Personal pension tax discounts should consider three levels of pensions

Recently, many departments such as the Ministry of Human Resources and Social Security and the CBRC jointly issued the "Opinions on Promoting the Development of Personal Pensions" for the Propaganda Outline of the Ministry of Human Resources and Social Security, which requires relevant departments and regions to conscientiously do publicity and interpretation in accordance with local actualities to enhance all sectors of society and the people of the general people. The masses' awareness of personal pension policy guides the masses to actively participate.

The "Opinions on Promoting the Development of Personal Pensions" has been issued for nearly two months. The relevant implementation rules are expected to be released one after another, and the personal pension system will also be implemented.

"Personal pensions are a special project of the third -level pension of many personal pensions, or a special pension financial product. It is a substantial action to promote the construction of a multi -level pension system. "Recently, He Wenjiong, a professor at Zhejiang University, vice chairman of the Chinese Social Security Society and chairman of the Pension Branch, said in an interview with the 21st Century Business Herald.

In He Wenjiong's opinion, after the implementation of the personal pension policy, there will be many positive effects: first, to enhance the awareness of pension reserves in the whole society and greatly increase the preparation of wealth in the field of pension; For more pensions, after participating in basic pension insurance and paying pension insurance premiums, this group also has the power to participate in this project; the third is to provide a long -term stable funds for the financial market, thereby promoting the prosperity of the financial market, and certain in certainty in certainty To promote economic development.

For the most important tax policy arrangement for the personal pension system, He Wenjiong believes that the degree of tax discounts must be well grasped. If the state gives this personal pension a higher tax discount, it will lead to the expansion of the income gap in the society. The principle of common prosperity contrary. In fact, the state should use limited tax and benefit resources for basic pension insurance. Therefore, the tax preferential level of occupational annuity and personal pensions should be significantly lower than tax benefits to basic pension insurance.

"It should be pointed out that after the implementation of the personal pension policy, many people may involve the payment and treatment of three projects (three -level pensions). Therefore, their tax preferential policies should be considered, that is, three projects are considered as a whole. And also pay attention to the two ends of the payment end and treatment. "He Wenjiong said.

Realize the goal of multi -level pension system goals

"21st Century": What is the current development of the first and second levels of pensions in my country, what role has it played, and what shortcomings need to be improved at the same time?

He Wenjiong: Pension is a people's livelihood security project that is generally concerned about members of society. Generally speaking, the pension system consists of three parts, which is usually called three levels: the first level is basic pensions. The government relies on the country to organize the implementation, raise funds in a socialized manner, and is responsible for the country's finance. There are currently two projects: basic endowment insurance in my country and basic endowment insurance for urban and rural residents, which aims to ensure the basic life of members of society after the age.

The second level is occupational annuity (including corporate annuity). The employer and their employees are funded by the employer and their employees. Essence

The third level is personal pension, which is paid by the individual members of the society, and the relevant financial institutions are responsible for management and operation. All kinds of savings financial products with various pension insurance and the goal of receiving pensions are autonomous and voluntary of social members. At your own expense.

As far as the reality of my country is concerned, the first level of development is relatively fast. Although there are still many defects, the scope of benefit has been expanding. At the end of 2021, the number of basic pension insurers in the country was 1028.71 million, of which the basic pension insurance of employees was 48.074 million, and the number of basic pension insurance for urban and rural residents was 54.797 million. The former participated in 34.917 million employees and 131.57 million retirees; the number of insureds was 547.97 million, and the actual number of benefits was 162.13 million.

However, as a second -level professional annuity development, public officials basically realize that everyone has professional annuity. However, in the non -public sector, the number of enterprises with occupational annuities and the number of employees are less than 9%. At the same time, there are fewer personal pension owners at the third level, and there have been no exact statistics for many years, but there are not many participants from all aspects of information.

It can be seen that the current pension system in my country has the following defects: First, the gap between the basic pension treatment between the group is too large, and the basic pension of the retired employees far exceeds the basic pension of the elderly farmers. need. Second, the development of supplementary pensions composed of the second and third levels has slowly developed. Some people call it "basic pension insurance and one insurance". Essence

Personal pension tax discounts should be considered overall

"21st Century": How do you understand the "personal pension" in "Opinions on Promoting Personal Pension Development"? What effect does this policy be implemented?

He Wenjiong: Some time ago, the "personal pension" mentioned in the document of the General Office of the State Council was a special project of the third -level pension of many personal pension products, or a special pension financial product.

The particularity is: first, the government formulates a unified rule; the other is to establish a unified information platform by government departments; the third is to provide a certain tax incentive for the government. The policy of the General Office of the State Council means that the central government attaches great importance to pension issues, which is a substantial action to promote the construction of a multi -level pension system. I understand that after this policy is implemented, the following positive effects will be produced: First, to enhance the awareness of the elderly reserves of the whole society and greatly increase the preparation of wealth in the field of pension; Pension, after participating in basic endowment insurance and paying pension insurance premiums, this group also has the power to participate in this project; the third is to provide a long -term stable fund for the financial market, thereby promoting the prosperity of the financial market, and to a certain extent to promote the promotion economic development.

"21st Century": In the document of the General Office of the State Council, this personal pension has a tax incentive. What suggestions do you suggest?

He Wenjiong: The documents of the General Office of the State Council clearly clearly enjoy tax benefits of this "personal pension", and also stipulate that "the tax department implements tax collection and management of personal pensions in accordance with the law." This shows that the tax department takes an important responsibility.

It should be noted here that the degree of tax discounts must be well grasped. First, if the state gives this personal pension a higher tax incentive, it will lead to the expansion of the income gap between the whole society, which is contrary to the principle of common prosperity. In fact, social members who purchase such personal pensions are generally high -income classes. Low -income people cannot get such benefits because they are unable to buy and cannot participate. Second, the implementation of tax incentives for basic endowment insurance payment is a general practice in the world. The state should use limited tax and benefit resources for basic pension insurance. Tax discounts for endowment insurance.

In addition, it should be pointed out that the tax incentives of the three levels of pension system should be considered as a whole. After the implementation of this "personal pension" policy, many people may involve the payment and treatment enjoyment of three projects. Therefore, their preferential tax policies should be considered in overall consideration, that is, the three items are considered as a whole, and the payment must be noted. Two ends of the end and treatment.

In particular, it is necessary to point out that the first level of these three levels is that the basic pension is the most important. It involves each social member and assumes the responsibility of ensuring the basic life needs of their elderly. Therefore, preferential tax policies first need to ensure the effective implementation of the two systems of basic endowment insurance.

Financial institutions need to cultivate personal pension service capabilities

"21st Century": Personal pension products are determined by the financial management department and provided by financial institutions with corresponding services. What suggestions do you have for financial regulatory authorities and financial institutions?

He Wenjiong: This "personal pension" is a new product, and it will have various connections with other financial products. Social members who participate in this "personal pension" are more sensitive to their personal rights and interests, right, right, right, right, right Related financial products are also very sensitive, especially more sensitive to the need to bear the corresponding risks, which brings more new problems to the financial regulatory authorities. Therefore, the financial regulatory authorities need to attach great importance to this product and its it The regulatory issues of related financial products seek an effective management system and working mechanism. On the other hand, the implementation of this "personal pension" policy will allow a long -term stable fund in the capital market, which will be beneficial to the active of the financial market, but it also needs to strengthen and improve financial supervision.

In my country, financial institutions have more than 100 years of experience in providing personal pension services, including pension insurance provided by insurance institutions and institutions provided by institutions provided by institutions for pension -based savings services. However, the recent "personal pension" products have many specialties, and how many financial products related to this have many new problems. This is both an opportunity for development and a challenge for financial institutions. Therefore, our financial institutions need to cultivate related service capabilities. The focus is on the following points:

The first is to optimize product design and enhance the understanding of "personal pensions" and related products. As a special "personal pension" product, many financial products may be related to it, so it may make related products complex and diverse. The difficulty of understanding of general social members will increase. In addition, there are more financial markets. For uncertainty, the difficulty of understanding of social members will further increase, especially many participants in lack of understanding of this project. From domestic and foreign experience, the more complicated financial products, the greater the difficulty of understanding, especially in countries like us with lower popularity of modern financial knowledge. Therefore, it is necessary to design the easy -to -understand financial products so that ordinary people can understand, accept and even like it.

The second is to improve the return on investment. This "personal pension" adopts a personal account system, that is, a complete accumulation system, so the return on investment is important. Although the relevant rules are clearly written in the relevant rules, the participants always want to have a more ideal return on investment. Therefore, financial institutions need to continuously improve their investment operation capabilities to better meet the expectations of participants, thereby enhancing the attractiveness of the product.

The third is to fully attach great importance to management services. The participation rate of the personal pension system may be very high, so it will involve a huge group, but this is a new task that needs to do a good job of management and service.

"21st Century": What suggestions do you have for personal pensions and other personal business pensions? He Wenjiong: Every social member has a longevity risk of longevity, so you need to prepare in advance. Regardless of the theory and experience at home and abroad, pensions are a traditional and effective mechanism. Therefore, everyone must first participate in basic endowment insurance according to law to ensure that there is a continuous and stable basic pension income after the age, so as to ensure that they have the ability to buy basic living materials.

On this basis, if there is a work unit, you should actively promote the work unit to handle career annuity and participate in the professional annuity in order to have a second pension after the age. Regardless of whether there is a work unit, as long as you have the ability to buy, you will actively participate in this "personal pension". After all, there are certain tax benefits here. If you still have money, you can go to insurance companies or other financial institutions to buy financial products for pension purposes.

(Content source: 21st Century Business Herald, June 17, 2022. Author: Li Zhi. Picture from the Internet.)

Edit: Shen Xiaoyu, a student reporter from the People's No. student of Zhejiang University Rong Media Center

Responsible editor: Wu Yalan

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