How personal pensions are paid

There are two main ways to issue personal pension, one is the basic pension insurance, the other is the enterprise annuity:

1. Basic Pension Insurance

Basic pension insurance refers to the pension insurance which is paid by the government and the individual **** together, and it is the most important pension security system in China.

There are two main ways of paying pensions in China: one is monthly and the other is a one-time payment.

(1) Monthly payment means that the pension is paid every month according to a certain standard until the funds in the pension account are exhausted.

(2) Lump-sum payment refers to receiving the entire pension in one lump sum after retirement.

2. Enterprise Annuity

Enterprise annuity is a kind of pension security system set up by enterprises themselves. Employees who participate in the enterprise pension will pay a certain amount of pension insurance premiums on behalf of the enterprise every month, and they can receive the corresponding pension when they reach the retirement age.

The way to get a pension

1, cash

Cash is the most common way to get a pension, and it is also the most direct and convenient way. Elderly people can go to their local social security office or postal bank to collect their cash pension.

2, bank card

Besides cash, seniors can also choose to receive their pensions through a bank card. In this way, you need to apply for a pension bank card first and bind the card to your personal pension account. When it's time to collect the pension, seniors only need to go to the bank counter or ATM to swipe the card to collect the corresponding pension.

3. Receiving the pension by mail

For those who are not in good health or live in remote areas, receiving the pension by mail may be a more convenient option.

From the above, it can be seen that personal pensions are paid out in the form of basic pension insurance and enterprise annuity.

Legal basis:

The People's Republic of China Social Insurance Law

Article 16

Individuals who have participated in the basic old-age pension insurance, and who have accumulated fifteen years of contributions by the time they have reached the legal retirement age, shall receive the basic old-age pension on a monthly basis. Individuals who have participated in basic old-age insurance and have contributed for less than fifteen years by the time they reach the legal retirement age may contribute until they reach the full fifteenth year, and receive a basic pension on a monthly basis; they may also be transferred to the new type of rural social old-age insurance or to the social old-age insurance for urban residents, and shall enjoy the corresponding old-age insurance benefits in accordance with the provisions of the State Council.

Article 17

If an individual who has participated in the basic old-age pension insurance dies because of illness or not because of work, his survivors may receive funeral grants and pensions; if he is totally disabled because of illness or not because of work when he has not reached the legal retirement age, he may receive invalidity allowances. The required funds are paid from the basic pension insurance fund.