Personal pension investment income is not taxed by the bank insurance company fund actively preparing for related financial services

29Sep

Our reporter Leng Cuihua's personal pension has ushered in good news recently. The Executive Meeting of the State Council held on September 26 determines the personal income tax discount of personal pensions for policy support and commercial operations: the payer is deducted by tax in advance at a limit of 12,000 yuan per year. The actual tax burden dropped from 7.5%to 3%. The policy implementation dates back to January 1 this year. The industry believes that clarifying the tax -excellent policy will further stimulate the enthusiasm of people to participate in personal pensions, and make the third pillar of the elderly. It is expected that there will be more supporting policies and optimization space in the future. At present, financial institutions such as insurance institutions, banks, and funds are actively preparing for personal pension business. Industry insiders believe that investment income will become a key factor in whether each institution can get more market share. Relevant institutions need to improve their investment research capabilities and strive for greater market share. Significantly reduced the tax burden of personal pensions. "Securities Daily" reporter said. In order to promote the development of the third pillar of the elderly, my country began to pilot personal tax deferred commercial pension insurance in 2018. The "Notice on the Pilot Defending Commercial Pension Insurance Pilot" jointly issued by the Five Departments and other five departments of the Ministry of Finance at that time stated that the commercial pension income received when the individual meets the prescribed conditions, of which 25%are exempt from tax, and the remaining 75%part Calculate personal income tax at a rate of 10%. Zhu Junsheng said that the above -mentioned policy is equivalent to 7.5%of the tax rate at the receiving stage, which greatly reduces the coverage of preferential tax policies. The number of people with a large number of and low -income income is lower than the tax rate of tax delay pensions. If the tax delayed pension is participated, not only can they not enjoy the tax -saving effect of tax deretes there, but increase the tax burden. Therefore, the actual tax rate at the stage of personal pension collection is greatly reduced, and the participation of tax groups with low -income and low -income income can expand the coverage of personal pensions and better achieve policy goals. Fang Lianquan, Secretary -General of the World Social Security Research Center of the Chinese Academy of Social Sciences, told a reporter from the Securities Daily that in addition to reducing the tax burden at the receipt stage, personal pensions do not levy taxes on investment income during the payment period, which is also the personal pension system. One of the core incentives is good for people participating in personal pensions. For the current tax deduction limit for personal pensions, some people in the industry believe that it can be improved in a timely manner. Zhu Junsheng said that the current personal payment tax deduction standards for 12,000 yuan per year are low, the actual pre -tax deduction amount is relatively limited, and the tax -saving effect is not obvious. It is recommended to improve appropriately. At the same time, it is recommended to establish a dynamic adjustment mechanism for the exponential and linked increase of the deduction quota and the social average salary growth. In the future, with the increase in economic development and income levels, the dynamic increase in tax deduction amount is dynamically increased. Zhu Junsheng also suggested that it can expand tax incentives. Whether it is the previously piloted delayed commercial pension insurance or the personal pension system launched this year, it adopts the deferred taxation model of EET (the payment and investment links are not taxed, and the tax collection links are taxed). It has a certain incentive effect, but low -income groups cannot be enjoyed because the income fails to reach a tax starting point. Therefore, the tax incentives of personal pensions can also be considered directly fiscal subsidy. The top -level design of the personal pension system of investment yields or financial institutions is clear, and the tax and excellent policy have also been followed up. People in the industry believe that there are more supporting policies and optimization space for follow -up. In the personal pension track, insurance companies, banks, funds and other financial institutions are actively preparing for war. The "Opinions on Promoting the Development of Personal Pensions" issued by the General Office of the State Council in April this year proposed that personal pension funds accounts can purchase bank wealth management, savings deposits, commercial pension insurance, public funding, etc. Specify and focus on financial products that meet long -term value preservation to meet different investors' preferences. So, which financial products can be shortlisted for personal pension investment scope? Which products have been favored by investors? "The finalists need to be determined by the follow -up rules, but from the current analysis, products such as exclusive commercial pension insurance, bank pension wealth management, specific pension savings products, and pension target funds are likely to be shortlisted for personal pension account investment. "Zhu Junsheng analyzed. In the personal pension market, in order to meet the development opportunities of personal pensions, all kinds of qualified financial institutions have been soldiers. Judging from the pilot of exclusive endowment insurance, statistics from the Banking Insurance Regulatory Commission show that as of the end of July this year, the exclusive commercial pension insurance has been insured nearly 210,000, and the cumulative premiums are 2.35 billion yuan. The reporter learned that this year's qualified Taiping pension and exclusive commercial pension insurance products for national pensions have been approved one after another, and the exclusive commercial pension insurance products of Ping An Pension have also been declared. A relevant person in charge of an insurance company said that in the long run, the main factors that affect investors' decision -making in the field of personal pensions are yields, which is also the key to the competitiveness of financial institutions. Because the funds of the personal pension funds account can purchase financial products that meet the prescribed regulations, participants can choose freely before receiving. Therefore, relevant financial institutions need to actively improve their investment capabilities and increase their attractiveness through higher yields.

Judging from the yield rate of some pension products, at the beginning of this year, the six pilot life insurance companies disclosed the revenue of exclusive commercial pension insurance in 2021. Among them, the annualized settlement interest rate of a stable account is between 4%and 6%, and the annualized accounting rate of aggressive accounts is between 5%and 6.1%. From the perspective of pension and wealth management products, the current comparison of the performance of the elderly wealth management products is distributed between 4%and 10%. From the perspective of specific pension savings products, the "Notice on the Pilot Work of Specific Pension Savings" issued by the China Banking Regulatory Commission and the People's Bank of China in July clearly states that the interest rate of specific pension savings products is slightly higher than the listing interest rate of the five -year deposit of the five -year period of large banks. On September 28, ICBC APP showed that the 5 -year deposit and collected listing interest rate was 2.65%. "Pension finance is a large ecological market. Financial institutions will make efforts in the fields of product design, account management, wealth allocation, asset management, pension services, health care, and other fields. Different institutions need to create differentiated competitiveness in combination with their own characteristics." Zhou Jin, a partner of the management consulting partner of the PwC China Financial Industry Management Consultation. Recommended reading

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