my country is accelerating the construction of a multi-level and multi-pillar pension insurance system with more complete functions, that is, a system based on basic pension insurance, supplemented by enterprise/occupational annuity, and connected with personal savings pension insurance and commercial insurance, which is called "Three pillars" system.

The first pillar: basic pension insurance: compulsory, inclusive, government-led. The second pillar: enterprise/occupational annuity: independent, supplementary, unit-led. The third pillar: personal pension: voluntary, market-oriented, policy support. "Three pillars" construction

Progress 1. The first pillar is basic pension insurance, which is the pension insurance in what we often call “five insurances and one fund”.

As of the end of 2021, the number of people insured by the national basic pension insurance is approximately 1.03 billion, basically achieving full coverage of the working population, with a cumulative balance of approximately 6.4 trillion yuan.

In recent years, the revenue and expenditure pressure of basic pension insurance has gradually increased, and the pension replacement rate has continued to be low. The state is replenishing social security funds by carrying out financial subsidies, transferring part of state-owned capital, broadening investment channels for basic pension funds, and studying the implementation of delayed statutory

The retirement age and other policy combinations have continuously laid a solid foundation for strengthening the basic pension insurance system.

2. The second pillar. As of the end of 2021, there are about 72 million people participating in enterprise/occupational annuities in my country, accounting for about 5% of my country’s total population. It covers less than 7% of the total number of people participating in basic pension insurance, and the coverage is relatively limited.

The cumulative scale of enterprise/occupational annuities is approximately 4.4 trillion yuan.

Although the occupational annuity was established relatively late and is only open to employees in government agencies and institutions, it has developed rapidly due to its mandatory nature.

3. The third pillar. As of now, my country’s personal pension system and related products are still in their infancy.

Personal tax-deferred commercial pension insurance is the only third-pillar pension financial product that currently enjoys preferential tax policies in my country. Pilot projects have been launched in Shanghai, Fujian Province and Suzhou Industrial Park since 2018. As of the end of October 2021, the cumulative premiums The income is about 600 million yuan, and the number of insured persons exceeds 50,000.