Original title: Personal pension is coming! The maximum annual payment is 12000 yuan, and full accumulation is implemented

On April 21, the General Office of the State Council issued the Opinions on Promoting the Development of Personal Pension (hereinafter referred to as the Opinions). The individual pension is subject to the individual account system. The maximum amount of individual pension paid by participants each year is 12000 yuan, which is fully accumulated. The payment ceiling is adjusted in due course; The State formulates preferential tax policies to encourage qualified personnel to participate in the individual pension system and receive individual pensions in accordance with regulations; The funds in the individual pension fund account are used to purchase financial products such as bank financing, savings deposits, commercial pension insurance, public funds, etc. that meet the requirements, and participants can choose on their own.

The Opinions require promoting the development of personal pension suitable for China's national conditions, government policy support, individual voluntary participation and market-oriented operation, linking with basic pension insurance and enterprise (occupational) pension, realizing the supplementary function of pension insurance, coordinating the development of other personal commercial pension financial services, and improving the multi-level and multi pillar pension insurance system. Workers who participate in the basic old-age insurance for urban workers or urban and rural residents in China may participate in the individual pension system.

The individual pension is subject to the individual account system, and the payment is entirely borne by the participants themselves, with full accumulation. Participants establish personal pension accounts through the personal pension information management service platform (hereinafter referred to as the information platform). The individual pension account is the basis for participating in the individual pension system and enjoying preferential tax policies.

Participants can use their personal pension to purchase financial products in financial institutions that meet the requirements or the sales channels entrusted by them in accordance with the law (hereinafter collectively referred to as financial product sales institutions), and bear the corresponding risks. Participants shall designate or open a unique individual pension fund account for individual pension contributions, income collection, payment and payment of individual income tax. The individual pension fund account may be designated or opened by the participant in a qualified commercial bank, or designated through other qualified financial product sales institutions. The personal pension fund account is closed, and its rights and interests belong to the participants. Unless otherwise specified, it may not be withdrawn in advance.

When a participant changes the deposit bank of an individual pension fund account, it shall, after verification by the information platform, transfer the funds in the original individual pension fund account to the new individual pension fund account and cancel the original fund account.

The Opinions clearly stated that the maximum amount of personal pension paid by participants each year was 12000 yuan. The Ministry of Human Resources and Social Security and the Ministry of Finance timely adjust the payment ceiling according to the level of economic and social development and the development of multi-level and multi pillar pension insurance system and other factors. The State formulates preferential tax policies to encourage qualified personnel to participate in the individual pension system and receive individual pensions in accordance with regulations.

The funds in the personal pension fund account are used to purchase financial products that meet the requirements of bank financing, savings deposits, commercial pension insurance, public funds and other financial products that are safe, mature, stable, standardized and focused on long-term preservation and meet the preferences of different investors. Participants can choose independently. The financial institutions and financial products involved in the operation of personal pension are determined by the relevant financial supervision department and released to the society through the information platform and financial industry platform.

Participants who reach the basic pension age, completely lose their ability to work, go abroad to settle down, or have other circumstances in line with national regulations can receive personal pension monthly, in installments, or in a lump sum after the information platform has verified the conditions for receiving pension. Once the method of receiving pension is determined, it cannot be changed. When receiving, the individual pension shall be transferred from the individual pension fund account to the social security card bank account. After a participant dies, the assets in his or her personal pension fund account can be inherited.

According to the Opinions, the information platform is organized by the Ministry of Human Resources and Social Security to connect with qualified commercial banks and relevant financial industry platforms, collect relevant information, share relevant information with finance, taxation and other departments, provide participants with personal pension account management, payment management, information query and other services, and support participants to enjoy preferential tax policies, Provide information verification and comprehensive supervision support for the operation of personal pension, and provide relevant information services for relevant financial supervision departments and financial institutions involved in the operation of personal pension. Constantly improve the standardized, information-based and professional management level of the information platform, and use the "Internet+" innovative service mode to provide convenient and fast services for participants.

The Ministry of Human Resources and Social Security and the Ministry of Finance provide macro guidance for the development of individual pensions, formulate specific policies and carry out operational supervision on the account setting, payment ceiling, treatment and tax preference of individual pensions according to their responsibilities, and regularly disclose relevant information to the society. The tax authorities shall implement tax collection and management on individual pensions according to law. Relevant financial supervision departments, according to their respective responsibilities, supervise the business activities of financial institutions participating in the operation of personal pension according to laws and regulations, urge relevant financial institutions to optimize products and services, do a good job of product risk warning, supervise the risk of products, and strengthen the education of investors.

The Opinions require that all participating departments should establish and improve the complaint mechanism, actively play the role of social supervision, and timely find and solve problems in the operation of personal pension.

The Opinions pointed out that promoting the development of personal pension is an important measure to improve the multi-level and multi pillar pension insurance system and enhance people's sense of gain, happiness and security, which is directly related to the vital interests of the participants. All regions should strengthen leadership, make thorough arrangements, and make extensive publicity to promote the implementation of relevant work in a safe and orderly manner. All relevant departments shall formulate specific policies and measures for the implementation of this opinion according to the division of responsibilities, work together and coordinate closely to guide local and relevant financial institutions to do a good job in related work. The Ministry of Human Resources and Social Security and the Ministry of Finance should strengthen guidance and coordination, implement step by step in combination with the actual situation, select some cities for trial implementation for one year, and then gradually push forward, study and solve problems encountered in the work in a timely manner, to ensure the smooth implementation of this opinion.