Countdown to the arrival of personal pension system @ everyone

2022-05-10 0 By

As the third pillar of endowment insurance, the individual pension system has entered the countdown.The 23rd Meeting of the Commission for Deepening Overall Reform of the CPC Central Committee recently deliberated and approved the Opinions on Promoting the development of Individual Pensions.Reporters have learned that the relevant departments are working hard to improve supporting policies.At the same time, a number of banks, insurance, fund companies are also actively layout, beach individual pension huge market.It is expected that the third pillar will be greatly expanded in the future, which will promote the improvement and development of the capital market while improving the level of national pension benefits.Establishing a multi-level endowment insurance system is an important measure to deal with aging population and promote sustainable development of endowment insurance system.The first pillar contains urban worker basic endowment insurance system and urban and rural dweller basic endowment insurance system, the second pillar contains occupational annuity and enterprise annuity, the third pillar is individual pension system.At present, promoting the development of individual pension is the weak point of China’s multi-level and multi-pillar pension insurance system, and also the focus of the next reform.”It is of great significance to promote the development of personal pensions.”Zhang Yinghua, an executive researcher at the World Social Security Research Center of the Chinese Academy of Social Sciences, told Economic Information Daily, “On the one hand, the aging population is putting more pressure on the financial sustainability of basic pension insurance, and personal pension systems can help offset this pressure.On the other hand, promoting the development of personal pension can adapt to the flexibility of new employment forms, improve portability, and help to enhance the old-age security of flexible employment.According to the 2021 Government work Report, we will standardize the development of the third pillar old-age insurance.According to the Ministry of Human Resources and Social Security, a preliminary idea has been formed after thorough research and discussion. The general consideration is to establish an individual pension system based on the account system, in which individuals voluntarily participate, the state finance provides tax support, and funds form market-oriented investment operation.The CBRC successively issued a notice on the development of exclusive commercial endowment insurance and a notice on the pilot of pension financial products, and approved the establishment of national endowment Insurance Co., LTD., which was established with the participation of 17 financial institutions.The 23rd Meeting of Commission for Deepening Overall Reform of the CPC Central Committee examined and approved the Opinions on Promoting the Development of Individual Pension, marking that the individual pension system has entered a new stage of development.The meeting stressed the need to promote the development of personal pensions suited to China’s national conditions, supported by government policies, voluntarily participated by individuals and operated on a market-oriented basis.Also proposed to improve the system design, reasonable division of the state, units and individual pension responsibility, for the accumulation of individual pension system to provide security.It is reported that relevant departments are working hard to improve supporting policies, pay close attention to clear implementation methods, fiscal and tax policies, financial product rules.The CBRC will continue to strengthen the guarantee function of commercial pension insurance and support the development of pension insurance that is easy to insure, flexible in payment and stable in income, said an official.Cooperate with relevant departments to carry out the system construction of the third pillar, and do a good job of supporting work.In addition, the silver insurance regulatory commission issued the notice for the specification and to promote the development of pension insurance institutions “, endowment insurance companies are encouraged to develop high safety, strong protection, meet the demand of long-term or lifelong to receive commercial old-age pension insurance, and other have certain accumulation pension function of the commercial insurance for a long time, better service to the third pillar construction of endowment insurance.It is also being actively deployed locally.For example, the 2022 Report on the work of the Guangdong Provincial Government clearly proposed to improve the mechanism for determining and adjusting social security benefits, develop enterprise annuity and occupational annuity, and build a “three-pillar” old-age insurance system.China’s third pillar market has huge potential.At present, the population aged 60 and above in China is 264 million, accounting for 18.7%.Household deposits have exceeded 90 trillion yuan, and the financial assets that can be converted into long-term pension funds are considerable.Cicc research report estimates that the third pillar will increase assets by about 29 trillion yuan in the next 10 years.Many financial institutions are accelerating the rush to the market.Among them, the public fund industry began to issue pension target funds in 2018. According to Wind statistics, as of January 26, 2022, there were 297 pension FOF (fund of funds) established, with a total scale of 234.8 billion yuan, an increase of nearly 140% compared with the same period last year.In the insurance field, on the basis of the previous tax-deferred pension insurance, the pilot of exclusive commercial pension insurance will be further launched, and business model innovation will be explored to meet the needs of new industries, new forms of business and people with flexible employment for pension security.Among them, PICC has launched exclusive commercial pension insurance, personal tax-deferred pension insurance, housing reverse mortgage pension insurance and other policy pension insurance.”The company will steadily promote the work related to the supply of commercial endowment insurance by stages and layers, and increase the supply of commercial endowment insurance products.”Picc product department concerned person in charge of “economic Information Daily” reporters said.As a “novice” pension market, icbc financing, letter finance, ZhaoYin finance building, everbright financial bank financial subsidiary of four approved pilot, a combination of 40 billion yuan pension financing pilot has opened at the end of 2021, issued the same day, everbright financial and ZhaoYin finance related products sold out quickly, icbc financial “h at aetna” wuhan alone, more than 1 billion yuan for 7 daysIn less than four days, CCB’s “Enjoy” pension product raised more than 4 billion yuan.The four financial companies all said they would gradually enrich their product lines of pension finance.According to the industry, compared with insurance institutions and products as the main participants in the past, there will be more types of financial institutions and products to jointly contribute in the future, and the scale of the third pillar of pension will be greatly expanded.At the same time, to promote the development of personal pension, we need to accelerate the strengthening of weak links.Zhang Yinghua pointed out that the penetration rate of tax-deferred personal commercial pension insurance is not high, and more incentive means need to be explored.It is suggested that the tax deferred personal commercial endowment insurance should be promoted from pilot to universal as soon as possible.Actively study and explore the establishment of personal pension accounts, shift the tax preference from commercial insurance products to personal accounts, and cover all financial products;Accelerate research to open up the second and third pillar pension accounts, rely on the account system management means, with preferential tax incentives and guidance;We will pilot measures such as individual investment options, TEE and other preferential tax methods, and automatic participation mechanisms.”In the future, the scale of individual income tax payers will expand, capital income tax will be collected, and the effect of preferential tax incentives will be more obvious. In addition, with the improvement of people’s awareness of the pension system and the aging trend of the population, personal pension will receive more attention.Of course, there needs to be more and better pension products in the market.””Zhang yinghua said.It is understood that regulators are taking a two-legged approach.On the one hand, to rectify the market order, clean up the name of “pension” stunt short-term financial products;On the other hand, select some financial institutions and specialized institutions to carry out pension finance pilot in some areas, and vigorously develop pension financial products with real long-term pension function, including pension savings deposit, pension finance, exclusive pension insurance, commercial pension plan, etc.END this article source: Economic Information Daily, financial and economic enterprise compliance to find the Central Plains manpower!Private letter public number details flexible employment, single injury, labor outsourcing, labor dispatch, social security agent, natural person open cooperation, artificial customer service to provide you with 24 hours online service!