The "Measures for the Implementation of Individual Pensions" stipulates that the insured who participates in individual pensions should open an individual pension account on the information platform through a unified national online service portal or commercial bank channels; The maximum amount of personal pension paid by the insured person every year is 12000 yuan, and the annual payment of the insured person shall not exceed the maximum amount; Personal pension fund accounts are closed, and the insured who meets any of the following conditions can receive personal pension on a monthly, phased or one-time basis, and so on.
The following is the full text of the Measures for the Implementation of Individual Pensions:
Measures for the implementation of individual pension
Chapter I General Provisions
Article 1 In order to implement the Opinions of the General Office of the State Council on Promoting the Development of Personal Pension (No.7 [2022] of the State Council), strengthen the management of personal pension business and standardize the operation process of personal pension, these implementation measures are formulated.
Article 2 Individual pension refers to the system of government policy support, individual voluntary participation, market-oriented operation and supplementary functions of old-age insurance. Personal pension is based on personal account system, and the payment is entirely borne by the insured himself. Choose to buy financial products (hereinafter referred to as personal pension products) such as savings deposits, wealth management products, commercial endowment insurance and Public Offering of Fund, and enjoy preferential tax policies in accordance with relevant state regulations.
Article 3 These Measures are applicable to individual pension participants, individual pension information management service platforms organized by Ministry of Human Resources and Social Security (hereinafter referred to as information platforms), financial industry platforms, participating financial institutions and relevant government departments.
Participants in individual pensions should be laborers who participate in the basic old-age insurance for urban workers or the basic old-age insurance for urban and rural residents in China. The financial industry platform is a business information platform organized by the financial supervision department. Participating financial institutions include commercial banks (hereinafter referred to as commercial banks) that have been determined by the China Banking Insurance Regulatory Commission to start personal pension fund account business, and individual pension product issuers and sales institutions that have been determined by the financial regulatory authorities.
Article 4 The information platform connects commercial banks, financial industry platforms and relevant government departments, and provides support for individualized pension implementation, participation in supervision within the responsibilities of departments and macro guidance of the government.
The information platform provides participants with personal pension services, supports participants to open personal pension accounts, inquires about the payment amount of personal pension fund accounts, personal asset information and personal pension products, and provides tax-related vouchers according to the needs of participants through national unified online service portals such as national social insurance service platform, national human resources and social security government service platform, electronic social security card, handheld 12333APP and commercial banks.
Article 5 All participating departments shall, in accordance with their duties, supervise the implementation of individual pensions and participate in financial institutions and individual pension products. All regions should strengthen leadership, make careful arrangements, publicize widely, and steadily and orderly promote the development of individual pensions.
Chapter II Participation Process
Article 6 To participate in individual pension, the insured shall open an individual pension account on the information platform through the national unified online service portal or commercial bank channels; Other sales organizations of personal pension products can help participants open personal pension accounts online on the information platform through commercial bank channels.
Personal pension account is used to register and manage personal identity information, which is associated with the basic old-age insurance and records the payment, investment, collection, deduction and payment of personal income tax of personal pension, which is the basis for the insured to participate in personal pension and enjoy preferential tax policies.
Article 7 Participants may choose a commercial bank to open or designate their own personal pension fund account, or designate it through other qualified personal pension product sales organizations.
As a special special fund account, the personal pension fund account is managed with reference to Class II households under the personal RMB bank settlement account. Individual pension fund accounts are bound with individual pension accounts to provide participants with services such as fund depository, payment quota registration, personal pension product investment, personal pension payment, personal income tax payment, fund and related rights and interests information inquiry.
Article 8 The maximum amount of personal pension paid by the insured person every year is10.2 million yuan, and the insured person's annual contribution shall not exceed the maximum amount. Ministry of Human Resources and Social Security and the Ministry of Finance timely adjust the upper limit of payment amount according to the level of economic and social development and the development of multi-level endowment insurance system.
Ninth insured persons can pay monthly, by stages or annually, and the amount of payment is accumulated according to the natural year and recalculated in the following year.
Article 10 Participants independently decide the investment plan of individual pension fund accounts, including the investment varieties and investment amount of individual pension products.
Article 11 Insured persons can change individual pension fund accounts between different commercial banks. When changing the personal pension fund account, participants should submit it to the original commercial bank and open a new personal pension fund account in the new commercial bank after confirmation by the information platform.
After the participant's personal pension fund account is changed, the information platform provides the original commercial bank with the new personal pension fund account and bank information, and provides the new commercial bank with the remaining payment amount information of the participant in the current year. Participating financial institutions shall, in accordance with the requirements of the participants and relevant business rules, handle the procedures for the transfer of funds in the original account and the transfer of personal pension products held by the participants.
Twelfth personal pension fund accounts closed operation, the insured person meets one of the following conditions, you can receive a monthly, phased or one-time personal pension.
(a) to receive the basic pension age;
(two) completely lost the ability to work;
(three) to go abroad (territory) to settle down;
(4) Other circumstances stipulated by the state.
Thirteenth insured persons have received the basic pension, you can apply to the commercial bank for personal pension. After accepting the application, the commercial bank verifies the qualifications of the participants through the information platform, obtains the participants' own social security card bank account, and transfers the funds into the participants' own social security card bank account after the individual income tax is withheld and remitted in the way selected by the participants.
Insured persons who meet the requirements of receiving personal pension, such as completely losing their ability to work, going abroad to settle down or other circumstances stipulated by the state, may submit the conclusion of labor ability appraisal and the certificate of going abroad to commercial banks. After the commercial bank reviews and submits it to the information platform for verification and filing, it will handle the collection procedures for the participants.
Fourteenth to encourage the insured to receive personal pension for a long time.
When the insured person receives it on a monthly basis, he can receive it on a monthly basis according to the number of months determined by the basic old-age insurance, or he can receive it on a monthly basis according to the number of months he chooses until the end of the collection; Or collect it monthly according to the fixed amount determined by yourself until the collection is completed.
Participants who choose to collect by installments should choose the collection period and specify the number or method of collection until the collection is over.
Fifteenth the insured person dies, the assets in his personal pension fund account can be inherited.
If the social security card of the insured person is cancelled due to settlement abroad or death, the commercial bank will transfer the funds in the individual pension fund account of the insured person to the fund account designated by himself or his successor.
Article 16 If the participant completes the transfer of funds (assets) from the personal pension fund account, or the funds (assets) in the account have been collected, the commercial bank will cancel the fund account.
Chapter III Information Submission and Management
Article 17 The information platform implements unified and centralized management of individual pension accounts and business data, and is associated with basic pension insurance information and social security card information to support system monitoring and decision support.
Article 18 A commercial bank shall timely submit the relevant information of individual pension fund accounts to the information platform. Specifically including:
(1) Basic personal information. Including personal identity information, personal pension fund account information, etc.
(2) Investment information of related products. Include product transaction information and asset information;
(3) Capital information. Including payment information, fund transfer information, related asset transfer information, collection information, personal income tax payment information, fund balance information, etc.
Article 19 A commercial bank shall interact with the information platform according to the requirements of business process and timeliness of information, including real-time verification and scheduled batch:
(a) commercial banks in the process of personal pension fund account opening, change, cancellation and fund collection business, real-time check the insured basic old-age insurance status, personal pension fund account and the uniqueness of the fund account, and submit relevant information;
(2) Commercial banks shall submit relevant information in batches on a regular basis after completing the opening, payment and collection of individual pension fund accounts and providing services such as fund transfer related to individual pension product transactions.
Article 20 The financial industry platform shall submit the following data to the information platform in a timely manner.
(1) Basic information about the issuing institutions and sales institutions of individual pension products;
(two) the basic situation of individual pension products;
(3) Transaction information, asset information data, etc. Participants' investment-related personal pension products.
Article 21 Information platforms shall provide technical specifications to commercial banks and financial industry platforms in a timely manner to ensure smooth docking.
Promote information sharing between information platforms and relevant departments, and provide support for standardizing system implementation, implementing business supervision and optimizing service experience.
Chapter IV Account Management of Individual Pension Fund
Twenty-second commercial banks should complete the system docking with the information platform and the financial industry platform, and handle the personal pension business after passing the acceptance.
Twenty-third commercial banks can open personal pension fund accounts for participants through their own counters or electronic channels.
When a commercial bank opens an individual pension fund account for a participant, it shall complete the verification of the individual pension fund account through the information platform.
Commercial banks can also check the insured's basic old-age insurance certificate or personal rights record provided by social insurance agencies, and open a personal pension fund account for the insured after reporting to the information platform, and bind it with the personal pension account.
Article 24 When opening a personal account of a pension fund, a participant shall provide a valid identity document and other materials to a commercial bank in accordance with the requirements of the financial supervision department.
Commercial banks should strictly abide by the relevant regulations when opening individual pension fund accounts for participants.
Twenty-fifth individual pension fund accounts should support participants to pay through commercial bank settlement accounts, non-bank payment institutions, cash and other means. Commercial banks should provide fund transfer services related to the transaction of personal pension products for participants and individual pension product sales institutions.
Twenty-sixth commercial banks should register the payment amount of individual pension fund accounts in real time. If the payment amount exceeds the upper limit of the current year, they will be prompted and will not be accepted.
Article 27 A commercial bank shall record the trading product information of participants according to the trading results of relevant personal pension products.
Twenty-eighth commercial banks should provide change services for the insured individual pension fund accounts, and assist in the connection between the old and new accounts and the cancellation of the old accounts. The original commercial bank and the new commercial bank shall complete account verification, account change, asset transfer and information submission through the information platform.
Twenty-ninth commercial banks should treat the transferred funds differently, and the annual payment amount in the transferred funds should be calculated cumulatively.
Article 30 Commercial banks should not handle account change procedures for the same-day deposit business of individual pension fund accounts. During the change of the fund account, the original individual pension fund account may not handle the deposit, investment and withdrawal business.
Thirty-first commercial banks to carry out personal pension fund account business, should fairly meet the requirements of individual pension product issuers and sales organizations.
Article 32 Commercial banks should keep all the information of individual pension fund accounts for at least fifteen years from the date of account cancellation.
Chapter V Individual Pension Institutions and Product Management
Thirty-third personal pension products and their distribution and sales institutions shall be determined by the relevant financial supervision departments. Personal pension products and their issuer information should be released on the information platform and financial industry platform on the same day.
Article 34 Individual pension products should have the basic characteristics of safe operation, stable maturity, standardized target and long-term value preservation.
Article 35 Commercial banks, individual pension product issuers and sales organizations shall establish and improve business management systems in accordance with relevant regulations, including but not limited to individual pension fund account services, product management, sales management, cooperative organization management and information disclosure. If a commercial bank finds irregularities, related risks or other problems in the implementation of individual pension, it shall report to the regulatory authorities in time and take measures according to regulations.
Thirty-sixth unless otherwise stipulated, the fund transactions involved in the transaction of individual pension products must be initiated from the individual pension fund account and returned to the individual pension fund account.
Article 37 The issuing and selling institutions of individual pension products shall provide convenient services such as subscription and redemption for participants, and support participants in product conversion on the premise of complying with regulatory rules and product contracts.
Article 38 The interest of uninvested funds in the personal pension fund account shall be calculated according to the deposit interest rate and interest-bearing method agreed between the commercial bank and the individual.
Article 39 A sales organization of personal pension products shall, on the principle of "sales appropriateness", know the risk preference, risk cognition ability and risk tolerance of participants according to law, make a good risk warning, and shall not actively introduce personal pension products beyond their risk tolerance to participants.
Chapter VI Information Disclosure
Article 40 Ministry of Human Resources and Social Security and the Ministry of Finance shall summarize and disclose the implementation of individual pensions, including but not limited to the number of participants, the accumulation and collection of funds, and the investment and operation data of individual pension products.
Article 41 Information disclosure shall take the protection of the interests of participants as the fundamental starting point, and ensure that the disclosed information is true, accurate and complete, and there shall be no false records, misleading statements or major omissions.
Chapter VII Supervision and Administration
Article 42 Ministry of Human Resources and Social Security and the Ministry of Finance shall, according to their duties, formulate specific policies such as account setting, payment amount, receiving conditions, tax preferences, and supervise the operation of individual pensions. The tax authorities shall conduct tax collection and management of individual pensions according to law.
Article 43 Ministry of Human Resources and Social Security shall perform its supervisory duties on the daily operation of information platforms, and standardize the information interaction process between information platforms and commercial banks, financial industry platforms and relevant government departments.
Article 44 Ministry of Human Resources and Social Security, the Ministry of Finance and the tax authorities may take the following measures when performing their daily supervisory duties:
(1) Inquiring, recording and duplicating various contracts and other business data of personal pension business related to the matters under investigation;
(two) ask the institutions and individuals related to the investigation and ask them to explain the relevant issues and provide relevant certification materials;
(3) Other laws, regulations and measures stipulated by the state.
Article 45 The Bank of China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission) and the China Securities Regulatory Commission (hereinafter referred to as the China Securities Regulatory Commission) shall, according to their respective responsibilities, formulate supporting policies, specify the list of participating financial institutions, business processes, personal pension product conditions, regulatory information submission and other requirements, and standardize the personal pension business and personal pension investment in the public fund raising business of bank insurance institutions. Perform the supervisory duties of participating financial institutions in issuing and selling personal pension products and other business activities according to law, urge participating financial institutions to optimize products and services, give product risk warnings, and strengthen investor education.
If the participating financial institutions violate these measures, the Bank of China Insurance Regulatory Commission and China Securities Regulatory Commission shall take measures according to law.
Article 46 The Insurance Regulatory Commission of the Bank of China and the China Securities Regulatory Commission shall perform their supervisory duties on the daily operation of the personal pension business of the financial industry platform.
Forty-seventh participating departments should strengthen communication, timely understand the opinions and suggestions of all sectors of society on individual pensions through online and offline channels, and handle consultations and complaints in the implementation of individual pensions.
Forty-eighth participating institutions shall actively cooperate with the inspection, truthfully provide relevant information, and shall not refuse, hinder or evade the inspection, and shall not lie, conceal or destroy relevant evidence materials.
Forty-ninth participating institutions in violation of the provisions of these measures or relevant laws and regulations, by the Ministry of Human Resources and Social Security, the Ministry of Finance and the tax authorities in accordance with the division of responsibilities.
Chapter VIII Supplementary Provisions
Article 50 The Ministry of Human Resources and Social Security Insurance Regulatory Commission shall, jointly with relevant departments, do a good job in the connection between the individual tax deferred commercial endowment insurance pilot and the individual pension.
Article 51 These Measures shall come into force as of the date of promulgation.
Article 52 The Ministry of Human Resources and Social Security, Ministry of Finance, State Taxation Administration of The People's Republic of China, Bank of China Insurance Regulatory Commission and China Securities Regulatory Commission shall be responsible for the interpretation of these Measures.