If you plan your account as a whole, you will receive it according to the proportion of the payment period, that is to say, how many years you have paid, and when you retire, you will receive it according to a certain proportion of the local average social wage in the previous year. If we pay 15 years of social security, put 12% into the overall account every year, and receive 15% every year after retirement, then 12 years will be able to return to our capital.
The personal part is different. Personal account pension will set your planned number of months according to your retirement age. According to the regulations, men's retirement at the age of 60 is 139 months, and women's retirement at the age of 55 is 170 months. The payment is also 15 years, so we only need 12 to 14 years to return to our capital.
The role of pension:
The individual pension system, together with the basic pension insurance and annuity in China, constitutes the three pillars of providing for the aged. Personal pension is a supplement to the basic old-age insurance system. When users reach the legal retirement age, they can not only receive basic old-age insurance, but also receive their own personal pension, forming double insurance for future old-age care.
The funds in the personal pension account can be used to purchase financial products such as bank wealth management, savings deposits, commercial pension insurance and Public Offering of Fund. Abide by relevant laws and regulations, choose independently and bear corresponding risks. On the other hand, the personal pension fund account is closed, and the rights and interests belong to the insured.