On April 21st, 222, the General Office of the State Council issued the Opinions on Promoting the Development of Personal Pension (hereinafter referred to as the Opinions), marking the official landing of the personal pension system.

On November 25th, the Ministry of Human Resources and Social Security announced the implementation of the individual pension system, which has been implemented in 36 leading cities or regions such as Beijing, Shanghai, Guangzhou, Xi 'an and Chengdu.

what is an individual pension? Where to buy and how to choose personal pension products? Nandu Bay Finance Society focuses on ten issues of concern and "reveals a picture" of personal pensions for everyone.

1. What is an individual pension?

Personal pension refers to a system supported by government policies, voluntary participation by individuals, market-oriented operation, and supplementary functions of old-age insurance. Personal pension is subject to personal account system, and the payment is entirely borne by the participants themselves. After payment, participants can independently purchase personal pension products that meet the requirements and enjoy preferential tax policies in accordance with relevant state regulations.

In addition, personal pension is an important part of the third pillar of China's old-age insurance, which can be connected with basic old-age insurance (the first pillar), enterprise annuity and occupational annuity (the second pillar) to realize the supplementary function of old-age insurance.

2. Why should we establish a personal pension system?

the most important background of the introduction of the individual pension system is that the development of the three pillars of China's pension insurance is very uneven under the background of the aging population. For a long time, the first pillar' one is the only one', and the development of the second pillar is also facing problems such as narrow coverage and great economic burden on enterprises. Therefore, developing the third pillar is an important measure to actively respond to the aging population and promote the sustainable development of the old-age insurance system.

3. Who can attend?

workers who participate in the basic old-age insurance for urban workers or the basic old-age insurance for urban and rural residents in China. Regardless of employment form, employment area and household registration, individuals can participate in the personal pension system voluntarily.

4. how to participate in the personal pension?

There are three steps to participate in personal pension business: opening an account, paying fees and purchasing specific products.

first, open an account. Personal pension is based on account system, and each participant needs to open two accounts, namely, personal pension account and personal pension fund account. Through commercial banks, two accounts can be opened at one time.

The second is payment. The maximum amount of personal pension that participants can pay to their accounts each year is 12, yuan. Participants can choose to pay monthly, by installments or by year, and the amount of payment is accumulated according to the natural year (not exceeding the upper limit of payment) and recalculated in the following year.

finally, it is "bought in buy buy". Participants can purchase four kinds of financial products, such as savings deposits, wealth management products, commercial pension insurance and Public Offering of Fund, which meet the requirements independently through the funds in the personal pension fund account.

5. which of the three types of personal pension products is suitable for me?

There are three types of personal pension products, one is security; The second is savings; The third is the investment category. The risks of the three types of personal pension products increase in turn, and the long-term investment yield increases in turn.

guarantee category: mainly includes annuity insurance, endowment assurance and other commercial endowment insurance recognized by China Banking and Insurance Regulatory Commission, and the issuer is insurance company. It is characterized by safe principal, high degree of protection, strong ability to resist risks, and the ability to upgrade other additional services of pension reserve in the long run.

savings: mainly refers to personal pension savings deposits, and the issuer is commercial banks. The product is characterized by a long purchase period and a preference for capital preservation. Compared with traditional savings products, it has higher income and can enjoy tax concessions.

investment category: including wealth management products and Public Offering of Fund products. The former issuer corresponds to the bank financing subsidiary, while the latter issuer corresponds to Public Offering of Fund Management Company. Compared with the other two types of products, investment products have volatility and higher risks, and the long-term investment yield is also higher.

which category to choose, we mainly pay attention to two factors: first, the risk tolerance, if the risk preference is conservative, we tend to choose non-investment products; The second is age. Young people tend to focus on investment products, especially Public Offering of Fund, which is actively value-added; Participants who are near or retired should consider investing in stable and value-added products or savings.

6. How to choose wealth management products and Public Offering of Fund products?

Personal pension financial products and personal pension Public Offering of Fund products are both investment products, but there are also differences in investment risks, investment returns and flexibility.

first, the investment risk: the investment target of pension wealth management products is mainly fixed-income products, and the risk is mostly R2 (i.e. low risk), and the highest risk is only R3 (i.e. low risk); Public Offering of Fund's product funds are more invested in the stock market and bond market, with medium and high risks as the mainstay.

second, the return on investment: regardless of risks and other needs, the long-term return on investment of Public Offering of Fund products is higher than that of wealth management products.

thirdly, flexibility: the bank's wealth management products for the aged are all closed-end wealth management products with a fixed term of not less than 5 years, and cannot be withdrawn in advance before the time; Public Offering of Fund products for the aged are different, including regular open subscription and redemption, and flexible subscription and redemption, which is more flexible.

7. There are too many fund products. How should I choose?

first, the choice of product type. Public Offering of Fund products of personal pension are divided into the following two categories:

One is the target date pension fund, named after the retirement year. For example, "XX pension target date 25 (FOF)" means that the product is generally suitable for retirees around 25. The second is the target risk pension fund, named after the risk level, which usually includes funds with different risk levels such as positive, balanced and stable.

how to choose? If the participants are more clear about their risk preference and risk tolerance, they can consider the target risk fund and sit directly according to the risk preference; If participants are not sure about their risk preference, they can pay attention to the target date fund, and the fund manager will make one-stop pension allocation.

in addition, participants need to pay attention to the situation of fund managers, that is, fund companies. Including whether it has been punished by the regulatory authorities for product violations in recent years, and the performance of other types of products managed.

8. Where can I buy personal pension products?

First of all, in terms of old-age savings, participants can only buy savings products issued by the bank where their capital account is opened.

for the other two types of products, you can directly purchase them through the channels of the corresponding product issuers such as insurance companies, wealth management subsidiaries or Public Offering of Fund management institutions, and provide capital accounts immediately.

It should be noted that under normal circumstances, in addition to selling their own savings products, banks will also sell products of some cooperative wealth managers, insurance companies and fund companies on a commission basis (unless otherwise stipulated by the financial regulatory authorities in the State Council). This means that other two types of products can also be bought through commercial banks.

9. What are the tax benefits of personal pension?

in the payment link, the individual's contribution to the personal pension fund account is 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 individuals is not incorporated into the comprehensive income, and the personal income tax is calculated and paid at the tax rate of 3% (the previous tax rate was 7.5%), and the tax paid is included in the "salary and salary income" item.

1. how to collect the money from the account?

Personal pension fund accounts are closed, and participants who meet any of the following conditions can receive personal pensions on a monthly basis, in installments or at one time.

(1) reaching the age of receiving the basic pension;

(2) completely losing the ability to work;

(3) going abroad (territory) to settle down;

(4) other circumstances stipulated by the state.