On April 21, the General Office of the State Council issued opinions on promoting the development of individual pensions. The Opinions propose that 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 can participate in the individual pension system. The upper limit of the annual contribution of the individual pension to the participant is 12,000 yuan.
What signals did the introduction of this system send? Why was this system established? What is the difference between the individual pension system and the current pension system? What are the enhancements? The People's Daily health client reporter interviewed Zheng Bingwen, member of the National Committee of the Chinese People's Political Consultative Conference and director of the World Social Security Research Center of the Chinese Academy of Social Sciences.
What signal does the personal pension system send?
It is understood that since the 1990s, the mainland has gradually explored the establishment of a multi-level and multi-pillar pension insurance system supplemented by the first pillar of basic pension insurance, the second pillar of occupational pension and the third pillar of personal pension in 2018. But the three pillars of development are not balanced.
"The mainland's pension insurance has been dominated by the first pillar for a long time, and the pension income of the elderly is relatively single, and there is instability, so that our elderly cannot live a more decent life, and the stability of the pension is also greatly reduced." Zheng Bingwen told reporters that this system mainly takes into account the need to further optimize and improve the income structure of the people's pension, enhance the stability of the income and consumption of the elderly on the mainland, and thus enhance the decent happiness of the elderly. ”
Who can participate in the personal pension system?
The Opinions propose that 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 can participate in the individual pension system.
"This should be a highly popular system, according to the regulations, any group of people have the opportunity to participate, so in terms of population popularization, this form should be greater than the first and second pillars." Zheng Bingwen stressed.
What is the significance of establishing an individual pension system?
"First of all, pension income depends on the pillar of social security, the elderly can not live a more decent life, the system is conducive to the coordinated development of 3 pillars, so as to meet everyone's needs; secondly, the system can also improve the family property structure to a certain extent, increase the proportion of financial assets and pension funds, so as to stabilize consumption expectations." Zheng Bingwen introduced that the proportion of pensions in China's capital market is very small, only about 1%, and the proportion of developed countries has reached 20%-30%, so the overall return on pension investment in the mainland is low, and everyone's expectations for pensions are not high, and the development of personal pension systems can improve this situation very well;
According to enterprise investigation data, in the past 10 years, the number of registrations of enterprises related to pension services in the mainland has been increasing. There are 245,200 existing pension service related enterprises in the mainland. Zheng Bingwen proposed, "The third pillar represented by the individual pension and the system is added to the pension, and the retirement income level of the elderly will be greatly improved, which can improve the income structure of the pension and enhance the personal pension income." ”
How does the individual pension system conflict with the current pension system?
"This system does not have any conflict with the current pension system, any country is based on the first pillar, and the second and third pillars are the icing on the cake." Zheng Bingwen said that our country is no exception, at present, the mainland pension system is also the first pillar represented by social security, and the individual pension system will only optimize the pension income structure.
How to implement the personal pension system, and what are the issues that need attention?
The opinions are clear that the individual pension implements a personal account system, and the contribution is completely borne by the individual participants, and the full accumulation is implemented. Participants establish personal pension accounts through the personal pension information management service platform. Participants may purchase financial products by using the personal pension paid in accordance with the regulations at a financial institution that meets the regulations or through the sales channels entrusted by them in accordance with the law and compliance, and bear the corresponding risks. 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.
Zheng Bingwen pointed out, "For optimizing the pension income structure, this is indeed a good policy, but the future work focus should be on the specific implementation, to make the specific implementation of this system design attractive and convenient, so that the people voluntarily join in." ”
