What does the balance of pension account mean?

The balance of individual pension account refers to the amount in the pension insurance account in the social security system.

The balance of pension account refers to the part and interest paid by individuals in pension insurance. The endowment insurance for urban employees is jointly paid by the unit and individual employees, with the unit contribution ratio of 16% and the individual contribution ratio of 8%. Among them, part of the premiums paid by the unit all enter the pension insurance pooling account, which is used to pay the basic pension and transitional pension for urban workers and retirees.

However, 8% of the individual contributions go into the individual pension insurance account, and the funds that enter the individual pension insurance account will also generate interest. The balance of the individual pension insurance account consists of two parts: individual contributions and account interest, which are used to pay the individual pension benefits of retirees. Personal account pension = personal pension insurance account balance at retirement.

Individual pension insurance accounts shall not be withdrawn in advance, and the interest rate of account balance shall not be lower than the interest rate of bank time deposits. However, if the insured person goes abroad to settle down or dies unexpectedly, the balance of the individual pension insurance account can be withdrawn.

Because the personal pension insurance account balance is related to the personal pension benefits of retirees, it is necessary for the insured to pay attention to their personal pension insurance account balance. The following are several ways to query the balance of the endowment insurance account:

1. social security department inquiry: bring your valid ID card and social security card to the local social security service center to inquire about the details of the balance of the endowment insurance account;

2. Customer service hotline inquiry: dial the social security hotline, switch to manual service according to the voice prompt, enter the ID number for personal identification, and then you can inquire the balance of the endowment insurance account;

3. official website social security inquiry: log in to official website, the Human Resources and Social Security Bureau of the insured place, and log in to official website with ID number, mobile phone number and password to inquire about the insured information, social security payment details and the balance information of the endowment insurance account.

legal ground

Article 2 of People's Republic of China (PRC) Social Insurance Law

The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to get material help from the state and society in accordance with the law when they are old, sick, injured, unemployed and have children.

Article 11

The basic old-age insurance combines social pooling with individual accounts.

The basic old-age insurance fund consists of employers, individual contributions and government subsidies.

Article 14

Personal accounts shall not be withdrawn in advance, and the bookkeeping interest rate shall not be lower than the bank time deposit interest rate, and interest tax shall be exempted. If an individual dies, the balance of the individual account can be inherited.

Article 19

If an individual is employed across the overall planning area, his basic old-age insurance relationship will be transferred with him, and the payment period will be calculated cumulatively. When an individual reaches the statutory retirement age, the basic pension is calculated in stages and distributed uniformly. Specific measures shall be formulated by the State Council.