The Ministry of Human Resources and Social Security announced on the 25th that the personal pension system has been launched and piloted in 36 cities.

Users participating in the personal pension system need to open a personal pension account and a personal pension fund account at the same time. So what exactly does a personal pension fund account mean? And how to open it? Let’s find out together.

What does personal pension fund account mean? Personal pension fund account is bound to the personal pension account under the personal pension system. Users who participate in the personal pension system and make pension payments need to complete it through the personal pension fund account.

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After people open a personal pension fund account, they can pay into the fund account. The funds in the account can be used to purchase personal pension products, including savings deposits, financial products, commercial pension insurance and public funds.

In addition, money deposited into a personal pension fund account can be inherited.

It is worth mentioning that users participating in the personal pension system who have reached the basic pension age, or who have completely lost their ability to work, settled abroad, or other circumstances that comply with national regulations, can receive the funds in their personal pension account.

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You can receive it monthly, in installments or in one go.

There are also limits on the funds paid into personal pension fund accounts, and the maximum annual payment limit is 12,000 yuan.

If users want to participate in the personal pension system, they can open a personal pension fund account through a shortlisted commercial bank.

Banks that support opening personal pension fund accounts include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank, China CITIC Bank, China Everbright Bank, Hua Xia Bank, China Minsheng Bank, China Merchants Bank, Shanghai Pudong Development Bank, and Zheshang Bank.

Bank, Bohai Bank, Industrial Bank, Ping An Bank, China Guangfa Bank, Hengfeng Bank, Bank of Shanghai, Bank of Jiangsu, Bank of Beijing, Bank of Ningbo and Bank of Nanjing.

The above is a detailed introduction to personal pension fund accounts. I hope it can be helpful.