About the General Office of the State Council
Opinions on promoting the development of individual pensions
State Office issued [2022] No. 7
The people's governments of all provinces, autonomous regions and municipalities directly under the Central Government, all ministries and commissions of the State Council, and all institutions directly under the Central Government:
In order to promote the construction of a multi-level and multi-pillar old-age insurance system, promote the sustainable development of the old-age insurance system, and meet the people's growing needs for diversified old-age insurance, in accordance with the Social Insurance Law of the People's Republic of China and the Banking Supervision and Administration Law of the People's Republic of China "," Insurance Law of the People's Republic of China, "Securities Investment Fund Law of the People's Republic of China" and other laws and regulations, with the approval of the Party Central Committee and the State Council, hereby put forward the following opinions on promoting the development of individual pensions:
1. General requirements
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 19th National Congress of the Communist Party of China and all the 19th Plenary Sessions, conscientiously implement the decisions and arrangements of the Party Central Committee and the State Council, adhere to the people-centered development philosophy, and fully, accurately and fully implement New development concept, accelerate the construction of a new development pattern, and promote the development of personal pensions that are suitable for China's national conditions, government policy support, individual voluntary participation, and market-oriented operations, linking with basic old-age insurance and enterprise (occupational) annuities to realize the supplementary function of old-age insurance , coordinate the development of other personal commercial pension financial services, and improve the multi-level, multi-pillar pension insurance system.
To promote the development of personal pensions, adhere to the principles of government guidance, market operation, and orderly development.
Pay attention to giving play to the guiding role of the government, and make overall arrangements for individual pensions in a multi-level and multi-pillar old-age insurance system; give full play to the role of the market, create an open and fair competition environment, and mobilize the enthusiasm of all parties; strictly supervise and manage, effectively prevent risks, and promote individual Pensions develop in a healthy and orderly manner.
2. Scope of participation
Workers who participate in the basic endowment insurance for urban employees or the basic endowment insurance for urban and rural residents in China can participate in the individual pension system.
3. Institutional Model
The individual pension system adopts the personal account system, and the contributions are entirely borne by the participants and are fully accumulated.
Participants establish personal pension accounts through the personal pension information management service platform (hereinafter referred to as the information platform).
Individual pension accounts are the basis for participating in the individual pension system and enjoying preferential tax policies.
Participants can use the paid personal pension to purchase financial products from financial institutions that meet the regulations or sales channels entrusted by them in accordance with laws and regulations (hereinafter collectively referred to as financial product sales institutions), and bear the corresponding risks.
Participants should designate or open a unique personal pension fund account for personal pension contributions, collection of income, payment and payment of personal income tax.
Individual pension fund accounts can be designated or opened by participants in commercial banks that meet the regulations, or can be designated by other financial product sales agencies that meet the regulations.
The individual pension fund account is closed for operation, and its rights and interests belong to the participants, and cannot be withdrawn in advance unless otherwise stipulated.
When a participant changes the bank where the personal pension fund account is opened, he shall, after verification by the information platform, transfer the funds in the original personal pension fund account to the new personal pension fund account and cancel the original fund account.
4. Payment level
Participants can pay a maximum of 12,000 yuan per year for personal pensions.
The Ministry of Human Resources and Social Security and the Ministry of Finance shall adjust the upper limit of contributions in a timely manner based on factors such as the level of economic and social development and the development of the multi-level and multi-pillar old-age insurance system.
V. Tax Policy
The state formulates preferential tax policies to encourage qualified personnel to participate in the individual pension system and receive individual pensions in accordance with regulations.
6. Personal pension investment
The funds in the personal pension fund account are used to purchase financial products that meet the requirements of different investors, such as bank wealth management, savings deposits, commercial pension insurance, and public funds. The operation is safe, mature and stable, and the target is standardized. Independent choice.
The financial institutions and financial products involved in the operation of individual pensions are determined by the relevant financial regulatory authorities and released to the public through information platforms and financial industry platforms.
7. Receipt of personal pension
Participants who have reached the age of receiving basic pensions, have completely lost the ability to work, have gone abroad (territorial) to settle down, or have other circumstances that meet state regulations, can receive personal pensions on a monthly, instalment or one-off basis after the information platform has verified the receiving conditions. , once the collection method is confirmed, it cannot be changed.
When receiving, the personal pension should be transferred from the personal pension fund account to the bank account of my social security card.
After a participant dies, the assets in his personal pension fund account can be inherited.
8. Information platform
The information platform is organized and constructed by the Ministry of Human Resources and Social Security. It connects with commercial banks and related financial industry platforms that meet the regulations, collects relevant information, shares relevant information with finance, taxation and other departments, and provides participants with personal pension account management and payment. Management, information inquiry and other services, support participants to enjoy preferential tax policies, provide information verification and comprehensive supervision support for the operation of individual pensions, and provide relevant information services for relevant financial supervision departments and financial institutions involved in the operation of individual pensions.
Continuously improve the standardization, informatization, and professional management level of the information platform, and use the "Internet +" innovative service mode to provide participants with convenient and efficient services.
9. Operation and Supervision
The Ministry of Human Resources and Social Security and the Ministry of Finance provide macro guidance for the development of personal pensions, formulate specific policies and supervise the operation of personal pension account settings, payment caps, treatment receipts, tax incentives, etc., and regularly disclose relevant information to the society. .
The tax authorities shall implement tax collection and administration on personal pensions according to law.
Relevant financial regulatory authorities supervise the business activities of financial institutions participating in the operation of personal pensions according to their respective duties and laws and regulations, urge relevant financial institutions to optimize products and services, provide product risk warnings, supervise the risks of products, and strengthen Investor education.
All participating departments should establish and improve the complaint mechanism, actively play the role of social supervision, and timely find and solve problems in the operation of individual pensions.
10. Organizational Leadership
Promoting the development of personal pensions is an important measure to improve the multi-level, multi-pillar pension insurance system and enhance the people's sense of gain, happiness and security, and it is directly related to the vital interests of the majority of participants.
All regions should strengthen leadership, make careful arrangements, and conduct extensive publicity, and promote the implementation of relevant work in a stable and orderly manner.
All relevant departments shall formulate specific policies and measures for implementing these Opinions in accordance with the division of responsibilities, and make concerted efforts and close coordination to guide local and relevant financial institutions to effectively do relevant work.
The Ministry of Human Resources and Social Security and the Ministry of Finance should strengthen guidance and coordination, implement step-by-step implementation in light of the actual situation, select some cities for a one-year trial, and then gradually roll it out, promptly study and solve problems encountered in work, and ensure the smooth implementation of this Opinion.
Office of the State Council
April 8, 2022
(This is a public release)