November 4Ministry of Human Resources and Social Security, Ministry of Finance, Five departments including the State Administration of Taxation The Measures for the Implementation of Personal Pension [P] was jointly issued. The Ministry of Finance and the State Administration of Taxation Previously, the Announcement on Individual Income Tax Policies Related to Individual Pension [P] was also issued. So, what is an individual pension?
Who can participate?
How to participate?
How to get it?
Let's have a detailed lookWhat is an individual pension?
The individual pension belongs to the supplementary pension insurance system. At present, China's multi-level endowment insurance system mainly includes "three pillars".
The first pillar is the basic old-age insurance, which is the main part and currently covers 1.04 billion people.
The second pillar is enterprise annuity and occupational annuity. By the end of 2021, more than 70 million employees have participated in the two annuities.
The third pillar includes personal pension and other personal commercial pension financial businesses.
Who can participate in individual pension?
Workers who participate in the basic endowment insurance for urban workers or urban and rural residents in China.
How to open an individual pension account?
The individual pension system adopts the individual account system, including two accounts,One is the personal pension account, The other is the personal pension fund account.
The Implementation Measures stipulate that individual pension accounts should be opened on the personal pension information management service platform through the national unified online service portal or commercial banks and other channels. The individual pension fund account can be opened or designated by a qualified commercial bank, or by other qualified individual pension product sales agencies.
Participate in personal pensionWhy set up two accounts?
Why do you want to set up two accounts,What is the relationship between the two accounts?
To participate in the individual pension system, you must first open an individual pension account. It is opened by participants on the personal pension information management service platform through the national unified online service portal or commercial bank channels such as the national social insurance public service platform, electronic social security card, and handheld 12333App. It is used to record participants' whole process information and serves as the basis for participating in the personal pension system and enjoying preferential tax policies. After opening an individual pension account, the capital account should be designated or opened in a commercial bank that meets the requirements.
"These two accounts are unique and correspond to each other. These two accounts can be opened at one time through commercial banking channels." Jia Jiang said.
Pay individual pensionIs there an annual limit limit?
The Implementation Measures specify that the maximum amount of personal pension that participants can pay each year is 12000 yuan, which can be paid monthly, in installments or annually. The amount of contributions is accumulated in the natural year and recalculated in the next year.
In the future, the state will timely increase the upper limit of payment according to the level of economic and social development and the development of the multi-level pension insurance system. For participants, they can flexibly choose whether to participate every year or in parts of the year according to their economic affordability, and they can also choose the amount of payment they need within the year, either in a lump sum or in installments.
How to use the funds in the individual pension account?
After the money has been deposited in the individual pension account, how should it be used and how can it maintain and increase its value?
The Implementation Measures specify that the individual pension system is implemented, and the payment is entirely borne by the participants themselves. They can independently choose to purchase financial products such as savings deposits, financial products, commercial pension insurance, public funds and so on that meet the requirements, implement full accumulation, and enjoy preferential tax policies in accordance with relevant national regulations.
Personal pension products andAre general financial products the same?
The diversity of personal pension products is conducive to meeting the investment needs of different groups, promoting market competition and encouraging financial institutions to develop more and better financial products to participate in the personal pension system. Compared with general financial products, personal pension products should have the attributes of safe operation, mature and stable operation, standard target and long-term value preservation. According to the Implementation Measures, participants can decide on their own the types and amounts of personal pension products purchased with the funds of the personal pension fund account. The personal pension product sales agency should follow the principle of "appropriateness of sales", make a good risk reminder, and should not actively recommend personal pension products beyond their risk tolerance to participants.
What policies can you enjoy when participating in individual pension?
First, in the payment link, the part that does not exceed the upper limit of 12000 yuan per year can be deducted before the individual income tax by withholding the comprehensive income of the individual income tax or the final settlement of the next year; Secondly, in the investment link, the investment income obtained is not subject to individual income tax temporarily; Finally, in the receiving link, when participants receive personal pensions, they pay personal income tax at a rate of 3%, regardless of the receiving method and amount. Jia Jiang said: "This tax rate is relatively low".
How can I get my personal pension?
What conditions should be met?
In order to better realize the supplementary pension function, the policy stipulates that participants can receive personal pension when they reach the basic pension age, completely lose their ability to work, go abroad to settle down, and other conditions stipulated by the state. The way of receiving is decided by the participants themselves, and the individual pension can be received monthly, in installments or in a lump sum. First, only when the participants reach the basic pension age can they receive personal pension, which can better reflect the supplementary pension function; Second, from the perspective of receiving conditions, the way of receiving (and) the second pillar enterprise (occupational) annuity is basically the same, which is conducive to the connection of the second pillar and the third pillar in the future.
When a participant proposes to receive an individual pension from a commercial bank, the commercial bank will verify the eligibility of the participant from the personal pension information management service platform. For those who meet the conditions, the commercial bank will transfer the funds in the individual pension fund account to the participant's social security card bank account according to the way and amount of payment selected by the individual, and the participant will make the decision.
Can an individual pension be inherited?
It is clearly stipulated in the Implementation Measures that if a participant dies, the assets in his/her personal pension fund account can be inherited. If the social security card of the participant is cancelled due to reasons such as going abroad or settling down abroad, or death, the commercial bank will transfer the funds in the participant's personal pension fund account to the fund account designated by the participant or his successor. If the participant completes the transfer of funds (assets) in the individual pension fund account, or the funds (assets) in the account are received, the commercial bank will cancel the fund account.
RetirementIt is something that many people are very concerned about [P] is provided along with the application of citizen cloud app. Many pension related services Xiao Yun sorted out [P] today. Guidelines for Use of Some Matters Let's have a look ↓ Insured personnel How to query individual equity records in 2021?
How to issue the insurance payment certificate?
About social security card receiving pensionThese matters also need attention Come and have a look 01. 2021 Electronic Pension Insurance Personal Rights and Interests Record The electronic personal rights and interests record in 2021 has been launched Friends in need You can log in the attached APP to query ↓ Relevant Q&A Guide → Attention! Online!
02. Insurance payment certificatePayment of Basic Endowment Insurance for Urban Employees of the Insured Display the payment and bookkeeping information of nearly 60 months And the cumulative payment months as of the end of the previous month at the printing time point.
[P] can be obtained through the citizen cloud app attached with the application.
03. Pay attention to[P] when using social security card to receive pension benefits. Since September 1, 2022, the city has comprehensively promoted the application of social security cards, Enterprise employees apply for pension and individuals go through the formalities for applying for pension, Use your personal social security card bank account to receive pension benefits.
Remind everyone againUse the social security card bank account to receive pension benefits Individuals need to activate the financial function of social security card in time In order to avoid the influence on the payment If the financial function [P] has not been activated. It is necessary to contact financial institutions (i.e., the bank issuing the social security card) [P] in a timely manner. Activate the financial function of social security card bank account If you want to apply for a new social security card You can apply for [P] online using the accompanying APP. 。 The content of the article and the accompanying pictures come from | Today Minhang, CCTV Finance, Xinhua News Agency, Shangguan News, China News Agency, etc. Please contact the original author for reprint and authorization.