1, the calculation method of pension is the sum of basic pension and personal account pension;

2. Basic pension = (when the insured retires, the average monthly salary of local employees in the previous year+the average monthly payment salary of the insured) divided by 2 times the accumulated payment period of the individual multiplied by1%; Personal account pension = personal account savings divided by months (60 years old 139, 50 years old 195).

Benefits of pension:

1, you can enjoy preferential tax policies. The state encourages the development of a multi-level endowment insurance system, and the third pillar covers a wide range of contents. Among them, the state supports the establishment of personal pension system through tax policy, which complements and promotes other market-oriented personal commercial pension financial services. Therefore, the most direct benefit of individuals participating in the personal pension system is that they can enjoy the preferential tax policies of the state. Including financial products such as FOF for the elderly and commercial endowment insurance, eligible investment products that can be used as personal pensions are purchased by participants independently;

2. It can enrich diversified pension needs. As we all know, the first pillar of basic old-age insurance is to ensure basic living, and the second pillar, enterprise annuity and occupational annuity, is established by the unit and plays a supplementary role in providing for the aged. Increasing personal pension now not only adds a supplementary pension channel for those who participate in the second pillar, but also adds a supplementary pension channel for those who do not participate in the second pillar, enriching the diversified needs of participants for future pension insurance;

3. It can help individuals to plan pension funds rationally. After participating in the personal pension, we can see from the system design that the account funds are closed and can only enter and exit at the payment stage. Personal contributions and investment income are accumulated in the account, and they can be collected at the age of receiving basic pension. In other words, it helps the insured to export the personal pension firmly from the system, helps individuals to plan pension funds reasonably, choose investment products and investment periods reasonably, and avoid early withdrawal, thus effectively playing the role of supplementary pension.

The method of receiving pension is as follows:

1. Make an appointment in the service hall of the social security service center in advance to go through the retirement audit procedures;

2. Go to the window of the local human resources and social security bureau for retirement approval;

3. After the Human Resources and Social Security Bureau has verified that it meets the retirement conditions, it will bring the retirement approval form, identity documents, medical insurance cards and payment vouchers to the individual payment window to modify the information and confirm the payment;

4. Go to the designated bank to apply for a pension debit card and provide the account card number to the social security agency;

5. After the approval, go to the Fund Audit Office of the Social Security Bureau to collect it.

The conditions for receiving a pension are as follows:

1, reaching the statutory retirement age;

2. After the payment period of the old-age insurance reaches the specified period, 1 July 9981,you will participate in the basic old-age insurance and reach the retirement age stipulated by the state. If the accumulated payment period has reached 15, they will participate in the basic old-age insurance before June 30, 20 18 and reach the retirement age stipulated by the state. If the accumulated payment period is over 10 years, you should participate in the basic old-age insurance before June 30, 20 198, and reach the retirement age stipulated by the state after July 18. If the accumulated payment period is over 15 years, you should participate in the basic old-age insurance before1June 30, 998.

To sum up, the monthly standard of basic pension is based on the average monthly salary of local employees in the previous year and my indexed monthly salary, and the payment is paid to 1% every1year. The calculation formula is: basic pension = (the average monthly salary of local employees in the previous year when the insured retires+the average monthly payment salary of the insured) divided by 2X payment years X 1%.

Legal basis:

Article 16 of the Social Insurance Law of People's Republic of China (PRC) * * * Individuals who participate in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have paid for fifteen years at 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.

Seventeenth individuals who participate in the basic old-age insurance, due to illness or non-work-related death, their survivors can receive funeral grants and pensions; Persons who have completely lost their ability to work due to illness or non-work-related disability before reaching the statutory retirement age can receive disability allowance. The required funds are paid from the basic old-age insurance fund.