What is the meaning of pension insurance liquidation

Pension insurance liquidation generally occurs when the worker reaches the legal retirement age, has not reached the cumulative contributions for 15 years or the death of the worker caused by the settlement of property, divided into the death of the period of employment and retirement after death. Therefore, the next will be introduced by you about what is the pension insurance liquidation and its related aspects of knowledge hope to be able to help you solve the corresponding problems.

A, what is pension insurance liquidation

Pension insurance liquidation is to end the existing legal relationship, deal with the remaining property, to make it to the annihilation of a program, including calculations, verifications and so on.

1. When you reach the legal retirement age and have not reached 15 years of accumulated contributions, you can apply for a one-time liquidation of the accumulated amount of your pension insurance personal account to be returned to you.

2. If you are unfortunate enough to die before retirement, the accumulated amount of your pension insurance individual account can be liquidated in one lump sum. This part can be inherited, i.e. received by the legal heir.

3. If you die in retirement and the amount in your individual account is not collected, the balance can be liquidated out in a lump sum and received by your legal heirs.

Two, social security alone to buy pension insurance

When paying social security, can you only pay for health insurance, do not pay pension insurance, this needs to look at what is the identity of the insured.

The answer is different depending on the type of health insurance and pension insurance purchased.

If you buy employee health insurance and employee pension insurance, whether it is paid by the unit or purchased by yourself as a flexibly employed person, you can't just buy the same insurance, because these two insurance are bundled together.

Especially when the employer pays social security to the employee, according to the relevant provisions of our country, health insurance, pension insurance, maternity insurance, industrial injury insurance, unemployment insurance, these five kinds of insurance are bundled together, that is, known as the five insurance, less buy one of the same can not.

If you buy health insurance and pension insurance as an urban and rural resident, then you can buy them separately, because the urban and rural residents' pension insurance and urban and rural residents' health insurance are not bundled together.

However, even if the purchase of the resident social security, medical insurance and pension insurance can be bought separately, it is generally not recommended to buy only one of them. Because social security, the state in order to prevent and mandatory participation of the majority of members of society, with income redistribution function of non-profit social security system.

Three main types of pension insurance

1, savings-type pension insurance. Reserve-type pension insurance system in a number of emerging market economies, to Singapore, Chile and other countries as a representative, emphasizing the principle of self-protection, the implementation of the full accumulation of the fund model, the establishment of different types of personal pension insurance account or "provident fund" account.

2. State-type pension insurance. State-type pension insurance system was once practiced in most planned economies, the former Soviet Union, Eastern European countries as a representative. In accordance with the principle of "national turnkey", the employer contributes, the state unified organization and implementation, workers participate in the management, the standard of treatment is unified, the level of protection is high.

3, traditional pension insurance. Traditional pension insurance to the United States, Germany, France and other developed market economy countries as a representative of the implementation of the "selective" principle, that is, does not cover all nationals, but to choose a part of the community to participate, emphasizing the treatment of wages and income and contributions (taxes) associated with, and therefore also known as the "income-connected Pension insurance".

4. Welfare-type pension insurance. Welfare-type pension insurance to the United Kingdom, Australia, Canada, Japan and other developed market economies as a representative of the implementation of the "universal" principle, the basic pension insurance coverage of all nationals, emphasizing that the nationals have annuities, so it is known as "welfare" or "welfare". The basic pension insurance covers all nationals, emphasizing that all nationals have annuities, so it is called "welfare-type" or "universal" pension insurance.

5, hybrid pension insurance. The original implementation of welfare-based pension insurance countries, most of which have been or are now being converted to a hybrid system. That is, welfare-based pension insurance and "income-related pension insurance" coexist simultaneously, *** with the first pillar of the basic pension insurance. This is the case in the United Kingdom and Canada.

According to the law, the liquidation of the pension insurance is a procedure, including calculations and verifications, carried out in order to end the existing legal relationship, dispose of the remaining property and make it extinct.