In April, the Opinions of the General Office of the State Council on Promoting the Development of Personal Pension was released, and the personal pension system will be launched soon.

Under the trend of aging, the problems such as insufficient replacement rate of the first pillar pension and excessive financial pressure are gradually highlighted, and it is urgent to build the third pillar formed by personal pension savings investment. How does the third pillar ease the pressure on pension funds? How to grow old gracefully in the age of longevity?

In the "Financial Lecture Hall" jointly organized by China Business News and Taikang Life Insurance on May 29th, Shen Minggao, global chief economist of GF Securities, said that how to make the old people get rich first before the arrival of severe aging is one of the challenges facing China.

Yao Yudong, former director of the Financial Research Institute of the People's Bank of China, deputy general manager and chief economist of Dacheng Fund, and chief economist of the 5-member Forum of China Pension Finance, proposed that the replacement rate of the third pillar should reach at least 1% in order to alleviate the pressure of the first pillar pension.

The pension replacement rate has dropped to 41.3%. How can the gap be filled?

"In 25, China will enter the plateau area of population aging." Yao Yudong pointed out.

according to the data of the seventh national census in p>22, the population aged 65 and over in China is 19.64 million, accounting for 13.5%, and the degree of population aging is further deepened, and this figure will exceed 2% in 235.

what matches the rapid growth of the elderly population is the wide coverage of China's basic old-age insurance fund. By 22, the accumulated balance of the basic old-age insurance fund (the first pillar) was 5.8 trillion yuan, and the number of participants was nearly 1 billion, with a coverage rate of 7%.

However, Yao Yudong pointed out that in recent years, the growth rate of basic endowment insurance funds has slowed down marginally, and the pressure of sustainability has intensified; The coverage of the second pillar with enterprise annuity and occupational annuity as the core only accounts for 5.9% of the total employed population in cities and towns, and the penetration rate still needs to be improved.

To measure the difference of living security level of workers before and after retirement, the pension replacement rate is one of the basic indicators, which refers to the ratio between the pension level of workers at retirement and the wage income level before retirement.

Yao Yudong introduced that at present, China's pension replacement rate has dropped from 7% in 2 to 41.3% in 22. According to the Convention on Minimum Standards of Social Security issued by the International Labour Organization, 55% is the warning line of pension replacement rate, and the quality of life after retirement below this level will drop significantly.

Yao Yudong pointed out that with the deepening of aging, the pressure on the balance of payments of the first pillar is gradually increasing, and the replacement rate of the first pillar is expected to drop to 2% in the future. The second pillar covers too few people, so it is urgent to rely on the third pillar with personal savings pension insurance and commercial pension insurance as the core for follow-up.

what can the third pillar do to benefit low-income groups?

how does the third pillar ease the pressure of pension fund gap? Yao Yudong proposed that the replacement rate of the third pillar should reach at least 1% or even 2%, which is comparable to that of the first pillar in Qi Fei.

with reference to the experiences of Japan, Germany and the United States,