The personal pension system has aroused widespread concern -- improving the old-age insurance system
2022-04-25
Recently, the general office of the State Council issued the opinions on promoting the development of personal pension, and the personal pension system that has been concerned by all parties for a long time was officially released. Experts said that the introduction of the opinions is of positive significance for China to build a multi-level and multi pillar old-age insurance system, improve the level of national pension treatment and optimize the capital market structure. Meet multi-level and diversified needs As the third pillar of old-age insurance, individual pension has been relatively slow in "development" compared with the first pillar (national basic old-age insurance) and the second pillar (enterprise annuity and occupational annuity) in the multi-level and multi pillar old-age insurance system. In 2018, China began to pilot individual tax deferred commercial endowment insurance, but the number of participants and capital scale were not satisfactory. The opinions clearly states that workers who participate in the basic old-age insurance for urban employees or the basic old-age insurance for urban and rural residents within China can participate in the individual pension system. By the end of 2021, the number of people covered by basic old-age insurance in China had reached 1.03 billion. "As the basic pension system has been fully covered, this means that people of school age are eligible to buy this supplementary insurance." Chu Fuling, a professor in the Department of labor and social insurance at the school of insurance of the Central University of Finance and economics, said that the low threshold of individual pension insurance reflects the fairness of the system and is conducive to increasing people's pension income. In the old-age insurance system, basic old-age insurance and personal pension are the concepts of "two wallets". Chu Fuling pointed out that the old-age insurance for urban and rural residents, like the old-age insurance for employees, implements national overall planning, in which the basic pension is paid directly by the government and has less flexibility. If you want to get a higher pension, you need to realize it through supplementary insurance. In short, personal pension is to save a sum of money as a supplement to basic old-age insurance, and there will be another source of pension when you retire. Enjoy tax preference For ordinary people, people are most concerned about the difference between personal pension and bank deposit, and the advantages of participating in personal pension. According to the system arrangement, the individual pension adopts the individual account system, and the contributions are fully borne by the participants and fully accumulated; The funds in this account are used to purchase financial products that meet the preferences of different investors and meet the requirements of safe, mature and stable operation, standardized target and long-term preservation, such as bank financial management, savings deposits, commercial endowment insurance and public funds. Participants can choose independently. "In fact, this is also a kind of deposit. The difference is that it enjoys certain tax incentives. It can also purchase financial products with different risk levels through personal investment and financial management. The risks are borne by individuals and the benefits are also owned by individuals." Chu Fuling said that only when certain conditions are met can he receive the money, such as reaching the retirement age. According to the regulations, in the pilot stage, the upper limit of participants' annual personal pension is 12000 yuan. With reference to the preferential tax policies in the pilot individual income tax deferred pension insurance in 2018, based on the upper limit of 12000 yuan per year, you can enjoy a special additional deduction of 1000 yuan per month. The Ministry of human resources and social security and the Ministry of finance will timely adjust the payment ceiling according to the level of economic and social development and other factors. The reason for setting this upper limit is that according to international practice, individual pensions usually have certain tax preferences, and the purpose of limiting the payment amount is mainly to avoid tax avoidance by high-income groups through this channel, so as to further widen the income gap. Supporting policies will be implemented as soon as possible According to the opinions, the Ministry of human resources and social security, the Ministry of finance, the tax department and the financial supervision department all assume corresponding responsibilities for the operation supervision of individual pensions. The CSRC recently said that it will accelerate the implementation of various measures to deepen the reform of the capital market, speed up the formulation and introduction of supporting rules and systems for individual pension investment in public funds, improve the construction of infrastructure platforms, and optimize the market environment for medium - and long-term funds. Dong Yan, Secretary of the general Party branch of the Institute of economics and management of Southwest University of Finance and economics, proposed that the focus of supervision is to confirm that the products provided meet the individual pension investment objectives. That is, from the perspective of investment target, achieve the standard of target, from the perspective of product management, achieve safe operation, stable investment style, and focus on long-term preservation. If the standardized management of financial products and funds is not achieved, the personal pension will mainly flow into savings and commercial insurance, which can not realize the health promotion effect of long-term investment on China's capital market, and the overall appreciation of personal pension is also limited. According to regulations, participants establish personal pension accounts through the personal pension information management service platform, and banks and relevant institutions connect with the platform. "In terms of establishing the personal pension module on the information platform, the relevant departments can monitor and track the information flow in real time, and the financial department will also take measures to prevent excessive losses." Dong Yan suggested that in the next step, relevant parties should introduce specific measures for classified supervision, so as to promote the healthy and orderly development of individual pensions through relatively safe operation and taking into account appropriate risks. (Xinhua News Agency)
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