Basic pension insurance will not be closed, and personal pensions are coming!

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Basic pension insurance will not be closed, and personal pensions are coming!

2022-06-24 00:36:54 4 ℃

Text | Cai Jian Dao, Author | Wu Ni, Editor | Yang Zhongxu, Drawing | Wu Ni

On June 17, the Sichuan Provincial Department of Human Resources and Social Security announced that Sichuan Province will be deployed uniformly according to the country and starts the trial work of personal pensions in a timely manner.

This time, personal pensions are really coming.

As the third pillar of the pension system, the top -level system of personal pensions began in 1991. It was not until this year's "Opinions on Promoting the Development of Personal Pensions" (hereinafter referred to as the "Opinions") that the personal pension system will move towards the peak of development.

In the currently released documents, the participation scope, institutional model, payment level, investment and collection of personal pensions have been basically clear.

Personal pensions implement a personal account system. The account system means that individuals need to open a special personal account to participate in pensions, and use accounts as vectors for individuals to participate in the third pillar of personal pensions.

Under the account, the barriers of pension products issued by various investment institutions such as banks, insurance, trusts, funds, etc. are opened. The account system conforms to the accumulation of personal pensions with diversification and changing situations, and is conducive to the implementation of preferential tax policies.

The upper limit of the personal pension payment starts at 12,000 yuan per year, with an average of 1,000 yuan per month.

Participants have reached the age of basic pensions, fully losing their labor ability, settlement of abroad (border), or other situations that meet the stipulated by the state. Once the collection method is determined, it must not be changed.

The four major supporting documents related to the implementation of personal pensions are being formulated in full swing. It will clarify the rules of the system so that the participants can be clearly understood that there are chapters to follow.

Guangfa Fund Yang Yan believes that under extreme circumstances, the average of 65.12 million taxpayers participating in the personal pension system can bring 781.44 billion yuan in incremental funds to the market each year. If 30%of those participating in individual taxes are involved in the personal pension system, it will also bring about 234.4 billion yuan per year for the market.

In addition to applauding, the gap between ideals and reality cannot be ignored. After all, China's pension system has long -term insufficient total reserves and unbalanced structures.

How should we rationalize the personal pension system?

01 The third pillar is in danger.

In the 1980s, major developed economies in the world entered an aging society, and the traditional single pension model faced a huge challenge.

What should I do when a leg can't move?

People think of the "three pillars" pension thought proposed by former US President Franklin Roosevelt in 1934. The "three pillars" pension ideas are vividly called "three legs bench", that is, the government, enterprises, and individuals shall jointly bear the pension payment.

The background of China's "three pillars" in China is different. In 1986, China's population age structure was still in adulthood, but with the restructuring of state -owned enterprises, the management and services of pension insurance were socialized by the unit system.

In 1991, the State Council issued the "Decision of the State Council on the Reform of the Enterprise Employee's Pension Insurance System". For the first time, the concept of the three -pillar pension system was proposed. Annuity (second pillar) and personal pension (third pillar).

After 30 years, the development of the third pillar of China's pension was not balanced, and it still relied heavily on the first pillar. my country's basic pension insurance far exceeds corporate endowment insurance and personal business endowment insurance in terms of coverage, fund scale, and protection level.

Basic pension insurance has always been moving forward.

The overall gap is close at hand. According to the "China Pension Eactive Report 2019-2050" forecast, my country's pension collection will appear in 2028, and the total balance will be exhausted by 2035.

Regional gaps have always been there, especially in the central and western regions and northeast regions. According to the situation of the difference between the centralized pension fund of the central government announced by the Ministry of Finance in 2021, the three provinces of Heiji Liao have a pension gap of more than 100 billion yuan.

Each year, the financial departments at all levels will inject a large amount of financial subsidies into the pension funds and carry out "national pockets". The amount of subsidy is also increasing year by year.

In 2002, the central government's subsidy for the basic endowment insurance fund of urban employees was 40.82 billion. In 2021, the scale of the subsidy funds of the basic endowment insurance fund of the central government has reached approximately 900 billion yuan.

I didn't think of a way during this period. In July 2018, the state took the first step in overall planning of the country, established and implemented the centralized system adjustment system for the endowment insurance fund, and moderately balanced the burden of endowment insurance funds between provinces.

However, when China's aging accelerated snowball rolled, the regional mutual benefit became a car.

From the trend of the development trend of population age structure in my country from 1982 to 2050, it can be seen that China's population structure has evolved from an adult to an elderly type, which only took about 18 years.

With the deepening of the population aging, the number of elderly population has continued to rise, the number of pension insurance funds issued continues to rise, and at the same time, the amount of pension insurance for retirees is also increasing. Essence

This exacerbates intergenerational unfairness. The endowment insurance system has the function of generations for generations. Under the trend of population aging, the cost of pension costs and the burden of working generations have increased, resulting in retired generations to the cost of working and future generations. What is more serious is that the endowment insurance fund is not eased, the safety of public property has been greatly impacted, and the sustainability of the pension insurance model system will be affected. Seeing that the first pillar couldn't hold it anymore, the second pillar couldn't expect. As of the end of 2021, the number of basic pension insurance reached 1.03 billion people, accumulating more than 6 trillion yuan in funds; more than 72 million employees participating in enterprises (occupations), accumulating the fund of nearly 4.5 trillion yuan. Far.

"my country's second -pillar corporate annuity has been landed for a while, and the professional annuity has been basically rolled out of the country. One of the basic information that can be judged at present is to continue to increase the second pillar coverage on the current basis. Narrow, large -scale participation outside the enterprise and institution is relatively low. "Wang Ruobing, a partner of Whale Husbandry Policy Consulting Company, who had engaged in policy research in the United Kingdom and the United States, told Cai Jian Road.

In this context, the third pillar is accelerated.

The "Propaganda Outline" mentioned that "promoting the development of personal pensions not only adds an additional pension insurance channel for the person who participated in the second -pillar enterprise (occupation) annuity. For those who have not participated in the second pillar A supplementary pension insurance channel, in line with the people's demand for pension insurance diversification. "

Can the construction of the third pillar really immediately be immediate?

02 "Three pillars cannot be empty shelf"

With the "Opinions", my country's personal pension system has entered a new stage of comprehensive development and perfect development. The use of more flexible, personalized, and adaptable personal account system replaced the original product system as a typical example.

The shortcomings of the three pillars are just the first step. The construction of multi -pillar endowment insurance system is not a simple puzzle game. A good system must be implemented in place to play a role.

Yu Baorong, a professor at the School of Insurance of the University of Foreign Economics and Trade, told "Caijian Road", "If the structure is available, there must be enough social wealth to fill in, otherwise there are more pillars to be empty."

At present, the total number of pensions in China is insufficient. The scale of my country's three pillars accounts for 13%of GDP. Compared with some developed countries, there is a certain gap (pension reserves in the United States, Canada, the United Kingdom and other countries in 2020 accounted for more than 100%of GDP) Essence

The concern is here. Can personal pensions introduce a lot of incremental funds and improve China's pension reserves? This should be asked how much the personal pension payment amount and the number of participants are.

The "Opinions" states that the upper limit of the personal pension payment is 12,000 yuan per year, and it is adjusted in a timely manner in accordance with factors such as economic and social development and the development of multi -level pension insurance systems.

"Basically, capable and willing workers can participate, Zheng Bingwen, director of the World Social Security Research Center of the Chinese Academy of Social Sciences, said in an interview with the media.

In the final analysis, personal pensions are in the final analysis and market -oriented operation, which is essentially different from the mandatory basic pension insurance. Based on the established payment limit, whether personal pensions can cover widespread population and realize the "100 billion -scale incremental funds" that are hoped for the market, depending on how residents weigh the resistance and attractiveness of personal pensions.

One of the resistance is that the insured in the third pillar pension insurance needs to transfer the right to use for decades, which is still a great pressure for low -income people.

Two years ago, Premier Li Keqiang of the State Council said that 600 million people in China earned about 1,000 yuan a month. It is difficult for them to maintain life, so personal pensions may face an embarrassing status quo: the poor cannot afford it, and the rich does not need.

As an investment system, the investment risk of personal pensions may also constitute resistance.

The funds in the personal pension fund account are used to purchase financial products such as bank wealth management, savings deposits, commercial pension insurance, and public funds that meet the prescribed regulations. Participants have selected themselves and the participants have also undertake all investment risks.

The investment risk is the result of multiple factors, which is closely related to the level of economic development and the quality of the system operation, but also affected by personal investment vision, investment ability and risk tolerance.

The good side is, "From the perspective of the current financial product category and personal pension policies, financial products that are eligible to enter the scope of personal pension investment must be financial products with a uniform recognition of the CSRC and the CBRC. It has the characteristics of safe operation, mature and stable, and targeting, and focuses on long -term value preservation. "Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology and the core member of the 50 -person Forum of China Pension Finance.

Commercial pension financial products are also constantly regulated. The CBRC issued the "Notice on Regulating and Promoting the Development of Commercial Pension Financial Business" on May 10, which clearly cleaned up the word "pension" financial products that do not meet the requirements.

Wang Ruobing added that from the perspective of overseas experience, personal pensions, as a long -term fund, have been identified as "stabilizers" by overseas countries and financial markets.

Correspondingly, investors with personal pensions must be patient with the market or an economy to grow. As long as they have confidence in the future of the country's economy, they should believe that this personal pension will grow, and periodic fluctuations should be inevitable under the market mechanism.

As Zheng Bingwen said, "In case of retirement, the income is declining in the event of an irresistible risk, or I also want to continue to invest in further accumulation of pension money. You can also choose not to receive it to avoid the market downturn." Tax preferential policies are also promoting personal pensions. Important factor of the gold system.

Judging from the current documents, the state only clarifies "support through tax discounts and other policies to encourage the people to participate widely."

Some experts expect that a major direction of the preferential tax policy for personal pension accounts in the future is tax deferred, that is, the personal income tax will not be levied in the annuity payment session and the investment income of annuity funds, and the tax obligations will be deferred to the actual entry of individuals.

The delay in taxation can inspire individuals to invest in pension funds to a certain extent. The role.

The preferential tax policies for personal pensions need to be further clarified. Yu Baorong believes that in the health insurance and endowment insurance related to the people's livelihood, tax discounts should not be the purpose of inspiring participation, and the purpose of reducing the burden on the insured.

In general, in terms of independence of the third pillar, the payment quota, investment risk, and fiscal and tax incentives jointly determine the willingness to purchase personal pensions, which then affects the amount of funds and ultimately reflected the implementation of the personal pension system.

Wang Ruobing reminded that if the benchmarking United States can only see the size of its third pillar, and to see the United States' comprehensive plan for the entire pension security system.

Some of the third pillars of the United States pension are part of the reason that the United States first strengthened the second pillar, and the considerable proportion of funds of the third pillar IRA account in the United States came from the Roll Over of the second pillar 401K account.

For example, during the last job of an employee, the original employer paid him an enterprise annuity for him. When the employee changed his job, the new employer might not pay the company's annuity. At this time, the employee can find a pension management company to transfer the previously accumulated enterprise annuity to the third pillar of personal account and continue to pay.

The third pillar and second pillars of endowment insurance are generally called Rollover Ira. A set of statistics show that the size of 60%of the third pillar of the United States comes from Rollover Ira, and the remaining 40%is because people above the middle class voluntarily participate in the third pillar.

"The relationship between the second pillar and the third pillar is very important. If we want to make the third pillar through the second pillar like the United States, how to enlarge the second pillar, and what kind of mechanism will pass through the second pillar through the second pillar Transfer to the third pillar? "Wang Ruobing's question is worthy of our thoughts.

03 Give the "market" to the market to verify

After the personal pension system was introduced, some netizens were worried that the basic function of the basic pension system would weaken accordingly.

Professor Yu Baorong believes that the first pillar and the third pillar do not have the inevitable connection with this long.

The third pillar is market -oriented behavior. Whether it is necessary to supplement pension is judged by individuals. The first pillar is led by the government and provides basic pension guarantees for the vulnerable people with the power of the whole society. The responsibility of "full coverage" and "guarantee basic" will not be reduced.

Professor Yu Baorong's answer is a reliable pill, and it is also the key point -personal pension has market attributes.

Wang Ruobing believes that government policies can promote personal pension systems, and local departments can also strengthen publicity, but the specific implementation of the implementation depends on the interaction between personal pension products and consumers.

Only when products and consumers interact in the market environment can we see what consumers' choices are, and then feedback market behavior to policy formulation and summarize the experience of optimization and promotion. "I think the implementation of personal pensions is a thing that requires time and patience." Wang Ruobing said.

At the same time, we must also observe the positioning and goals of the personal pension system in the market. Is it necessary to achieve the purpose of inclusiveness, or to achieve the purpose of encouraging the development of the financial market? Or two or two?

Without standards, there is no difference in advantages and disadvantages, which is also the reason why the effect of the actual implementation of the personal pension system is currently impossible.

It is hoped that a year later, the market feedback of the pilot city can give us the answer.

According to the "Opinions", the personal pension system should be implemented in combination with the actual steps, select some cities for a year first, and then gradually push away. In addition to Sichuan, Jiangsu is also actively responding to and deploying related work. According to the Bank of China Insurance News, financial institutions such as banks, insurance, and securities firms are also trying to tap the personal pension market. Many commercial banks have participated in the docking and testing of the personal pension information management service platform system.

Reference materials:

[1] Aging Finance: Outlook of the third pillar of pension in my country.

[2] The four major supporting documents of personal pension pilots will be introduced densely. First Finance. 20122.6.20

[3] Personal pension system is expected to introduce up to 780 billion incremental funds to the market each year.

[4] Personal pension system is implemented step by step. Bank of China Insurance News. Zhu Yanxia .2022.6.23

[5] Emphasized analysis of the aging of the population on the intergenerational influence of my country's pension insurance system. Fiscal Supervision: Finance and Accounting Edition. Li Meixiang. 2015 (6)

[6] Detailed analysis of pension insurance.

[8] CICC: Analyze the personal pension system. The finishing touch of China Gold .2022.6.17

[9] Relationship everyone!Do you really understand the "three pillars" of the elderly. Market information .2022.6.17

[10] By 2028, how can my country's pension or uncomfortable support to save the "pension". China Youth Daily.2022.3.23

[11] Research on the third pillar of personal pension account in my country. Price theory and practice. Sun Jie. No. 10, 2020

[12] What is the "personal account system" that personal pension wants to take. Tianhong Fund .2022.6.10

[13] Several misunderstandings about personal pensions: payment, investment and taxation issues. Dong Dengxin.2022.6.22

[14] Personal pension three questions: Who benefits?Where is the advantage?What other supporting measures are needed. Economic Observation Newspaper Tianjin.2022.4.22