On April 21, the General Office of the State Council issued the Opinions on Promoting the Development of Individual Pensions (hereinafter referred to as the Opinions).
According to the Opinions, workers who participate in the basic old-age insurance for urban workers or the basic old-age insurance for urban and rural residents in China may participate in the individual pension system. The individual pension implements a personal account system, and the contribution is completely borne by the individual participant and fully accumulated. Participants establish personal pension accounts through the personal pension information management service platform (hereinafter referred to as the information platform). The personal pension account is the basis for participating in the personal pension system and enjoying preferential tax policies.
According to the "Opinions", the upper limit of participants' annual personal pension contributions is 12,000 yuan. The Ministry of Human Resources and Social Security and the Ministry of Finance shall adjust the upper limit of payment in a timely manner according to factors such as the level of economic and social development and the development of multi-level and multi-pillar pension insurance systems.
General Office of the State Council
Opinions on promoting the development of personal pensions
Guo Ban Fa [2022] No. 7
The people's governments of all provinces, autonomous regions and municipalities directly under the Central Government, and the ministries and commissions and agencies directly under the State Council:
In order to promote the construction of a multi-level and multi-pillar pension insurance system, promote the sustainable development of the pension insurance system, and meet the growing diversified pension insurance needs of the people, in accordance with the "Social Insurance Law of the People's Republic of China", "Banking Supervision and Administration Law of the People's Republic of China", "Insurance Law of the People's Republic of China", "Securities Investment Fund Law of the People's Republic of China" and other laws and regulations, with the consent of the Party Central Committee and the State Council, the following opinions are hereby put forward on promoting the development of individual pensions:
First, the general requirements
Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 19th National Congress of the Party and the 19th Plenary Session of the Party, conscientiously implement the decision-making and deployment of the Party Central Committee and the State Council, adhere to the people-centered development thinking, completely, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, promote the development of personal pensions that are suitable for China's national conditions, government policy support, individual voluntary participation, and market-oriented operation, and connect with basic endowment insurance and enterprise (occupational) annuities to achieve the supplementary function of endowment insurance, Coordinate the development of other individual commercial pension financial business, and improve the multi-level and multi-pillar pension insurance system.
Promote the development of individual pensions and adhere to the principles of government guidance, market operation and orderly development. Pay attention to giving play to the guiding role of the government, and make overall plans for the layout of individual pensions in the multi-level and multi-pillar pension insurance system; give full play to the role of the market, create an open, fair and just competitive environment, mobilize the enthusiasm of all parties; strictly supervise and manage, effectively prevent risks, and promote the healthy and orderly development of individual pensions.
2. Scope of participation
Workers who participate in the basic old-age insurance for urban workers or the basic old-age insurance for urban and rural residents in China may participate in the individual pension system.
Third, the institutional model
The individual pension implements a personal account system, and the contribution is completely borne by the individual participant and fully accumulated. Participants establish personal pension accounts through the personal pension information management service platform (hereinafter referred to as the information platform). The personal pension account is the basis for participating in the personal pension system and enjoying preferential tax policies.
Participants may purchase financial products at financial institutions that meet the requirements or sales channels entrusted by them in accordance with the law and compliance with the provisions (hereinafter collectively referred to as financial product sales institutions) and bear the corresponding risks. Participants shall designate or open a personal pension fund account for personal pension contributions, aggregating income, payment and payment of personal income tax. Individual pension fund accounts may be designated or opened by participants in commercial banks that meet the regulations, or they may be designated by other financial product sales institutions that meet the regulations. The personal pension fund account is closed, and its rights and interests belong to the participants, and unless otherwise specified, they may not be withdrawn in advance.
When the participant changes the bank where the personal pension fund account is opened, it shall transfer the funds in the original personal pension fund account to the new personal pension fund account and cancel the original fund account after verification by the information platform.
4. Payment level
The upper limit of the annual contribution of the individual pension to the participant is 12,000 yuan. The Ministry of Human Resources and Social Security and the Ministry of Finance shall adjust the upper limit of payment in a timely manner according to factors such as the level of economic and social development and the development of multi-level and multi-pillar pension insurance systems.
5. Tax policy
The State formulates preferential tax policies to encourage eligible persons to participate in the personal pension system and receive personal pensions in accordance with regulations.
6. Personal pension investment
The funds in the personal pension fund account are used to purchase financial products that meet the needs of different investors that meet the needs of different investors, such as bank wealth management, savings deposits, commercial endowment insurance, and public funds, which are safe, mature and stable, subject to standardization, and focus on long-term preservation. The financial institutions and financial products involved in the operation of individual pensions are determined by the relevant financial regulatory departments and released to the public through the information platform and the financial industry platform.
7. Personal pension payment
Participants who have reached the age of receiving the basic pension, are completely incapacitated, have gone abroad (abroad) to settle down, or have other circumstances that meet the provisions of the State, may receive a personal pension on a monthly, divided or one-time basis after the information platform verifies the conditions for receiving it, and the method of payment must not be changed once it is determined. When receiving it, the personal pension should be transferred from the personal pension fund account to the bank account of the social security card.
Upon the death of a participant, the assets in his or her personal pension fund account may be inherited.
8. Information Platform
The information platform is organized and constructed by the Ministry of Human Resources and Social Security, connects with commercial banks that meet the regulations and related financial industry platforms, collects relevant information, shares relevant information with financial and taxation departments, provides participants with personal pension account management, payment management, information inquiry and other services, supports participants to enjoy preferential tax policies, provides information verification and comprehensive supervision support for personal pension operations, and provides relevant information services for relevant financial regulatory departments and financial institutions involved in personal pension operations. Continuously improve the standardization, informatization and professional management level of the information platform, and use the "Internet +" innovative service mode to provide convenient and efficient services for participants.
9. Operation and supervision
The Ministry of Human Resources and Social Security and the Ministry of Finance provide macro guidance on the development of individual pensions, formulate specific policies and carry out operational supervision of the account settings, payment ceilings, treatment receipts, tax incentives, etc. of individual pensions according to their duties, and regularly disclose relevant information to the public. The tax department shall collect and manage the personal pension in accordance with the law. Relevant financial regulatory departments shall, in accordance with their respective duties, supervise the business activities of financial institutions participating in the operation of individual pensions in accordance with laws and regulations, supervise and urge relevant financial institutions to optimize products and services, do a good job of product risk warning, supervise the riskiness of products, and strengthen education for investors.
All participating departments should establish and improve the complaint mechanism, actively play the role of social supervision, and timely discover and solve problems in the operation of individual pensions.
10. Organizational leadership
Promoting the development of individual pensions is an important measure to improve the multi-level and multi-pillar pension insurance system and enhance the people's sense of gain, happiness and security, which is directly related to the vital interests of the majority of participants. All localities should strengthen leadership, make careful arrangements, widely publicize it, and promote the implementation of relevant work in a sound and orderly manner. All relevant departments should formulate specific policies and measures for the implementation of these Opinions in accordance with the division of duties, work with each other and coordinate closely, and guide local and relevant financial institutions to do a good job in relevant work. The Ministry of Human Resources and Social Security and the Ministry of Finance should strengthen guidance and coordination, implement it step by step in combination with actual conditions, select some cities to try it for 1 year first, and then gradually push it forward, timely study and solve problems encountered in work, and ensure the smooth implementation of this Opinion.
