The tax-extension pension insurance pilot calls for expansion, the pension target fund hopes that the policy will be implemented, and the development of the third pillar of pension insurance will be accelerated. The relevant person bluntly-
personal pension investment is expected to usher in more benefits
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It has been more than two years since the implementation of the personal tax deferred commercial pension insurance pilot program. Today, the cumulative number of insured persons is 47,600, and the premium income is 300 million yuan; as another important part of the third pillar of old-age security, pension goals The issuance of funds has greatly accelerated, and the policy of the relevant departments to accelerate the construction of the third pillar of pension insurance has been blowing frequently, and personal pension investment needs are expected to be activated.
Recently, as an important part of the third pillar of old-age insurance, the issuance of old-age target funds has accelerated significantly, becoming a hot spot in the market. In May this year, more than 10 pension target funds have started subscriptions, far exceeding the sum of the previous 4 months.
Since the establishment of the third pillar of pension insurance by the Ministry of Human Resources and Social Security and the Ministry of Finance in February 2018, individual-led commercial pension insurance has attracted much attention. In order to encourage people to participate actively, my country has implemented a pilot project of personal tax deferred commercial old-age insurance, which encourages individuals to improve the level of old-age security through tax incentives and incorporates financial products such as funds into the third pillar of old-age insurance.
Now, in the two years of the pilot, 47,600 people have taken out bonded extended pension insurance. At the same time, there are frequent policies and warm air blowing from the supervisory level. Several heads of relevant departments said that they should accelerate the development of commercial pension insurance, support the development of pension target funds, and accelerate the construction of the third pillar of pension. Facing the huge domestic pension market, financial institutions are flexing their muscles. Some people in the insurance industry bluntly said that "a good time to invest in pension" is here.
Difficult to attract pension money
Before the market smelled the pension dividend, my country's policy on the third pillar of pension protection has been brewing for more than 10 years.
"The establishment of the third pillar of pensions is incremental reform, which has less resistance, so it is worth doing." Zhong Rongsa, vice chairman of China Securities Investment Fund Association, said that the third pillar, as a more flexible system, helps to coordinate the three The development of pillars, on the one hand, can open up the second and third pillars through accounts and tax incentives, on the other hand, it provides space for the reform of basic pensions.
In the industry's view, the construction of the third pillar of pension insurance requires policies, and tax incentives are the key.
In April 2018, the Ministry of Finance and five other ministries and commissions jointly issued the "Notice on the Implementation of the Pilot Deferred Commercial Pension Insurance Pilot Program". The policy design of the policyholder's monthly maximum pre-tax deduction of 1,000 yuan has attracted a lot of attention. .
According to the system design, through the preferential taxation system, individuals can be encouraged to improve the level of old-age security and enrich the “pouch” of pensions for retirees. However, the implementation process was "cold."
According to the China Insurance Regulatory Commission, as of the end of April this year, a total of 23 insurance companies participated in the tax-deferred old-age insurance pilot, 19 companies issued orders, accumulatively realized a premium income of 300 million yuan, and 47,600 people insured. The person in charge said that although the progress of the pilot is relatively stable, the overall scale of the business is not large, and the market generally reflects that the policy is not attractive enough.
On June 7, 2018, the nation's first tax-extension pension insurance policy was issued in Shanghai. Han Yi, director of the Shanghai Banking and Insurance Regulatory Bureau, revealed that as of the end of April this year, Shanghai had a total of 30,600 policyholders and paid 242 million yuan in premiums.
In order to improve the multi-level old-age insurance system, in June last year, the Ministry of Human Resources and Social Security and the Ministry of Finance took the lead to study and formulate financial products such as bank wealth management, commercial old-age insurance, and funds in the third pillar of old-age insurance.
Data show that as of December 2019, of the 50 pension fund targets that have been established, nearly 90% are under 500 million yuan. At present, there have been 95 pension target funds established, but the market size is only 30 billion yuan. In the same period, the scale of assets under management of public offering management institutions reached 17.64 trillion yuan, and the pension target fund had a low sense of existence.
Filling the third pillar short board is imminent
The state encourages individuals to invest in old-age care. Why does everyone "not buy"?
According to the pilot regulations, the tax-deferred pension insurance premium preferential limit is determined by the lower of 6% of the current month's income and 1,000 yuan. Xu Xian, director of the Department of Risk Management and Insurance at Fudan University, believes that the current tax deferred commercial pension insurance deduction limit is low, causing an embarrassing situation: for low-income people with insufficient purchasing ability, it is of little significance; for high-income people It is said that the deduction is difficult to bring direct incentives, so the policy effect is not good.
The pilot results of tax-deferred old-age insurance are lower than expected. In the view of many professionals, the reason is that the pilot period has encountered a tax reform, and the beneficiary groups have narrowed further. "It's role is more icing on the cake than sending it in the snow." Sun Jie, a professor at the School of Insurance, University of International Business and Economics, said.
Due to the adjustment of the individual tax policy, the threshold has been increased from 3,500 yuan to 5,000 yuan per month, which led to the shrinking of taxpayers and the reduction of the coverage of tax-deferred old-age insurance; The income group has exclusive products, which are not attractive enough.
The pilot tax extension pension insurance is only implemented in three regions including Shanghai, Fujian (including Xiamen), and Suzhou Industrial Park. Due to the narrow pilot area, the tax deduction process is cumbersome, and the operation is not convenient, the number of beneficiaries is small and the tax delay The effects of the pension insurance policy have not fully manifested.
All along, the problem of imbalance in the structure of my country's pension system is more prominent. The data shows that at present, the basic pension insurance fund as the first pillar of pension insurance has a cumulative balance of more than 6 trillion yuan; the second pillar of occupational annuity and enterprise annuity totals about 2.4 trillion yuan. As two important components of the third pillar, the scale of commercial pension insurance and pension target funds is only 100 billion yuan and 30 billion yuan.
In recent years, due to increased pressure on revenues and expenditures, the average replacement rate of basic pensions (pension/pre-retirement salary), which is led by the government and guaranteed basic, is less than 50%, and there is a downward trend. At the same time, the second pillar of occupational annuities and enterprise annuities, which are dominated by employers and offer benefits, have continued to decline in recent years.
As of the end of April last year, the one-year pilot period for the personally-led tax-deferred pension policy has expired, and no new tax-deferred pension policy has been introduced so far. All parties are waiting to see where the tax-deferred old-age insurance pilot that entered the "empty window period" will go in the future.
Need to increase preferential efforts
The proportion of the elderly population in our country is constantly rising. This huge group's future guarantee requires a sustainable financial plan. The domestic pension market has great potential, and demand only needs to be activated.
"China's personal income tax base deduction is high, and there are 6 special deductions. The pilot is being launched, and the tax base is deducted at 1,000 yuan per month, and the middle-income class is basically insensitive." Recently, Lou Jiwei, director of the Foreign Affairs Committee of the CPPCC National Committee, said Therefore, the development of tax deferred pension insurance and pension annuity may not be fast, because it is difficult to accurately implement the personal income tax tax arrangement.
Zhou Yanli, a member of the National Committee of the Chinese People's Political Consultative Conference and former vice chairman of the China Insurance Regulatory Commission, believes that the pilot policy for tax extension of old-age insurance should be improved as soon as possible, expand the scope of the pilot, increase the amount of individual contributions, further increase tax incentives, and simplify the tax-related process.
In terms of tax incentives, Han Yi suggested to appropriately increase the tax deferral limit, and refer to the deduction standard for maintenance expenses in the "Special Additional Deduction for Personal Income Tax" to increase the limit to 2,000 yuan per month, and to insure the individual’s business pension insurance expenditure As a special deduction item.
Since the tax extension of the old-age insurance pilot has encountered many problems, Sun Jie believes that only by introducing it to the whole country as soon as possible can more market information be obtained, shorten the period for implementing reforms in system design, and allow more people to enjoy policy dividends.
Earlier this year, the Banking and Insurance Regulatory Commission and other departments deployed to incorporate the third pillar of pension insurance into major national reforms. The China Insurance Regulatory Commission made it clear that it will actively explore and use a variety of incentives to encourage the public to participate in the third pillar of pension insurance. The industry expects that with further policy efforts, individual pension investment demand is expected to be gradually activated.