At the regular policy briefing of the State Council held this afternoon, relevant heads of the Ministry of human resources and social security, the Ministry of finance, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission introduced the relevant information of the opinions of the general office of the State Council on promoting the development of individual pensions, on how to participate in the individual pension system, how the capital market and the public fund industry will serve the maintenance and appreciation of individual pensions, and whether the current pension insurance funds can be paid in full and on time, And the direct benefits of personal pension system compared with direct purchase of pension fof and commercial pension insurance.
individual pension system has three characteristics
government policy support, individual voluntary and market-oriented operation
Li Zhong, Vice Minister of human resources and social security, said that the individual pension system is different from the basic pension insurance. The basic pension insurance is enforced by the state and the individual pension is voluntarily participated in by individuals. Unlike enterprise annuity and occupational annuity, which are established and jointly paid by the employer and its employees, individual annuity is only paid by individuals. Generally speaking, the individual pension system belongs to the supplementary pension insurance system with government policy support, individual voluntary participation and market-oriented operation.
The individual pension system has three characteristics:
First, government policy support. Encourage the insured to actively participate by giving preferential tax support. Participants establish their own unique personal pension account through the personal pension information management service platform and record all relevant information as the basis for participating in the personal pension system and enjoying preferential tax policies.
Second, individual voluntary. That is to have basic and then supplement. We should first participate in basic old-age insurance. If we have this condition, we can voluntarily participate in personal pension. All personal contributions of participants are collected into personal capital accounts and fully accumulated. Long term payment continues to increase the accumulation of individual account funds. After the participants reach the basic pension age and other conditions, they can decide whether to receive the individual pension monthly or in installments or at one time, and transfer it to their own social security card bank account for free use.
Third, market-oriented operation. Individual pension contributions can be used to purchase financial products such as bank financial management, savings deposits, commercial endowment insurance, public funds and so on. What to buy and when to buy are independently selected and decided by the participants. Give full play to the role of the market and create an open, fair and just market environment.
individual pension system formulation pays attention to convenience and effectiveness
Nie Mingjun, director of the endowment insurance Department of the Ministry of human resources and social security, introduced that the biggest feature of the personal pension system is that individuals voluntarily participate. In order to facilitate participants to easily familiarize themselves with the policy and operate easily, special attention is paid to the convenience and effectiveness of participation in the policy-making process. Specifically reflected in the following aspects: first, the conditions for participation are relatively simple; Second, the way of participation is more flexible; Third, opening an account is relatively simple; Fourth, investment is relatively convenient; Fifth, the way of receiving is relatively flexible.
Nie Mingjun said that the upper limit of individual pension payment is mainly based on three considerations: first, it is considered from maintaining an appropriate supplementary pension level. The function of individual pension is to supplement the role of pension. On the one hand, the level of supplement should be comprehensively considered in combination with the level of the first and second pillars to maintain a reasonable total pension level of the three pillars. On the other hand, we should avoid the excessive gap between pension levels and maintain a reasonable income distribution relationship. Second, learn from the pilot practice of early tax deferred commercial endowment insurance. Combined with the pilot situation, the method of fixed amount is adopted for individual pension, which is relatively simple, and the total annual amount is also connected. Third, reflect incremental reform. The initial stage is 12000 yuan. With the economic and social development and the increase of disposable income of urban and rural residents, the upper limit of payment will be gradually increased in due time to better meet the people's needs for supplementary pension.
Guo Yang, head of the social security department of the Ministry of finance, said that in terms of individual pension, it is mainly to adhere to the principles of government guidance, market operation and orderly development. The State formulates preferential tax policies to encourage individual participation and support the insured to enrich the capital reserve of individual pension by means of marketization. The personal pension policy introduced this time is in line with China's national conditions and is conducive to better improve the people's awareness of self-protection under the increasingly severe situation of China's aging population, and guide people to plan early and make more adequate preparations for the future life of the elderly. Next, the Ministry of finance will work with relevant departments to study and formulate relevant supporting policies to promote the early implementation of the individual pension system.
public fund company is entrusted to manage all kinds of pensions with a scale of 4 trillion yuan
Lin Xiaozheng, head of the securities fund institution Supervision Department of the CSRC, said that from the mature experience abroad, individual pensions can provide more Pension Reserves for residents. At the same time, participating in the capital market through financial products can share the development dividends of the real economy.
Over the years, based on serving the overall situation of national pension security, the CSRC has strengthened the connection between the capital market and the multi-level and multi pillar pension insurance system. We will deepen the reform of the capital market, strive to build a market environment in which long-term funds such as pensions are willing to come and stay, strive to improve the quality of listed companies, improve and improve the investor protection mechanism, and severely crack down on illegal acts such as financial fraud. The stability of capital market expectations has been significantly enhanced, and the market ecology and market structure have been improved in an orderly manner. Over the years, social security funds, basic endowment insurance funds, annuity funds and other long-term funds have actively participated in capital market investment and achieved good long-term returns.
On the other hand, the CSRC will continue to promote the public fund industry to improve the ability of pension financial services. As an inclusive financial product, public funds have the characteristics of portfolio investment, independent custody, openness and transparency and standardized sales. After more than 20 years of development, the scale of public funds has exceeded 25 trillion yuan and served 540 million individual investors. At the same time, the scale of various pensions managed by public fund companies has reached 4 trillion yuan, accounting for 50% of the entrusted investment scale of pensions in China. The whole fund industry has accumulated rich experience in investment and research risk control, product layout, talent team construction, information system and so on.
Lin Xiaozheng said that in the next step, the CSRC will earnestly implement the spirit of the opinions, under the overall guidance of the Ministry of human resources and social security, speed up the introduction of relevant systems and rules for individual pension investment in public funds, improve the industry infrastructure platform, continue to strengthen the supervision of institutions and employees, strive to promote the improvement of managers' investment management ability and standardized operation level, and strengthen investor protection, We will ensure the safety and standardization of pension investment and operation, and promote the high-quality development of individual pension undertakings.
promote banking and insurance institutions to prepare for personal pension related businesses
Wang Honghe, head of the life insurance supervision department of the CBRC, said that the CBRC will actively implement the decision-making and deployment of the CPC Central Committee and the State Council, and will steadily and orderly promote banking and insurance institutions to standardize the financial business related to personal pension, ensure the stable operation of personal pension fund accounts, implement the national preferential tax policies, and help the healthy development of multi-level and multi pillar pension insurance system.
The CBRC has done the following specific work on the implementation of the individual pension system:
First, accelerate the construction of individual pension system. At present, the CBRC is studying and formulating relevant supporting policies, clarifying the capital account rules and relevant product management requirements, ensuring the launch of more bank insurance products with safe operation, maturity and stability, standardized target and focusing on long-term preservation, so as to effectively meet the differentiated pension needs of consumers.
Second, actively promote the construction of industry information platform. Guide the establishment of industry information platform and organize relevant financial institutions to carry out docking and debugging. At present, all work is progressing smoothly. It is expected to make preparations for business launch before the implementation of the policy. At the same time, in close cooperation with the Ministry of human resources and social security, we are stepping up the connection between the financial information platform and the personal pension information management service platform, so as to realize the interconnection between financial products and account information system and the sharing of relevant business data among departments.
Third, actively promote banking and insurance institutions to make preparations for personal pension related businesses. The purpose of locking the individual pension account to retirement is to make the funds invested by individuals really used for old-age security. We will encourage financial institutions to launch more products conducive to the steady appreciation of pensions, and explore ways to provide reasonable returns for participants through long-term investment and value investment. At the same time, the regulatory authorities will strengthen the supervision of personal pension related financial business, severely crack down on violations, earnestly safeguard the legitimate rights and interests of consumers, ensure the implementation of the national policy of benefiting the people, gradually build a more fair and sustainable pension system, and enhance the people's sense of gain, happiness and security.
endowment insurance fund is running smoothly
can guarantee the pension to be paid in full and on time
Li Zhong said that the operation of the endowment insurance fund is generally stable and can ensure the timely and full payment of pensions. Specifically, it can be seen from several perspectives:
First, it can be balanced in the current period. After repeated calculation, by taking a variety of measures, it can still ensure the smooth operation of the fund on the whole. In addition, the national overall planning and implementation of basic old-age insurance was launched, with a total of 54.5 billion yuan of inter provincial adjustment funds in the first quarter, which strongly supported the difficult provinces to ensure the distribution.
Second, there are accumulated balances. At present, the accumulated balance of several basic endowment insurance funds exceeds 6.7 trillion yuan, which has a strong guarantee ability.
Third, there are financial subsidies. The central government's subsidy to the endowment insurance fund is continuously strengthened, and will continue to increase in the future, with emphasis on the western region and old industrial bases.
Fourth, long-term reserves. At present, the national social security fund has more than 2 trillion yuan of strategic reserves, and some state-owned capital has been transferred to enrich the social security fund.
In addition, a series of comprehensive measures will be taken to promote the sustainable development of the old-age insurance system. Based on the above situation, we can realize the smooth operation of the endowment insurance fund and ensure the timely and full payment of pensions. Please rest assured.
personal pension system has three attractions
Nie Mingjun said that the attractiveness of the individual pension system for participants can be seen from the following three aspects:
First, you can enjoy preferential tax policies, which is the most direct benefit of individuals participating in the personal pension system. Including pension fof, commercial pension insurance and other financial products. Those that meet the conditions can be used as investment products of personal pension, which shall be purchased by the participants at their own discretion.
Second, it can enrich and diversify pension needs. The first pillar of basic old-age insurance is to ensure basic life, and the second pillar of enterprise annuity and occupational annuity are established by units to supplement old-age insurance. Now, the increase of personal pension not only adds a supplementary pension channel for those who participate in the second pillar, but also adds a supplementary pension channel for those who do not participate in the second pillar, enriching the participants' demand for diversified pension insurance in the future.
Third, it can help individuals plan pension funds rationally. After participating in the individual pension, it can be seen from the system design that the account funds are closed and can only enter and exit in the payment stage. The individual contributions and investment income are accumulated in the account and can be received when they reach the basic pension age and other conditions. That is to say, it can help the participants hold the export of the individual pension, help the individual plan the pension funds rationally, and reasonably choose the investment products and investment period, Avoid drawing in advance, so as to effectively play the role of supplementary pension.
