On November 25th, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Administration of Taxation issued a notice announcing the implementation of the individual pension system. Workers who participate in the basic old-age insurance for employees or the basic old-age insurance for urban and rural residents in 36 leading cities (regions) such as Beijing, Shanghai, Guangzhou, Changsha and Zhengzhou (hereinafter referred to as "participants") may participate in individual pensions.

Starting from the afternoon of November 25th, the first batch of 23 short-listed banks can officially open personal pension accounts. The opening banks include six state-owned banks, 12 joint-stock banks such as CITIC, China Everbright, China Merchants, Minsheng, Xingye, Huaxia, Ping An, Guangfa, Pudong Development Bank, Zheshang, Bohai and Hengfeng, and five city commercial banks such as Bank of Beijing, Bank of Shanghai, Bank of Jiangsu, Bank of Bank of Ningbo and Bank of Nanjing.

participants can set up personal pension accounts through the national social insurance service platform, the national people's social affairs service platform, electronic social security card "Pocket 12333APP" and other national unified online service portals, or commercial banks and other channels, and open personal pension fund accounts through commercial banks. After the two accounts are opened, you can pay to the capital account and buy personal pension products. The annual payment limit is 12, yuan, and you can enjoy tax concessions when you pay.

31 provinces and cities have been selected

It is not difficult to find out from the list of cities (regions) with personal pensions in advance that 31 provinces and cities have been selected, and most of them are provincial capitals; At the same time, some provinces, such as Shijiazhuang and xiong'an new area in Hebei Province, Guangzhou and Shenzhen in Guangdong Province, were selected. Fujian province is the first city (region) in the province.

(table source: government website of the Ministry of Human Resources and Social Security)

Personal pension deduction information management function has been added to the personal income tax APP

The reporter noticed that on the day when the personal pension system was announced to be implemented, the version of the personal income tax APP was upgraded, and after the update, personal pension deduction information management was added under "Deduction Reporting" in the column of "Taxing", which is similar to "Special Additional Deduction Reporting"

(Personal Pension Deduction Information Management Page)

The "Personal Pension Deduction Information Management" page prompts that the QR code on the personal pension payment voucher can be scanned through the "scan code entry" function below, and the personal pension deduction information of the participants can be imported after the information is confirmed, and the pre-tax deduction can be made in the stage of personal income tax withholding, prepayment or final settlement.

(Personal Pension Deduction Information Management-Authorization Management Page)

In the "Authorization Management" on the upper right of the "Personal Pension Deduction Information Management" page, it is indicated that when this function is turned on, the participant will authorize the personal income tax APP to obtain the personal pension data of the participant by default when scanning the code.

Previously, the Measures for the Implementation of Individual Pensions issued by the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Administration of Taxation made it clear that the information platform provided individual pension services for participants through the national social insurance public service platform, the national human resources and social security government service platform, electronic social security cards, handheld 12333APP and other national unified online service portals or commercial banks, supported participants to open individual pension accounts, and inquired about the payment amount of individual pension fund accounts.

The Announcement on Personal Income Tax Policies for Personal Pensions issued by the Ministry of Finance and the State Administration of Taxation (hereinafter referred to as the Announcement) also proposes that the deferred tax preferential policy will be implemented for personal pensions from January 1, 222.

the so-called deferred tax payment generally means that the taxpayer can postpone the payment of the tax payable for a certain period of time, and the taxpayer does not need to pay interest corresponding to the tax amount during the deferred period, which is equivalent to reducing the tax burden of the taxpayer.

In terms of specific preferential measures, the Announcement clarifies that in the payment link, the individual's contribution to the individual pension fund account shall be deducted from the comprehensive income or operating income according to the limit standard of 12, yuan/year; In the investment link, personal income tax will not be levied on the investment income included in the personal pension fund account for the time being; In the collection process, the personal pension received by an individual is not incorporated into the comprehensive income, and the personal income tax is calculated and paid separately at the rate of 3%, and the tax paid is included in the "income from wages and salaries" project.

when an individual enjoys pre-tax deduction, the deduction voucher issued by the personal pension information management service platform is used as the tax deduction voucher. Where the income from wages and salaries is obtained and the income from personal income tax and labor remuneration is withheld in advance according to the cumulative withholding method, the payment can be deducted according to the facts within the limit standard when withholding and prepayment in the current year or final settlement in the next year. If you choose to withhold and prepay in the current year, you should provide the relevant vouchers to the withholding unit in time. The withholding unit shall, in accordance with the relevant requirements of the announcement, handle the relevant matters of pre-tax deduction for taxpayers. Where other labor remuneration, royalties, royalties and other income or business income are obtained, the payment shall be deducted within the limit standard when it is settled in the following year.

it is clear in the announcement that the tax policies stipulated in the announcement will be implemented in the cities with individual pensions as the first step since January 1, 222. Shanghai, Fujian, Suzhou Industrial Park and other areas that have implemented individual tax deferred commercial endowment insurance pilots will be implemented in accordance with the tax policies stipulated in the announcement from January 1, 222.

how to handle the personal pension business? 6 questions and 6 answers

1. What is an individual pension and what is its function?

Personal pension is a system based on the account system, supported by government policies, voluntarily participated by individuals, operated in a market-oriented way, and realized the supplementary function of old-age insurance. It is also known as the "third pillar of old-age insurance", which is the same as basic old-age insurance (the first pillar, social pension), enterprise annuity or occupational annuity (the second pillar, paid by both the unit and employees). Participants can choose a bank, open a personal pension fund account, make their own contributions, invest freely, enjoy their own profits and bear their own risks, and enjoy the preferential policies and benefits of personal income tax given by the state.

2. what are the prerequisites for participating in individual pension services?

the first is the identity condition. According to the relevant requirements of the Ministry of Human Resources and Social Security, participating in personal pension services must be the insured person of basic endowment insurance for urban workers or basic endowment insurance for urban and rural residents.

the second is the geographical conditions. It should be within the scope of the first city announced by the Ministry of Human Resources and Social Security.

the third is compliance conditions. Like opening an ordinary bank account, it should meet the regulatory requirements of anti-money laundering and real-name registration system and the relevant rules and regulations of the Agricultural Bank of China, and there should be no abnormal account opening behavior.

3. What are the characteristics and advantages of individual pension fund accounts?

first, the "uniqueness" of account opening. Participants can only choose a qualified commercial bank and open the only personal pension account under their name after being verified by the information platform of the Ministry of Human Resources and Social Security.

the second is the "particularity" of account nature. This account is a special class II household, which is different from ordinary class II households. The transfer, withdrawal and investment of funds in this account are not limited by the amount. At the same time, personal pension accounts will be free of annual fees, account management fees, SMS fees, transfer fees, etc.

the third is the "freedom" of account deposit. The deposit limit of this account is 12, yuan per natural year, but it can be freely paid monthly, by installments or by year, and there is no restriction on the frequency of deposit, the amount of single deposit, etc., and it is not mandatory to pay continuously year by year or month by month.

the fourth is the "closedness" of account operation. The account is closed, and the funds in the account can be in the form of demand deposits, and can also be used to purchase personal pension savings, wealth management products, insurance and Public Offering of Fund products that meet the regulatory requirements. In addition, it does not support any other financial functions such as withdrawal and transfer. Only when you reach the age of receiving basic pension, completely lose the ability to work, go abroad (border) to settle down or other circumstances stipulated by the state can you receive personal pension on a monthly, phased or one-time basis.

the fifth is the "autonomy" of account investment. Participants can independently decide the above-mentioned asset allocation schemes and investment plans, including but not limited to investment varieties, investment amount, trading frequency, etc., but at their own risk.

the sixth is the "preferential nature" of individual tax payment. In the payment link, the individual's payment to the account is deducted from the comprehensive income or operating income, that is, "tax base deduction"; In the investment link, personal income tax will not be levied on investment income for the time being; In the collection process, individual income tax is paid separately at the rate of 3%.

iv. how to open a personal pension fund account?

Take Agricultural Bank of China as an example. Agricultural Bank of China provides online and offline multi-channel account opening methods. Offline channels need to bring valid identity documents, open a personal pension fund account entity card at the counter of the bank outlet, or scan the outlet to move the PAD QR code to open an electronic account. You can also entrust others or working units to open capital accounts in accordance with relevant regulations.

online channels can prepare valid identity documents and any Class I debit cards of six state-owned commercial banks, such as ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank, log in to the mobile banking of Agricultural Bank of China, click "All-Investment-Pension Zone-Personal Pension" in turn, and open an electronic account conveniently according to the operation prompts, or directly search for "Pension Zone" to enter the operation. You can also follow China Agricultural Bank WeChat WeChat official account, click Online Service-Business Hall-Investment-Personal Pension, or follow China Agricultural Bank Micro Bank WeChat WeChat official account, click Business Hall-Investment-Personal Pension, and follow the instructions to open an electronic account online.

5. how to deposit the personal pension fund account?

taking the agricultural bank of China as an example, the bank supports counter transfer or cash deposit, mobile banking deposit or transfer, personal online banking transfer, etc.

VI. How to use the funds in the personal pension fund account?

the funds in the account will be kept in the form of demand deposit, and enjoy demand interest. Participants can choose to buy personal pension savings, wealth management products, insurance, Public Offering of Fund and other financial products that meet the requirements, and decide their own investment plans.