From account opening to receive Liaoning Province, the Ministry of Human Resources and Social Security to explain the personal pension business how to operate?

The Ministry of Human Resources and Social Security recently held a launch meeting of the personal pension system, the meeting announced a list of 36 personal pension pioneer cities and regions, Liaoning Province, Shenyang, Dalian, the two cities were selected as a pioneer city. November 29, Liaoning Province, the Office of Human Resources and Social Security for the netizens concerned about the hot issues to explain.

What is a personal pension?

Personal pension is a government-supported, voluntary participation of individuals, market-oriented operation of the supplementary pension insurance system. Individual pensions implement individual account system, the contributions are entirely borne by the participants, the independent choice to buy savings deposits, financial products, commercial pension insurance, public funds and other financial products in line with the provisions of the implementation of the full accumulation, in accordance with the relevant provisions of the State to enjoy the tax incentives.

Why establish a personal pension system?

Promoting the development of the personal pension system is conducive to perfecting the multi-level, multi-pillar pension insurance system, is conducive to meeting the diversified pension needs of the people, and is conducive to actively responding to the aging of the population and promoting economic and social development. Participation in personal pensions is conducive to the participants in the first and second pillars of pension insurance on the basis of an additional pension accumulation, and further improve the level of income and quality of life in old age.

What is the coverage of personal pensions?

Individual pension participants should be workers who participate in the basic pension insurance for urban workers or urban and rural residents in China.

What are the policy supports for personal pensions?

In the contribution segment, the portion not exceeding the contribution ceiling of 12,000 yuan per year can be deducted before personal income tax through the individual income tax comprehensive income withholding and prepayment or remittance in the following year. In the investment segment, the investment income obtained is not subject to individual income tax for the time being. When a participant receives a personal pension, he or she pays personal income tax at a rate of 3%, regardless of the method of receipt and the amount of receipt.

How to set up a personal pension account?

Individual pension accounts can be established through the national unified online service portals (National Social Insurance Public **** Service Platform, National Human Services Government Service Platform, e-Social Security Card, "Palm 12333 APP", etc.) or commercial banks determined by the CIRC. Choose a commercial bank that complies with the regulations to open or designate the only personal pension fund account for yourself, or you can designate it through other personal pension product sales organizations that comply with the regulations. Once the two accounts are opened, you can make contributions to the funding account and purchase personal pension products, with an annual contribution limit of 12,000 yuan.

Which organizations can start personal pension business?

The first 61 financial institutions to start personal pension business include 6 large state-owned commercial banks, 12 joint-stock banks, 5 city commercial banks, 11 wealth management companies, 14 securities companies, 7 independent fund sales organizations and 6 insurance companies.

What are the personal pension products?

Personal pension products include four major types of financial products: savings deposits, financial products, commercial pension insurance and public funds. According to the personal pension fund list published by the Securities and Futures Commission (SFC) and the Personal Pension Insurance Product List published by the CBI, *** including 129 pension target fund products and 7 commercial pension insurance products from 6 insurance companies. Savings deposits and financial products will also be released publicly, and participants can go to the personal pension information management service platform and the financial industry platform to inquire about the list of eligible personal pension products and voluntarily choose to participate.

What are the conditions for receiving a personal pension?

Participants can only receive an individual pension when they reach the basic pension age, or when they have lost their ability to work completely, or when they have left the country and settled abroad, or when they meet the other conditions stipulated by the state. The individual pension can be received monthly, in installments or as a lump sum, and the method of receipt cannot be changed once it has been determined. Upon the death of a participant, the assets in his/her personal pension fund account can be inherited.