When will personal pension accounts open

The attention of the personal pension business is about to open the floodgates. Guangzhou Daily all-media reporter learned that, from the afternoon of November 25, the bank can open personal pension account and personal pension fund account, both online and offline. In order to facilitate the participants to open the account, personal pension account, personal pension fund account can be opened through the commercial bank channel at once, without having to open separately. Participants can according to their own preferences to determine the way to open an account and account bank.

Early scramble for trillions of "blue ocean" market, many banks to launch the appointment to open an account

According to the list published by the CBRC, the first 23 banking institutions approved to open an account. Including six major state-owned banks, CITIC, Everbright, Huaxia, Minsheng, China Merchants, Industrial, Ping An, Guangfa, Pudong, Zheshang, Bohai, Hengfeng and other 12 joint-stock banks, as well as the Bank of Beijing, the Bank of Shanghai, the Bank of Jiangsu, the Bank of Ningbo, the Bank of Nanjing and other five city commercial banks.

Participants can change their personal pension fund accounts between different commercial banks.

A state-owned bank account manager told reporters that on the afternoon of the 25th, you can open a personal pension account. Another large state-owned bank also said that on Friday, you can open a personal pension account.

In fact, the reporter found that the recent financial institutions have grabbed personal pension business "cake", a number of banking institutions to launch the appointment to open an account. Such as the Industrial and Commercial Bank of China in the small program launched a "pre-account" function, the account manager said that personal pension investment to be officially launched, will automatically help book customers to complete the account.

A bank account manager said frankly, because each participant can only open a unique bank account, in the face of this trillion personal pension "blue ocean" market, banking institutions competing to seize the opportunity in advance.

According to CITIC Securities research report, by 2035, the scale of personal pension finance or will reach 12 trillion, according to 30% of pension finance, pension savings 25%, pension target fund 20%, personal pension insurance 10%, other 15% of the proportion of the estimate, then the bank, insurance, fund companies and so on have a larger business space. Fund, for example, is expected to configure the proportion of pension target fund of 20%, close to 2.5 trillion scale, the next ten years about 25 times the growth space.

According to CICC calculations, in the short term, if the three pillars of funds only invested in pension financial products, short-term or for the asset management industry to bring about 1.24 trillion yuan scale. In the medium and long term, the construction to maturity is expected to bring 18 to 26 trillion yuan of incremental capital for the asset management industry.

Personal pensions belong to the third pillar of the pension

Personal pensions are the third pillar of the institutional arrangements of the state, refers to the government policy support, voluntary participation of individuals, market-oriented operation, the realization of the supplementary function of pension insurance system. Individual pensions are based on individual accounts, with contributions borne entirely by the individual participant, who independently chooses to purchase financial products such as savings deposits, wealth management products, commercial pension insurance, and public funds (collectively referred to as individual pension products) that comply with the regulations.

China's pension insurance system consists of "three pillars", the first pillar is the basic pension insurance, the current development is relatively perfect, the scope of coverage is also continuing to expand; the second pillar is the enterprise annuity and occupational pensions, mainly play a complementary role, by the employer and its employees to establish a certain basis for the development of the third pillar is slightly insufficient, the lack of corresponding institutional arrangements. The third pillar is a little less, before the lack of corresponding institutional arrangements, mainly including personal savings pension insurance, commercial pension insurance.

In April 2022, the State Council issued the Opinions on Promoting the Development of Personal Pensions. Recently, the implementation measures and rules on personal pensions have come into force intensively.

On November 4, the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Administration of Taxation, the China Banking and Insurance Regulatory Commission (CBIRC), and the China Securities Regulatory Commission (CSRC) jointly issued the Implementation Measures for Personal Pensions. On the same day, the Ministry of Finance, the State Administration of Taxation jointly issued "on personal pensions related to personal income tax policy announcement", the Securities and Futures Commission issued "personal pension investment in publicly raised securities investment fund business management interim provisions"

November 18, the CBIRC issued "on the issuance of commercial banks and wealth management companies on personal pensions business management interim measures of the notice", and announced the first batch of personal pensions business list, the first batch of personal pensions business management interim measures. Pension business, including 23 banks and 11 wealth management companies. On the same day, the Securities and Futures Commission (SFC) released the Directory of Personal Pension Funds and the Directory of Personal Pension Fund Sales Organizations.

On November 21, the CBIRC issued the Notice on Matters Related to the Personal Pension Business of Insurance Companies.

Know more D:

1, how to participate?

Participation in personal pensions requires the opening of two accounts: one in the personal pension information management service platform (referred to as the information platform) to establish a personal pension account; the other is in the bank opened or designated personal pension funds account.

Individual pension accounts: Individual pension accounts are opened on the information platform through the national social insurance public **** service platform, the national human resources and social security service platform, the electronic social security card, the Palm 12333 APP and other national unified online service portals, or commercial bank channels.

Individual Pension Funding Account: Choose a commercial bank that meets the requirements to open or designate your unique individual pension funding account. You can also designate it through other personal pension product sales organizations that comply with the regulations.

2, "personal pension account" and "personal pension fund account" what is the difference?

Individual pension accounts are used to register and manage personal identification information, and associated with the basic pension insurance relationship, record personal pension contributions, investment, receiving, deductions and payment of personal income tax and other information, which is the basis for participants to participate in the individual pension, enjoy tax incentives.

The personal pension fund account is managed with reference to a Type II account under the personal RMB bank settlement account.

The personal pension fund account is tied to the personal pension account and provides the participant with services such as fund deposit, registration of contribution amount, investment of personal pension products, payment of personal pension, payment of personal income tax, and inquiry of information on funds and related rights and interests.

3, how to get?

The personal pension fund account closed operation, the participant reaches the age of basic pension, total loss of working ability, go abroad (territory) settlement, and other circumstances stipulated by the state, you can receive a monthly, sub-or one-time individual pension.

When a participant receives a personal pension, the commercial bank shall check the eligibility of the participant through the information platform and transfer the funds to the participant's own social security card bank account.

4, what are the benefits of participating in the personal pension?

The most direct benefit is to enjoy the national tax incentives. In addition, there is an additional channel to supplement the pension.

The maximum annual contribution to the personal pension is 12,000 yuan, which can be paid monthly, in installments, or annually, and the contributions are accumulated in the natural year and recalculated in the following year.

Since January 1, 2022, the tax deferral policy has been implemented for personal pensions. In the contribution link, personal contributions to the personal pension fund account, in accordance with the limit of 12,000 yuan / year standard, in the comprehensive income or operating income tax deduction; in the investment link, the investment income credited to the personal pension fund account is not taxed; in the receiving link, the personal pension received by the individual, is not included in the comprehensive income, alone in accordance with the tax rate of 3% to pay personal tax, the payment of tax is credited to the "salary" tax. The tax is included in the "wages and salaries" program.

5, how to invest the account funds?

Participants independently choose to buy personal pension products in line with the regulations, including savings deposits, wealth management products, commercial pension insurance, public funds and other financial products. Compared with general financial products, personal pension products have the four attributes of safe operation, maturity and stability, standardization of subject matter, and focus on long-term preservation of value, so as to better protect the lives of retirees.