Whether the "liability and assets" and the warm wind can break the situation

Economic Observation Network reporter Ouyang Xiaohong

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This time, the policy warm wind is blowing at the same time -the liabilities and assets that spans and connect the third pillar pension insurance. Can the dilemma of Chinese -style pension be stepped back and break through?

The executive meeting of the State Council held on September 26 determines tax preferences for personal pensions for policy support and commercial operations to meet diverse needs.

The meeting pointed out that the personal pension of development policy support and commercial operation is supplementing basic pension insurance, which is conducive to better meet the diverse needs of the masses and improve the level of guarantee. The meeting decided to implement personal income tax discounts on personal pensions of policy support and commercial operations: the payer is deducted by tax in advance at a limit of 12,000 yuan per year. It is 3%. The policy implementation dates back to January 1 this year.

On the one hand, the payer is deducted before tax at a limit of 12,000 yuan per year, and the real reality of the receiving stage is greatly reduced.

The inter -tax rate can encourage the participation of tax groups with low and medium -income income, which can be conducive to expanding the coverage of personal pensions; on the other hand, investment income is not taxing, which means that the return of investment portfolios is more stable, safe and reliable.

It is said that the foreign sound is the liabilities and assets of the third pillar pension insurance. To a certain extent, standardizing the development of the "third pillar" is given the mission of solving the problem of China's pension security system.

This is because, since the 1990s, my country has gradually explored the establishment of a multi -level, multi -pillar pillar endowment insurance system supplemented by the first pillar basic endowment insurance, the second pillar professional pension, and the third pillar of personal pension. But the current situation of the three pillars is not satisfactory: such as the "one independent" of the first pillar, the second pillar is "a short board", and the third pillar is "a young seedlings".

International experience shows that the proportion of the weights of the three pillars is mainly based on the balance; the third pillar is also an effective form of increasing supply of pension guarantee. In addition, the account system has an advantage in terms of tax preferential fairness and operating convenience, and has become the mainstream model for the development of the third pillar pension insurance.

The third pillar of China's pension is absent. For example, the first pillar is basic endowment insurance, including urban employees and basic pension insurance for urban and rural residents; social security funds are the source of funds; as of the end of 2019, the amount of pension deposits was 8.89 trillion yuan, and 70.7% each, one, two, and three pillars each accounted for 70.7% , 29.2%, 0.0%, totaling only 9.0%of GDP.

According to data from the Ministry of Human Resources and Social Security, at the end of March this year, the number of basic pension insurance insured reached 1.03 billion, and the annual income and expenditure scale of basic endowment insurance funds reached 12.6 trillion yuan, with a cumulative deposit of more than 6 trillion yuan; the second pillar was the second pillar. Including corporate annuity and occupational annuity; as of the end of March this year, there were 72 million employees participating in corporate annuity and occupational annuity, accumulating 4.5 trillion yuan. The third pillar is personal business pension, as well as other personal business pension and financial business.

On April 21 this year, the "Opinions of the General Office of the State Council on Promoting the Development of Personal Pensions" was officially released to the public, showing that the personal pension system was eager to come out. With the top -level design of the policy framework documents, a series of related supporting documents need to be formulated. Among them, the personal pension tax preferential policy has attracted much attention.

As early as May 2018, the pilot of tax extension pension insurance marked the official opening of China's third pillar pension; that is, delaying personal taxes to encourage the public to purchase commercial pension insurance. However, in the insufficient tax discounts, the high tax rate during the receiving phase, the highest payment limit, the complex process, the process of the process is not high. The premium income of the pension insurance pilot product is only 630 million yuan, which can be described as "applauding"; what should I do?

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The pilot effect of individual delayed commercial pension insurance is not satisfactory, and relevant departments, relevant institutions, etc. have also begun to "make efforts."

For example, in terms of this great benefit, "the actual tax burden of receiving income from 7.5%to 3%", the relevant departments aims to truly stimulate personal care consciousness, ensure the effect of tax incentives, and implement themselves. It turns out that the tax rate of most low -income income is currently lower than the tax rate of tax delay pensions. Based on the principle of voluntary voluntary, if they participate, they not only cannot enjoy the tax -saving effect of tax deferred, but will increase the tax burden. The actual tax rate at the receiving phase or the result of the "summarizing experience and attracting the precepts" from the pilot "summarizes experience".

And the change of savings for the elderly is to invest in the elderly, that is, "let money to grow money and make money valuable" is the goal of the third pillar. Among them, "longevity risks and investment risks" are considered to be the main development of the third pillar pension insurance development. risk.

It is worth mentioning that the China Insurance Industry Association (hereinafter referred to as the "Insurance Industry Association") at the "Third Pillar Pension Insurance System Construction and Pension Investment and Operation and Operation and Operation and Operation" held in Beijing on June 10, the experts pointed out Experience shows that pensions are not simply investment issues, but to cooperate with suitable products. On the basis of the combination of the system and the product, the responsibility of pension guarantee is fulfilled through the system design. A core system that realizes long -term fixed -time pension will bring a long -term stable huge cash flow to the capital market.

The so -called "long money", China's capital market has never been so eagerly called to enter the market with long money such as pension insurance funds. Just as stable mass cash inflows can promote the rapid growth of the capital market, the decline in high -speed inflation, and the significant reduction in interest rates. The institutional, stable endurance of internal circulation funds will greatly promote economic activity, as well as capital support for the national high -tech innovation industry.

The Bank of China has summarized that the pain point of the third pillar pension insurance is that the incentive effect of tax discounts is limited; the procedures are relatively cumbersome and weaken the enthusiasm of insurance; products are homogeneous, and subsequent research should be studied according to consumer demand.

The senior experts who participated in the conference regarded the "definition of the qualified" pension financial products "as the first suggestion to promote the healthy development of the industry. Procedures; explore the creation of comprehensive pension finance accounts with insurance industry characteristics; actively reserve pension financial products with both risk protection and wealth management functions; increase the education of pension financial finance and form social effects; Connectivity; further pay attention to the benign interaction between pension investment and national strategy and gain greater policy support; actively embrace financial technology in the development of the third pillar pension insurance; establish an incentive system to promote the team of insurance marketers to become public customers' pension planning habits Important promoters, etc.

Shang Jingguo, Secretary -General of the Insurance Association, said that in the face of the current third -pillar pension policy, the insurance industry acts early, take the initiative to be pragmatic, enter the practical level, and actively respond to the introduction of policies.

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In fact, banks, insurance, and funds have their own pension products in the third pillar pension insurance system.

In the third pillar pension market in China, banks, funds, insurance and trust companies have a place. Among them, insurance companies that are highly fitted with their own business development may have unique advantages in providing pension services and guarantees. But the innovation of commercial endowment insurance is insufficient. There are many pain points such as product homogeneity, transaction costs and commissions costs in various insurance companies. It is difficult to meet the multi -level demand for commercial pension products for a time.

At the same time, after the top -level design was introduced, all kinds of financial institutions with related qualifications are being soldiers, and they aim to meet the development opportunities of personal pensions.

May wish to focus on the registered capital of RMB 11.15 billion, and the national pension insurance company jointly sponsored by 17 companies, National Pension Insurance Co., Ltd. (hereinafter referred to as "National Pension"). Since the date of construction, the national pension, as the tenth professional company in the domestic pension insurance industry, has been regarded as an important explorer of the third pillar of my country's pension in China.

On September 8th, the first exclusive commercial pension insurance product "National Common and Exclusive Commercial Pension Insurance" was officially launched on China Merchants Bank. China Merchants Bank became the first bank sales channel for the product.

On September 2nd, the first product of the National Pension Insurance Company, "National Beautiful Life Pension Nian Gold Insurance", officially landed on the Beijing Branch of the Bank of Communications opened for sale. Since the end of July, after the first time of the banking channels, the national pension and life -pension -year -old gold has been in the bank channel, and it has accumulated 8 banking channels in less than two months.

The national pension explains that the product can provide pension for life and effectively respond to longevity risks. The product focuses on high insurance benefits from the elderly. It has the characteristics of lifelong collection, stable income, inclusiveness, and flexible planning. It is currently mainly sold for bank channels.

Huang Tao, general manager of the National Pension Insurance, said that national pension is committed to implementing the country's strategic deployment of the country to improve the strategic deployment of the social security system, explore the construction of the third pillar of the pension insurance system, and further enrich the pension financial products and services of Chinese residents. , Security "development concept, focusing on the business field with pension attributes, strive to provide the society with a stable and applicable pension financial solution, and strive to build a professional -care financial company with outstanding management, standardized management, efficient service, economic and social benefits.

Among them, the concept of "inclusive and innovation" makes the inside of the industry. As we all know, insurance companies, which are highly consistent with their own business development, have unique advantages in providing pension services and guarantees. But the innovation of commercial pension insurance is not enough. For external evaluations, many insurance companies have many pain points such as product homogeneity, transaction costs and commission costs; short -term or difficult to meet the multi -level demand for commercial pension products in a short time or more difficult to meet the insured's pension products. So, can the pension of national pensions with a high threshold and the advantages of innate shareholders stand out?

However, as far as the pilot effect is concerned, the participating institutions seem to perform well. According to statistics from the China Banking Regulatory Commission, as of the end of July this year, the cumulative number of insureds for exclusive commercial pension insurance was nearly 210,000, and the cumulative premiums were 2.35 billion yuan. The relevant person in charge of the Banking Insurance Regulatory Commission said that the pilot pilot of exclusive commercial pension insurance has excellent results. It will introduce normalized business documents to encourage more eligible institutions to carry out operations, enrich the supply of product, and benefit the results of reform.

Recently, many banks have faced the first batch of personal pension accounts for internal testing of a small number of customer groups. At present, CITIC Bank, Industrial Bank, and China Merchants Bank have all launched the "Pension Zone"; Signing function.

In terms of specific details, as for how to open an account for personal pensions? According to the relevant person in charge of the Ministry of Human Resources and Social Security, two accounts need to be opened for personal pensions: one is to establish a personal pension account on an information platform for information records , Query and service, etc.; the other is the personal pension fund account opened or designated in the bank for payment, purchasing products, and collecting income. These two accounts are the only corresponding to each other. Participants can open a number of channels such as the national social insurance public service platform, the national human -social government service platform, the electronic social security card, the "palm 12333", and the commercial bank. Among them, through commercial bank channels, these two accounts can be opened at one time. Judging from the investment of personal pensions, it is reported that participants can choose bank wealth management, savings deposits, commercial pension insurance, public fund, etc. according to different preferences, and can also have a short -term and long -term combination. Completed, no need to run multiple departments and institutions.

As a result, the implementation of the personal pension system and related supporting policies is getting closer; how can Chinese -style pensions break through? The third -pillar pension insurance liabilities and the ends of the asset side need to continue to blow warm wind and tax preferential policies. Industry standards, optimization of practical operations, policy coordination and promotion and other industries cannot be underestimated.

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