1, to pay basic pension, transitional pension, funeral subsidy, pension fee and annual increase of pension subsidy by the state;

2. Used to supplement the payment of personal account pension;

3. Adjust the pension in the way of "making up for the deficiency" to ensure the basic life of retired people everywhere;

4. others.

Function and function of pension account;

1. Accumulate pension: the pension account is mainly used to accumulate pension insurance money paid by individuals or units for employees;

2. Guarantee the old-age life: by paying the old-age insurance regularly, we can ensure that we can receive the pension after retirement and guarantee the basic life;

3. Enjoy preferential policies: eligible pension accounts can enjoy government tax incentives or subsidies;

4. Inquiring about pension information: holders can inquire about their pension insurance payment records and account balance through pension accounts;

5. Handling retirement procedures: When retiring, the pension account is an important basis for handling retirement procedures and receiving pensions.

To sum up, the purpose of setting up a pension account in Guangfa Bank includes paying all kinds of pension expenses, supplementing personal account pensions, adjusting pensions and ensuring the basic livelihood of retirees.

Legal basis:

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

Article 11

The basic old-age insurance combines social pooling with individual accounts. The basic old-age insurance fund consists of employers, individual contributions and government subsidies.