Personal pensions how to do, where to go for

Yesterday (25th), the whole society is generally concerned about you and me after retirement life of personal pension system started to implement. The Ministry of Human Resources and Social Security, Ministry of Finance, the State Administration of Taxation issued a notice specifying that the personal pension system in Beijing, Tianjin, as well as Shijiazhuang, Hebei, Xiong'an New Area, Shanxi Jinshi City and other 36 cities and regions to start the implementation of the first. Eligible people in the pioneer cities can voluntarily participate in the personal pension business.

At present, the Banking and Insurance Commission announced the first batch of 23 commercial banks can start personal pension business, are in succession with the Ministry of Human Resources and Social Security personal pension information management service platform for docking test. The list of commercial banks that have completed the docking test is published on the national social insurance public **** service platform, and the public can inquire through the platform and electronic social security cards and other channels. The Ministry of Human Resources and Social Security will update the relevant list in real time according to the commercial banks' system access.

Accelerating the construction of a multi-level, multi-pillar pension insurance system

I believe that everyone would like to have a more comfortable, higher-quality life in their old age, which cannot be separated from a certain level of financial security. First of all, what is a personal pension? To figure this out, you have to start with our country's pension insurance system.

China's multi-level pension insurance system mainly includes "three pillars". The first pillar is the basic pension insurance, including the basic pension insurance for urban workers and the basic pension insurance for urban and rural residents. The first pillar is based on basic protection, adopting a combination of social coordination and individual account system model, reflecting the social **** relief, has a relatively complete system system. At present, the number of people covered has reached 1.05 billion, the accumulated fund of more than 6 trillion yuan, the overall operation of the fund is stable, the treatment is paid in full and on time.

The second pillar for the enterprise annuity, occupational pension, by the employer and its employees to establish, mainly to play a supplementary role, there has been a good foundation for the development. As of the second quarter of 2022, more than 75 million employees participated in enterprise (occupational) annuities, accumulating funds of nearly 4.7 trillion yuan, supplementing the role of the pension initially appeared.

The third pillar is personal savings pension insurance and commercial pension insurance, specifically including personal pensions and other personal commercial pension financial business two parts. Previously, there was no nationally standardized institutional arrangement, which is the shortcoming of the multi-level pension insurance system.

Jia Jiang, deputy director of the Department of Pension Insurance of the Ministry of Human Resources and Social Security: personal pension is the third pillar of the part of the institutional arrangements, is the government policy support, voluntary participation of individuals, market-oriented operation of the supplementary pension insurance system. The establishment of the personal pension system is an important measure to improve China's multi-level and multi-pillar pension insurance system, which is conducive to promoting the sustainable development of China's pension insurance system.

The University of International Business and Economics School of Insurance Vice President Sun Jie: (personal pension) is the government-led, and then the market operation, it not only contains commercial pension insurance, but also contains public funds, financial products, and trust funds.

In summary, the personal pension is a supplementary pension insurance system supported by government policy, voluntary participation of individuals, and market-oriented operation, which adopts the mode of personal account, with individual contributions, full accumulation, market-oriented operation, and is linked to basic pension insurance, enterprise and occupational pension.

Purchasing a personal pension can enjoy these favorable policies

So it seems that the personal pension is actually a supplementary pension insurance. Since we already have a basic pension insurance, some units have enterprise annuity, why do we need to buy a personal pension? What preferential policies can I enjoy by participating in the personal pension business?

China Institute of Labor and Social Security Sciences President Mo Rong: help us help our personal arrangements for the future of the pension, personal pension implementation of personal accounts, we can according to the needs of the purchase of appropriate financial products in line with the provisions of the financial products are through the government's audit, there is a whitelist.

In addition, the policy support for personal pensions is mainly reflected in tax incentives. Ministry of Finance, the General Administration of Taxation issued a notice on personal pensions related to personal income tax policy shows that, 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 consolidated income or operating income according to the actual deduction; in the investment link, counted in the personal pension fund account of the investment income is not temporarily levied on the personal income tax; in the receiving link, the individual receives the Personal pensions are not included in the comprehensive income, and the individual income tax is calculated separately according to the tax rate of 3%, and the tax paid is included in the project of "wages and salaries". For individuals, there are also benefits, one is the effect of tax savings, one is the future of an additional layer of protection.

Who can participate in the personal pension business

The ability to make the old age of life more a guarantee, personal pension system naturally attracted much attention. Previously, the Ministry of Human Resources and Social Security, the Ministry of Finance and other five departments jointly issued the implementation of the clear, personal pension system has a wide range of coverage. So who exactly can join the personal pension system, and why would you do such a provision?

The University of International Business and Economics School of Insurance Vice President Sun Jie: now participate in the personal pension system of the population, should be to participate in the basic pension insurance coverage of some of these basic groups, if there is no first pillar of the basic pension insurance participation record, that is not able to enter into the head of the system, and can not enjoy the tax-deferred concessions.

From the function of the system, only to participate in the basic pension insurance, the realization of the basic premise, to participate in the personal pension to reflect the function of supplementary pension insurance. From the coverage point of view, China's basic pension insurance system has realized the full coverage of the system, the number of participants has reached 1.05 billion people, basically covering the working-age population. On this basis, the willingness of workers to participate can realize the long-term contribution of personal pensions, and continue to increase the accumulation of funds in personal accounts.

From account opening to receive personal pension business how to operate

Personal pension business in the 36 first cities and regions to take the lead in the start of the implementation, from account opening to receive, the whole process of specific how to operate it?

The first step: through the national unified online service portal or commercial banks and other channels, select the "personal pension account opening" service, the establishment of personal pension accounts.

The second step: through the commercial bank mobile banking or counter and other channels, open a personal pension funds account. Through commercial bank channels, participants can complete the opening of personal pension accounts and personal pension fund accounts in one go.

Mo Rong, president of the China Academy of Labor and Social Security Sciences, said: "You need to open two accounts to participate in the personal pension, one is the personal pension account and the other is the personal fund account. The personal pension account is mainly a record of information, inquiries and services, followed by a capital account, which is used when we make contributions to buy products, collect earnings, and receive pensions.

Step 3:Contribute to the personal pension funding account in a lump sum or in installments during the natural year through channels such as cash, mobile banking or personal internet banking. It is important to note that the implementation of personal pension contributions limit management, the current annual contribution limit of 12,000 yuan, more than the limit is not allowed to contribute.

Deputy Director of the Pension Insurance Department of the Ministry of Human Resources and Social Security Jia Jiang: Such a contribution amount, mainly to consider from the perspective of maintaining an appropriate level of complementary pension insurance as well as reflecting the incremental reform to determine. In the future, the State will raise the upper limit of the contribution level in due course according to the level of economic and social development and the development of the multi-level pension insurance system. For participants, according to their own financial affordability, to flexibly choose whether to participate in personal pension contributions every year or in part of the year, but also in the year to choose the amount of contributions they need, can be a one-time payment, can also be paid in installments.

Step 4: At the contribution stage, you can choose to enjoy tax incentives by using the "Individual Income Tax" App code when you make withholding contributions, that is, when you earn wages and salaries, or when you make withholding contributions according to the cumulative withholding method, or when you make remittance payments.

Step 5: Purchase qualified savings deposits, financial products, commercial pension insurance, public funds and other personal pension products through personal pension product sales channels.

Step 6: When you receive your personal pension, you can choose to receive your personal pension monthly, in installments, or as a lump sum through commercial banking channels, and have it transferred to your social security card after the commercial banking institution withholds and pays your personal income tax on your behalf. For example, if you don't reach the retirement age and die early, or if you reach the retirement age, you will still have a balance in your personal account, so you can inherit this part of the pension from your children.

Individuals participating in the entire process of personal pension information, all through the national unified online service portal query personal pension-related accounts, contributions, transactions, receive personal rights and interests of the information, and at the same time, you can query the personal pension products and issuers and other information.

How can the money in the personal pension fund account be used

After the money is deposited into the personal pension account, how can this money be used, and how to realize the preservation and appreciation?

In the "Personal Pension Implementation Measures", it is clear that the personal pension is implemented in the individual account system, the contribution is entirely borne by the participant's personal responsibility, the independent choice to purchase savings deposits in line with the provisions of the financial products, wealth management products, commercial pensions, public funds and other financial products, the implementation of the full accumulation, in accordance with the relevant provisions of the State to enjoy preferential tax policies.

Deputy Director of the Department of Pension Insurance of the Ministry of Human Resources and Social Security, Jia Jiang: personal pension products have a diversity, mainly to meet the investment preferences of different investors as well as demand. It is conducive to meeting the investment needs of different groups, but also conducive to promoting market competition, prompting financial institutions to develop more and better financial products to participate in the personal pension system. Compared with general financial products, personal pension products it should have operation security, mature and stable, standardized, focusing on long-term value preservation.

The Implementation Measures stipulate that participants independently choose the personal pension fund account funds to buy personal pension products of varieties and amounts. Personal pension product sales organization to "sales appropriateness" as the principle, do a good job of risk tips, shall not take the initiative to recommend to the participants beyond their risk tolerance of personal pension products.