The personal pension system has been implemented for half a year： the number of participants exceeds 37 million, and the number of depositors is not enough.
Personal pension is a system supported by government policies, voluntary participation by individuals, market-oriented operation and supplementary function of old-age insurance. Since Ministry of Human Resources and Social Security, the Ministry of Finance and other departments jointly issued the "Measures for the Implementation of Individual Pensions" in November last year, the individual pension system has been piloted for more than half a year. As of May 25th, the number of individual pension participants reached 37,435,100, and the operation was generally stable. However, many residents have not continuously invested in their accounts after opening accounts, and the wait-and-see mood of "first look" and "wait and see" is more common. In this regard, our reporter conducted an interview.
Active account opening and insufficient deposit.
In China, the multi-level endowment insurance system mainly includes "three pillars". The first pillar is the basic old-age insurance, and the number of participants exceeds 1 billion; The second pillar includes enterprise annuity and occupational annuity, which are jointly paid by the unit and employees, and the state gives policy support; The third pillar includes personal pension and other personal commercial pension financial services. After the personal pension pilot, it attracted many people’s attention.
In February this year, Xiong Jin, who works in a foreign company in Shanghai, opened a personal pension account through China Construction Bank. At present, the maximum annual contribution of individual pension is 12,000 yuan. Xiong Jin will transfer to 1000 yuan to buy deposit products every month. In her view, this continuous investment is very important for providing for the aged. "Personal pension enriches the choice of old-age savings, and I intend to continue to invest."
According to the Survey Report on Pension Wealth Reserve in China (2023) issued by China Insurance Asset Management Association, 70% of the respondents are willing to participate in the personal pension system. However, in practice, there are many residents who open personal pension accounts, but the proportion of decisive investment like Xiong Jin is not high.
According to the data of the Ministry of Human Resources and Social Security, as of the end of the first quarter of this year, 30.38 million people in China had opened individual pension accounts, of which only over 9 million people had completed the fund storage, and the actual payment was only 31.37% of the participants. The total storage is 18.2 billion yuan, and the per capita storage is only 2022 yuan.
Why do you actively open an account and hesitate to pay?
Some people worry that it is inconvenient to use money urgently. Wang Qianyi, a girl from Tianjin, said: "The maximum amount of personal pension is 12,000 yuan per year, and the average amount is 1000 yuan every month. Although this amount is not very large, it lasts for a long time. According to the policy, the conditions for participants to receive personal pension are ‘ Reach the age of receiving basic pension ’ ‘ Completely lose the ability to work ’ ‘ Settle abroad ’ Wait, if you have something urgent, you will be limited. "
Some want to wait until the retirement age is determined. "From the perspective of investment diversification, I am willing to invest a little in my personal pension." Zhou Yurang, who is engaged in the psychological counseling industry in Chengdu, said that considering that personal pensions can only be withdrawn when they retire, the retirement age applicable to them in the future becomes the key. "From a global perspective, delaying retirement is a major trend. As a post-80 s, I am still far from retirement, and the applicable retirement age is not yet certain, so I want to wait and see. "
Some hope that the preferential tax policies can be more clear. Zhen Yu worked in a financial institution in Beijing and was one of the first to contact personal pension business. Zhen Yu said that she and many young colleagues have opened personal pension accounts and personal pension fund accounts. However, many people stay in the state of "just opening an account and not saving money". Zhen Yu believes that personal pension is a "long-distance running", and preferential tax policies need a longer-term signal. "The personal pension I paid last year has been given a tax rebate this year. However, I am not sure whether the implementation of deferred tax preferential policies for personal pensions will change in the future, which will also affect the willingness to pay in the future. " She said.
The attractiveness of products should be enhanced.
Many people in the industry said that as a new thing, personal pension needs a process from understanding to acceptance. Despite this, the attractiveness of related products and services still needs to be enhanced.
The pension attribute should be more prominent. Cao Deyun, executive vice president and secretary general of China Insurance Asset Management Association, said that after the implementation of the personal pension system, it showed a state of "two lows and three noes", that is, the number of people who established accounts accounted for a low proportion of the number of people who participated in the basic old-age insurance, and the number of people who paid accounts accounted for a low proportion of the number of people who established accounts; The supply of products is uneven, the purchase channels are not smooth, and the residents’ willingness to participate in insurance is not strong.
"Except for some people who can enjoy tax incentives, the advantages of products and financial services in the pilot of the personal pension system are not obvious, and there is almost no difference between personal pension products and other personal commercial pension financial products outside the system." Cao Deyun said that the personal pension system should continue to attract residents to participate, and the key is whether products and services can be recognized by residents. At present, the design of personal pension products needs to strengthen the endowment property, and the capital investment operation must withstand the long-term test of the market.
Product supply should be more precise. Bai Tao, chairman of China Life Insurance (Group) Company, believes that as the "third pillar" of the pension system, the number of individual pension accounts has increased rapidly, but the payment situation after opening accounts is far from what expected. Among them, products are not attractive enough, it is more complicated for individuals to directly operate pension accounts, and policy incentives need to be improved.
"For example, after the establishment of an individual pension account, you have to pay a 3% tax when you receive it. Can you consider further tax reduction and exemption for low-income people? For another example, now about 650 products are scattered in different platforms, including savings, insurance, wealth management and funds. Many people are not very clear about the risks and benefits of products. Can they provide more accurate products for different risk preferences and different age groups? " Bai Tao said.
Products should be more abundant. Fu Fan, president of China Pacific Insurance (Group) Co., Ltd. said that to implement the strategy of actively responding to the aging population, it is necessary to develop a multi-level and multi-pillar endowment insurance system. At present, China’s pension scale accounts for about 10% of GDP, far below the level of developed countries, and there is still much room for improvement. Let the old-age finance support the old-age service, it is necessary to form a "product — Service — A virtuous circle of investment.
Fu Fan suggested that personal pension products should be further enriched, especially the protection products such as serious illness, nursing and disability should be actively expanded. At the same time, we will strengthen the encouragement and support for the "docking of production and care", add some preferential tax policies for pension financial products that are docked with medical, pension, nursing and other service resources, and allow the sharing of resources in the same industry or across industries.
Financial institutions actively promote
Reation Wu, a professor in the Department of Social Work and Social Policy at Nankai University, said that under the background of rapid aging in China, it is increasingly important to develop the "third pillar" of the pension system. Especially for middle-aged people and young people, personal pension is an important means to optimize the intertemporal allocation of personal lifetime income. Compared with other financial products, the system and product design of personal pension should highlight the characteristics of "low investment and long-term protection".
It is worth noting that many financial institutions have stepped up their services to popularize relevant knowledge for customers and provide more quality products.
The reporter learned from China Industrial and Commercial Bank that in the pilot area, the grassroots institutions at all levels of the bank actively entered various government and enterprise institutions, and took the initiative to do a good job in financial services for online and offline account opening, deposit and investment of personal pension business; In non-pilot areas, the bank also carried out warm-up publicity around individual pension accounts, and provided customers with policy advice, business handling conditions and other answering services in various ways. Judging from the effect, most residents responded positively, especially paying attention to "special tax deduction and tax saving cases" and "products that can be invested after deposit", and will conduct detailed consultation, and will also ask banks to predict the specific tax saving amount and the income of products purchased after deposit.
"We have a local company with over 200 employees. The person in charge of the enterprise is very interested in the personal pension policy, so please let us give a detailed explanation for the employees of the enterprise. After careful preparation, we went to the door to preach, and the atmosphere was warm. The ratio of employees booking personal pension services on the spot reached over 60%. Today, the employee appointment service rate of this enterprise exceeds 90%, and the personal pension business service is being recognized by more people. " Gong Weimin, president of China Industrial and Commercial Bank Shandong Zibo High-tech Sub-branch, said.
According to the relevant person in charge of the personal finance department of China Construction Bank, since the personal pension business was piloted, CCB has taken the personal pension account as an important starting point for serving the individual pension customers. Carry out several rounds of policy interpretation and training internally, so that account managers can correctly understand the advantages of pension accounts and mainly face customers; Adhere to the combination of online and offline, normalization and dynamics, and carry out various forms of policy and product promotion.
"We took the lead in opening a personal pension fund account, depositing funds, investing in transactions and receiving tax returns, and continuously improved the user experience. Customers can open an account in our bank in less than 1 minute through online channels such as mobile banking and small programs. In addition, relying on the professional advantages of great wealth management, CCB has launched three tools, namely, pension planning, tax preference calculator and pension calculator, and built a shelf for pension products through internal introduction and external communication, and launched ‘ A 10% discount on the Y share of the fund ’ , to provide customers with ‘ Education for the aged — Pension planning — Asset allocation — Product optimization — Long-term companionship ’ One-stop service. " The person in charge said.
Reation Wu suggested that in order to speed up the development of the "third pillar" of old-age care, it is necessary to further improve the flexibility of personal pension products, especially to reduce the cost of customers in cases of "emergency withdrawal", "interruption of payment" and "transfer and connection". At the same time, explore the establishment of a conversion mechanism between different personal pension products. "Highlighting the characteristics and distinguishing between personal pension and other financial savings products are the focus of the next work." She said.