1. government department: responsible for formulating relevant policies, regulatory provisions and preferential tax policies to promote the development of individual pension business. Such as Ministry of Human Resources and Social Security, People's Republic of China (PRC) Ministry of Finance, State Taxation Administration of The People's Republic of China, China Banking Regulatory Commission and China Securities Regulatory Commission.

2. Commercial banks and wealth management companies: provide services such as fund account opening, payment, collection, tax extension voucher printing, information management and inquiry for personal pension business. Among them, there are 6 large banks, 2 joint-stock banks1,5 city commercial banks and 1 wealth management company1/.

3. Insurance companies: participate in personal pension business and provide annuity insurance and pension security products that meet the requirements. For example, the national pension insurance company.

4. Fund companies: provide Public Offering of Fund products for personal pension investment and broaden investment channels. Such as China Life Pension Insurance Co., Ltd. and Taiping Pension Insurance Co., Ltd. ..

5. Laborers: participants in the personal pension system that meet the policy requirements, including workers who participate in the basic old-age insurance for urban workers or the basic old-age insurance for urban and rural residents in cities (regions) where personal pensions are the first.

6. Other financial institutions: For example, licensed financial institutions can cooperate with commercial banks to promote personal pension business.

Advantages of individual pension system:

1. Supplementary pension function: The individual pension system is a supplement to the basic pension insurance, which helps to improve the level of life security after retirement. In the case that the basic old-age insurance level is relatively low, personal pension can make up for this deficiency and make individuals maintain a relatively stable living standard after retirement.

2. Preferential tax policies: The individual pension system enjoys preferential tax policies, which can reduce the tax burden of individuals in the process of paying pensions. According to relevant policies, individuals can enjoy tax relief when paying personal pensions, thus reducing the tax payable. In addition, in the pension collection stage, part of the income of individual pension can also enjoy a lower tax rate.

3. Diversification of investment options: Individual pension system allows investors to choose different types of financial products for investment according to their risk tolerance and investment preferences. Investors can choose a variety of financial products, such as bank wealth management, savings deposits, commercial pension insurance, Public Offering of Fund and so on. In order to realize diversified asset allocation and improve the investment income of pensions.

To sum up, the personal pension system has the advantages of supplementary pension function, preferential tax policies and diversified investment options, which is helpful to improve the living security level of individuals after retirement. Participating in the personal pension system can provide a more stable and sufficient source of funds for personal pension life.

Legal basis:

People's Republic of China (PRC) social insurance law

Article 15

Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.

Article 16

Individuals who participate in the basic old-age insurance may apply for an extension of the payment period if they have paid less than fifteen years when they reach the statutory retirement age. If the payment period is extended, the basic old-age insurance premium will continue to be paid, and if the payment period has accumulated for fifteen years, the basic pension will be received monthly.