1. Old-age insurance: Pension is a form of old-age insurance. You can use the funds in the pension account to continue to pay the old-age insurance premium and improve the level of personal old-age security.
2. Old-age insurance products: Old-age insurance products are long-term savings insurance products, which can be purchased with funds in pension accounts to obtain more old-age security and wealth management benefits.
3. Pension services: The funds in the pension account can also be used to purchase pension services, such as nursing homes, nursing institutions and medical care services.
Pensions need to meet the following conditions:
1. Before I retired, I participated in the basic old-age insurance according to the regulations;
2. Reach the retirement age stipulated by the state or meet the retirement conditions;
3. I pay the endowment insurance premium in full and on time 15 years. If only the first two conditions are met, and the payment period (including deemed payment period) is less than 15 years, the old-age insurance cannot be enjoyed monthly.
To sum up, different regions and countries have different pension policies and regulations, and the specific products or services that can be purchased with pensions will be different. Therefore, before purchasing any products or services, it is recommended to know the local pension policies and regulations and consult professionals.
Legal basis:
Article 12 of the Social Insurance Law of People's Republic of China (PRC)
The employing unit shall pay the basic old-age insurance premium according to the proportion of the total wages of its employees stipulated by the state, and record it in the basic old-age insurance pooling fund.
Employees shall pay the basic old-age insurance premium in accordance with the proportion of wages stipulated by the state and record it in their personal accounts.
Individual industrial and commercial households without employees, part-time employees who have not participated in the basic old-age insurance in the employing unit and other flexible employees who have participated in the basic old-age insurance shall pay the basic old-age insurance premiums in accordance with state regulations and record them in the basic old-age insurance pooling fund and individual accounts respectively.
Article 16
Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid a total of fifteen years when they reach the statutory retirement age.
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.