Since the beginning of this year, the personal pension system has reached more people. The topic of "competition" for personal pension accounts opened by banks, "hot deposit and cold deposit for account opening", and the connection between tax deferred pension insurance and personal pension has attracted attention, and discussions on how to improve this system are also ongoing. The reporter from Economic Reference Daily learned that in the past ten months since the pilot of personal pension business was launched, the number of accounts opened has exceeded 40 million, and the depth and breadth of financial institution participation are also increasing. High quality personal pension products are the key to attracting more people to open accounts and make contributions. In the future, financial institutions still need to continue to make efforts in product innovation, promotion, and other aspects to improve the level of elderly care financial services. What are the advantages of personal pension? Recently, the State Administration of Financial Supervision and Administration has issued a notice on matters related to the connection between the pilot of personal tax deferred commercial pension insurance and personal pension. It requires pilot companies of personal tax deferred pension insurance to carry out the pilot business of personal tax deferred pension insurance in an orderly manner and connect it with personal pension. In principle, all work should be completed by the end of 2023. The pilot of tax deferred pension insurance was launched in 2018, providing tax incentives to individuals who purchase pension insurance products. Over the past five years of pilot implementation, the results have not been as expected, and both the premium income and the number of insured individuals are relatively limited. The latest publicly available data is released by the former China Banking and Insurance Regulatory Commission. As of the end of October 2021, a total of 23 insurance companies have participated in the pilot of tax deferred pension insurance, achieving a cumulative premium income of nearly 600 million yuan and more than 50000 insured individuals. Compared with the pilot of tax deferred pension insurance, the individual pension pilot has obvious advantages in terms of number of participants, scope of pilot, and tax incentives. Last November, the personal pension system was launched and implemented in 36 leading cities (regions). According to data released by the Ministry of Human Resources and Social Security, the priority work for personal pension is stable and orderly. As of the end of June, 40.3 million people in 36 leading cities (regions) across the country have opened personal pension accounts. Chen Kai, director of the China Actuarial Development Research Center at Peking University, believes that personal pension, in terms of attention, number of accounts opened, and payment amount, far exceeds the pilot of tax deferred commercial pension insurance. In terms of system design, personal pension adopts the internationally popular personal account system. Participants make independent investments through this account, and individuals develop exclusive investment strategies based on their own risk preferences and allocate investment proportions among different products. "He said, at the same time, more favorable tax incentives can improve the attractiveness of personal pension systems, Encourage residents with medium to high income levels to reserve for elderly care in advance. In addition, the selection of personal pension products is more diverse. According to data from the National Social Insurance Public Service Platform, as of September 18th, there were a total of 680 personal pension products, including 465 savings products, 149 fund products, 48 insurance products, and 18 wealth management products. In the previous pilot projects of personal tax deferred commercial pension insurance, the most questioned issue was that the product selection was too single, and investors had very little flexibility in product selection, which affected residents' investment enthusiasm