Personal pensions
It refers to the system of government policy support, individual voluntary participation, market-oriented operation, and the realization of the supplementary function of pension insurance.
The personal pension implements the personal account system, and the payment is entirely borne by the participant, and the individual chooses to purchase financial products such as savings deposits, wealth management products, commercial pension insurance, and public funds that meet the requirements, and implements complete accumulation, and enjoys preferential tax policies in accordance with the relevant provisions of the state.
At present, the personal pension system is running smoothly and orderly, and the advance work has achieved positive results. The next step will be to promote the full implementation of the personal pension system.
It is said that many people have only heard of the personal pension system, but they don't really know what it is.
Don't worry, take part in the guide, arrange!
Who can participate
What are the benefits of a personal pension?
Within China
Participate in the basic old-age insurance for urban employees
or basic old-age insurance for urban and rural residents
Workers are welcome to participate
Personal pension system
Attention!
Retirees have been claimed
Basic pension insurance benefits
Non-re-entry
Personal pension system
So, even if it's less than a year away from retirement
Don't worry either
There are no retired ones
It is possible to participate in a personal pension
In simple terms, participate in a personal pension
It is enforced by the state
On the basis of basic pension insurance benefits
Increased channels for supplemental pension security
For the insured
One more pension income
The benefits don't stop there, it's okay
Help individuals rationally plan their pension funds
Enjoy preferential tax policies
How do I open an account and pay the bill?
Account
Participants participating in personal pensions shall open personal pension accounts on the information platform through the national unified online service portals or commercial bank channels such as the national social insurance public service platform, the national human resources and social security government service platform, the electronic social security card, and the handheld 12333 APP.
The personal pension account is used to register and manage personal identity information, and is associated with the basic pension insurance relationship, recording personal pension payment, investment, receiving, deducting and paying individual income tax and other information, which is the basis for participants to participate in personal pension and enjoy preferential tax policies.
After that, choose a commercial bank that meets the requirements to open or designate your only personal pension fund account (you can also designate through other qualified personal pension product sales agencies).
As a special special fund account, the personal pension fund account is bound to the personal pension account to provide participants with services such as fund deposit, payment quota registration, personal pension product investment, personal pension payment, individual income tax payment, and information inquiry of funds and related rights and interests.
Payment
The personal pension payment is borne by the participant, and the annual payment limit is 12,000 yuan, which can be paid monthly, in installments or on an annual basis, and the payment amount is accumulated according to the natural year and recalculated in the following year, which is very flexible.
There is no minimum payment limit
There is also no provision for the number of years of payment
Tips: There is a way to pay by mistake!
If the individual pension participant pays the fee due to operational errors and other reasons, he or she may apply for withdrawal through the offline outlets of the opening bank within 5 days (exclusive) from the date on which the payment is credited to the personal pension fund account (exclusive).
Participants can apply for a withdrawal of a single contribution to a personal pension within a calendar year.
The depositary bank shall, as required, improve the information system in a timely manner, and handle the withdrawal of payment for the participants after being verified by the personal pension information management service platform. The withdrawal of a single payment does not belong to receiving a personal pension, and the individual income tax is not withheld and paid according to the personal pension.
How are the funds used?
The funds in the personal pension fund account can independently choose to purchase personal pension products such as savings deposits, wealth management products, commercial pension insurance, and public funds that meet the regulations.
Available products and earnings can be found here
The financial products participating in the personal pension shall be determined by the relevant financial regulatory authorities and released to the public through the personal pension information management service platform (national social insurance public service platform, national human resources and social security government service platform, electronic social security card, etc.) and financial industry platform.
For the specific income information, the participant can inquire through the sales agency of the financial product.
The bank can be changed to the fund account
Participants can change the bank where the fund account is opened, and cancel the original fund account after transferring the funds from the original fund account to the new fund account. If part of the payment has purchased personal pension products, the part of the funds that have not been purchased can be transferred first, and then the corresponding funds can be transferred after the redemption of the personal pension products. The original fund account can no longer pay fees and purchase products before the funds and assets are fully transferred, and can only be cancelled after the complete transfer.
How to enjoy the tax incentives?
Personal pensions are subject to tax deferral. In the payment link, the individual to the personal pension fund account, according to the 12,000 yuan / year limit standard, in the comprehensive income or business income deduction; in the investment link, included in the personal pension fund account investment income is not levied individual income tax; in the receiving link, the individual pension received, not incorporated into the comprehensive income, separately according to the tax rate of 3% to calculate and pay individual income tax.
How do I claim it?
The personal pension fund account is closed, and the participant meets any of the following conditions, and can receive the personal pension on a monthly, installment or one-time basis.
(1) Reaching the basic pension age;
(2) Completely incapacitated to work;
(3) Going abroad (outside the territory) to settle down;
(4) Other circumstances provided for by the state.
When a participant receives a personal pension, the commercial bank will verify the participant's eligibility through the information platform and transfer the funds to the participant's social security card bank account.
Yes, it can be inherited
If a participant dies, the assets in his personal pension fund account can be inherited. If the social security card is cancelled due to the participant's overseas (territory) settlement, death, etc., the commercial bank will transfer the funds in the participant's personal pension fund account to the fund account designated by the participant or his heirs.
Inheritance is a special form of receiving benefits, and individual income tax should also be calculated and paid at a separate rate of 3% in accordance with the regulations.
Source: Ministry of Human Resources and Social Security
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