase financial products with different risk levels, the risks are borne by individuals, and the benefits are owned by individuals.
At the same time, participating in the personal pension system can help individuals rationally plan their pension funds. Chen Wenming, chief lawyer of Zhejiang Xiaode Law Firm, explained that from the system design, it can be seen that the account funds are closed for operation, and can only be entered and cannot be entered during the payment stage. Personal contributions and investment income are rolled over in the account, and can be received when the basic pension age and other conditions are reached.
He further said, that is to say, institutionally helping participants to secure the export of personal pensions will help individuals rationally plan pension funds, reasonably choose investment products and investment periods, and avoid early withdrawals, thus effectively supplementing pensions. .
Key point 2:
How to open a personal pension account?
To participate in the personal pension, you need to open a personal pension account and a personal pension fund account.
How to do it?
Chen Wenming introduced that the first thing to do is to open a personal pension account.
According to the "Implementation Measures", the account is established by the participants on the personal pension information management service platform through the national social insurance public service platform, "Pocket 12333" and other national unified online service portals or channels such as commercial banks.
Individual pension accounts are unique and are used for information records, queries and services.
Next, open a personal pension fund account.
This capital account needs to be opened or designated in a commercial bank that meets the regulations for payment, purchase of financial products, collection of income, and receipt of personal pensions.
"These two accounts are unique and correspond to each other." Chen Wenming said that through commercial bank channels, these two accounts can be opened at one time.
After the two accounts are opened, participants can make contributions to the personal pension fund account and purchase personal pension products.
Key point 3:
How do I get a personal pension when I get old?
Xie Yongcai reminded that participants who have reached the age of receiving basic pensions can receive personal pensions on a monthly, instalment or one-time basis after verifying the receiving conditions through the information platform. It should be noted that the receiving method cannot be changed once it is determined.
When receiving benefits, you need to transfer your personal pension from your personal pension fund account to your social security card bank account.
Key point 4:
Why set up two individual pension accounts?
Individual pension fund accounts can be opened or designated by a commercial bank that complies with regulations, or can be designated by other compliant personal pension product sales agencies.
So why set up two individual pension accounts?
What is the connection between the two accounts?
Xie Yongcai introduced that the functions and positioning of the two accounts are different.
Personal pension accounts are mainly used to register and manage personal identity information, and to record personal pension contributions, investment, receipt, deduction and payment of personal income tax and other information. It is the basis for individuals to participate in personal pensions and enjoy preferential tax policies.
The personal pension fund account mainly provides participants with services such as fund deposit, payment quota registration, personal pension product investment, personal pension payment, personal income tax payment, and query of funds and related rights and interests.
In short, the personal pension account is mainly used for information recording, and the personal pension fund account is mainly used for payment, investment and treatment payment, and the two are related to each other and used in a bundle.
Key point 5:
What kind of favorable policies can I enjoy by participating in the personal pension system?
Chen Wenming said: "First of all, in the payment link, the part that does not exceed the annual payment limit of 12,000 yuan can be deducted before the individual income tax through comprehensive personal income tax withholding and prepayment or the next year's final settlement. The investment income obtained will not be subject to personal income tax for the time being.” Finally, when participants receive personal pensions, regardless of the way or amount, they will pay personal income tax at a rate of 3%, which is relatively low.
Key point 6:
Do I need to re-open an account to purchase pension products? Which institutions can sell individual pension funds?
Chen Wenming said that it is worth noting that individual pension accounts are unique and will not change once they are opened.
Although there is one and only one personal pension fund account, it can be changed.
The "Implementation Measures" specify that participants can change their personal pension fund accounts between different commercial banks.
Which institutions can sell individual pension funds?
Xie Yongcai explained that since personal pension products should have the basic characteristics of safe operation, mature and stable, standardized target, and focus on long-term value preservation, this requires sales agencies to have important qualifications such as large scale of funds, stable financial indicators and good operating conditions.
Therefore, the main sales agencies of individual pension funds are relatively mature commercial banks, securities companies and third-party fund sales agencies.
Key point 7:
After the money is deposited into the personal pension account, what should the money be used for?
The "Implementation Measures" clarifies that individual pensions are subject to the individual account system, and the contributions are entirely borne by the participants themselves, who can choose to purchase financial products such as savings deposits, wealth management products, commercial endowment insurance, and public funds that meet the regulations, and implement full accumulation. Relevant regulations enjoy preferential tax policies.
To sum up, Chen Wenming introduced that the funds in individual pension accounts are mainly used to purchase financial products.
Due to the long-term existence of personal pensions, investment needs are more prominent in the long run.
For individuals, if they are approaching retirement or avoid risks, they can choose insurance or wealth management, while for young people, they can choose public funds that highlight investment functions.
Key point 8:
Compared with general financial products, what is the difference between individual pension products?
Compared with general financial products, Xie Yongcai said that personal pension products need to have important attributes such as safe operation, maturity and stability, standardized targets, and emphasis on long-term value preservation, that is, personal pension products should be relatively safe and standardized financial products. .
Key point 9:
Are personal pensions inheritable? What should I pay attention to when buying a personal pension?
It is clearly stipulated in the "Implementation Measures" that if a participant dies, the assets in his individual pension fund account can be inherited.
If the social security card is cancelled due to the participant going abroad, going abroad to settle down, or passing away, the commercial bank will transfer the funds in the participant's personal pension fund account to the fund account designated by the participant himself or his heir.
Chen Wenming explained: "The optional types of personal pensions include financial products such as bank wealth management, commercial pension insurance, and public funds. When individuals buy personal pensions, they should do a risk assessment first, and buy products that do not exceed their risk tolerance."
For ordinary investors, he suggested that the choice of products should be based on their own actual situation, grasp the risk tolerance, consider factors such as their own age, and also need to reserve a certain amount of financial investment knowledge.
Key point 10:
What does it mean to establish a personal pension system?
As the third pillar of the pension system, the personal pension system has far-reaching significance.
In Xie Yongcai's view, the introduction of the personal pension system means that my country has officially established a multi-level and multi-pillar pension system. It is of great and far-reaching significance to meet the people's growing and diversified pension security needs, improve the national pension security level, and optimize the structure of the capital market.
(CCTV)