As the third pillar of endowment insurance, the implementation of individual pension system has entered the countdown. The 23rd Meeting of the Central Committee for comprehensively deepening reform held not long ago considered and adopted the "opinions on promoting the development of individual pensions". The reporter learned that relevant departments are making intensive deployment to study and improve supporting policies. At the same time, a number of banks, insurance and fund companies are also actively planning to seize the huge market of personal pensions. The industry expects that the third pillar is expected to usher in a large expansion in the future. While improving the level of national pension treatment, it will promote the improvement and development of the capital market. Establishing a multi-level old-age insurance system is an important measure to actively deal with the aging population and promote the sustainable development of the old-age insurance system. The first pillar includes the basic old-age insurance system for urban employees and the basic old-age insurance system for urban and rural residents, the second pillar includes occupational annuity and enterprise annuity, and the third pillar is the individual pension system. At present, promoting the development of individual pension is not only the short board of China's multi-level and multi pillar pension insurance system, but also the focus of the next reform. "Promoting the development of individual pensions is of great significance." Zhang Yinghua, executive researcher of the world social security research center of the Chinese Academy of Social Sciences, told the reporter of the economic information daily that on the one hand, the pressure of population aging on the financial sustainability of basic old-age insurance has increased, and the individual pension system helps to hedge this pressure; On the other hand, promoting the development of personal pension can adapt to the flexibility of new employment forms, improve portability, and help to improve the pension security of flexible employees. The 2021 government work report proposed to standardize the development of the third pillar endowment insurance. The Ministry of human resources and social security said that after full research and demonstration, a preliminary idea has been formed. The general consideration is to establish an individual pension system based on the account system, individual voluntary participation, tax support from the state finance, and capital formation of market-oriented investment and operation. The China Banking and Insurance Regulatory Commission has successively issued a notice on the development of exclusive commercial endowment insurance and a notice on the pilot of endowment financial products, and approved the preparation of the National Endowment Insurance Co., Ltd., which was established with the participation of 17 financial institutions. The 23rd Meeting of the Central Commission for comprehensively deepening reform deliberated and adopted the "opinions on promoting the development of individual pension", marking the entry of the individual pension system into a new stage of development. The meeting stressed the need to promote the development of individual pensions suitable for China's national conditions, government policy support, individual voluntary participation and market-oriented operation. It also proposes to improve the system design, reasonably divide the pension responsibilities of the state, units and individuals, and provide institutional guarantee for individuals to accumulate pensions. It is reported that relevant departments are working hard to improve supporting policies, and pay close attention to clarifying implementation measures, fiscal and tax policies, financial product rules, etc. The relevant person in charge of the cbcirc said that in the next step, we will adhere to strengthening the security function of commercial endowment insurance and support the development of endowment insurance with simple insurance, flexible payment and stable income. Cooperate with relevant departments to carry out the construction of relevant systems of the third pillar and do a good job in supporting work. In addition, the CBRC issued the notice on regulating and promoting the development of pension insurance institutions to encourage pension insurance companies to develop commercial pension annuity insurance with high safety, strong security and meeting long-term or lifelong demand, as well as other commercial insurance with certain long-term accumulation pension function, so as to better serve the construction of the third pillar pension insurance. Local governments are also actively deploying. For example, the work report of Guangdong Provincial Government in 2022 clearly proposed to improve the determination and adjustment mechanism of social security benefits, develop enterprise annuity and occupational annuity, and build the "three pillars" system of endowment insurance. China's third pillar market has great potential. At present, China's elderly population aged 60 and over is 264 million, accounting for 18.7%. Residents' deposits have exceeded 90 trillion yuan, and the financial assets that can be converted into long-term pension funds are very considerable. CICC research report estimates that the third pillar will have an asset increment of about 29 trillion yuan in the next decade. Many financial institutions are accelerating to seize the market. Among them, the public fund industry began to issue pension target funds in 2018. According to wind data, as of January 26, 2022, there were 297 pension fofs (funds in the fund), with a total scale of 234.8 billion yuan, an increase of nearly 140% compared with the same period last year. In the field of insurance, on the basis of the previous tax extension endowment insurance, further launch the pilot of exclusive commercial endowment insurance, and explore the business model innovation for the old-age security needs of new industries, new formats and flexible employment groups. Among them, PICC has launched policy endowment insurance such as exclusive commercial endowment insurance, longevity insurance, individual tax deferred endowment insurance and housing reverse mortgage endowment insurance. "The company will steadily promote the supply of commercial endowment insurance by stages and levels, and increase the supply of commercial endowment insurance products." The person in charge of the product department of PICC told the reporter of economic information daily. As a "novice" in the pension market, ICBC wealth management, CCB wealth management, CMB wealth management and Everbright wealth management, four approved pilot bank wealth management subsidiaries, with a total amount of 40 billion yuan, opened at the end of 2021. On the day of issuance, Everbright wealth management and CMB wealth management related products were quickly sold out. ICBC wealth management "Yixiang Antai" subscribed more than 1 billion yuan in seven days only in Wuhan, CCB financial "enjoy" pension financial products raised more than 4 billion yuan in less than four days. The four financial companies said that they would gradually enrich the pension financial product line in the future. The industry said that compared with the past, with insurance institutions and insurance products as the main participants, there will be more kinds of financial institutions and financial products working together in the future, and the scale of the third pillar of pension will be greatly expanded. At the same time, to promote the development of individual pensions, we should also speed up the filling of weaknesses. Zhang Yinghua pointed out that the penetration rate of tax deferred personal commercial endowment insurance is not high, and more incentive means need to be explored. It is suggested that the tax deferred personal commercial endowment insurance should be promoted from pilot to popularization as soon as possible; Actively study and explore the establishment of individual pension accounts, transfer the tax preference from commercial insurance products to individual accounts, and cover all financial products; Accelerate the research to open up the second and third pillar pension accounts, rely on the account system management means, and use tax incentives and other means to guide; We will pilot various tax preferential methods such as individual investment options, tee, and automatic accession mechanisms. "In the future, with the expansion of the scale of individual income tax payers and the collection of capital income tax, the effect of tax incentives will be more obvious. In addition, with the improvement of people's understanding of the pension system and the trend of population aging, individual pensions will receive more attention. Of course, the market needs to provide more and better pension products." Zhang Yinghua said. It is reported that the regulatory authorities are taking the way of "walking on two legs". On the one hand, rectify the market order and clean up short-term financial products with the gimmick of "providing for the aged"; On the other hand, select some financial institutions and franchised institutions to carry out the pilot of pension finance in some regions, and vigorously develop pension financial products with real long-term pension functions, including pension savings deposits, pension finance, exclusive pension insurance, commercial pension plans, etc. (outlook new era)