Personal pension is a system supported by government policies, voluntary participation by individuals, market-oriented operation, and realizes the supplementary function of pension insurance.

Personal pensions implement a personal account system, and the payment is entirely borne by the participants. They can choose to purchase financial products such as savings deposits, financial products, commercial pension insurance, public funds, etc. that meet the regulations (hereinafter collectively referred to as personal pension products), and implement full accumulation.

Enjoy preferential tax policies in accordance with relevant national regulations.

Participants of personal pensions can enjoy personal pensions in accordance with regulations on the basis of receiving basic pensions.

2.

Who can participate in a personal pension?

Participants of personal pensions shall be workers who participate in the basic pension insurance for urban employees or the basic pension insurance for urban and rural residents in China.

As a pioneer city, workers in Shanghai who participate in the basic pension insurance for urban employees or the basic pension insurance for urban and rural residents can participate in personal pensions starting in 2022.

3.

What accounts do you need to open to participate in a personal pension and how to open an account?

To participate in a personal pension, you need to open a personal pension account and a personal pension fund account.

Participants should participate in personal pensions through the national unified online service portal (National Social Insurance Company Service Platform, National Human Resources and Social Security Government Service Platform, Electronic Social Security Card, Palm 12333 APP, etc.) or as determined by the China Banking and Insurance Regulatory Commission.

Commercial banks open personal pension accounts on information platforms.

After that, the personal pension participant chooses a commercial bank that meets the regulations to open or designate his only personal pension fund account.

The personal pension fund account is bound to the personal pension account.

Participants can open these two accounts at one time through commercial banking channels.

4.

What is the difference between a personal pension account and a personal pension fund account?

Personal pension accounts are used to register and manage personal identity information, and are associated with basic pension insurance relationships. They record information such as personal pension payment, investment, receipt, deduction and payment of personal income tax. They are an important way for participants to participate in personal pensions and enjoy tax benefits.

basis of preferential policies.

As a special special fund account, the personal pension fund account is managed with reference to the Type II account under the personal RMB bank settlement account.

The personal pension fund account is bound to the personal pension account and provides participants with services such as fund deposit, payment limit registration, personal pension product investment, personal pension payment, personal income tax payment, fund and related rights and interests information inquiry, etc.

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5．

How to pay for personal pension?

Participants can voluntarily pay monthly, in installments or annually within the natural year.

Currently, the upper limit of personal pension payment is 12,000 yuan per year.

6.

How to use the funds in the personal pension fund account, and what is the difference between it and deposits?

The funds in personal pension fund accounts can be used to purchase personal pension products such as savings deposits, financial products, commercial pension insurance, and public funds determined by the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission.

Participants independently decide the type and amount of personal pension products purchased with funds from their personal pension account.

Personal pension product sales agencies must adhere to the principle of "sales appropriateness", provide risk warnings, and must not proactively recommend personal pension products to participants that exceed their risk tolerance.

Bank savings deposits are a type of personal pension product.

Compared with general financial products, personal pension products have four attributes: safe operation, mature and stable operation, standardized targets, and focusing on long-term value preservation, thereby better protecting the lives of retirees.