Report to the 20th CPC National Congress of the Communist Party of China clearly put forward "developing a multi-level and multi-pillar endowment insurance system", and "Opinions of General Office of the State Council on Promoting the Development of Individual Endowment" required "coordinating the development of other individual commercial endowment financial services". Developing commercial pension finance and innovating services and product forms are conducive to meeting people's diversified pension needs, and can also provide more financial products with safe operation, stable maturity, standardized target and long-term value preservation to meet different preferences. China Banking Regulatory Commission (CBRC) has successively carried out pilot projects of exclusive commercial endowment insurance, endowment wealth management products and specific endowment savings, and achieved positive results. Piloting the commercial pension business of pension insurance companies and further enriching the supply of commercial pension financial products are concrete measures to adhere to the people-oriented, honest and innovative, and implement the spirit of the 20th Party Congress. It is also an innovative exploration to implement the requirements of coordinating the development of other personal commercial pension financial services, which is conducive to promoting and standardizing the development of the third pillar pension insurance.
2. What are the characteristics of commercial pension business?
Commercial pension is a new type of commercial pension insurance business operated by pension insurance companies. Mainly relying on insurance business rules to innovate products and services, providing customers with pension account management, pension planning, fund management, risk management and other services.
Commercial pension business mainly has the following characteristics: first, the combination of accounts and products. Establish information management accounts for individuals, provide commercial pension products with different maturities, risks and liquidity, and meet the needs of customers for stable investment, risk protection and retirement. The second is to establish a dual account combination of locked pension accounts and continuous pension accounts, taking into account the dual needs of long-term investment and personal mobility of locked pension funds at different ages. Third, the product design takes the accumulation of pension as the main function, supports individuals to accumulate pension funds for a long time, and can provide certain additional risk protection such as death and accidental injury. Fourth, strengthen risk management and control, establish product custody mechanism, strengthen investment supervision and valuation reconciliation, and control risks through various means. The fifth is to provide a variety of collection arrangements such as fixed installment, regular installment and long-term (lifelong) annuity collection. The sixth is to provide pension planning services including revenue and expenditure calculation, demand analysis and asset allocation. To help customers manage pension risks during their life cycle.
Third, why did you choose an endowment insurance company for the pilot?
The endowment insurance company is the only professional insurance institution in China financial market with the word "endowment" in its name. He has many years of experience in customer service and pension investment management in the development of pension finance. Pension insurance companies are the main participants in China's enterprise (occupational) annuity fund management market. They have long been engaged in the entrusted management and investment management of enterprise (occupational) annuity funds, actively participated in the investment management of basic old-age insurance funds, and played an important role in the construction of the first and second pillars of old-age insurance.
In recent years, China Banking Regulatory Commission (CBRC) has continuously promoted pension insurance companies to focus on their main business, upgrade their majors, deepen their development and transformation, and continuously improve their financial management and service capabilities. The four pension insurance companies participating in the pilot have their own characteristics in terms of capital strength, business channels and management. The development of commercial pension business by them is conducive to giving full play to the expertise of pension insurance companies in pension fund management and risk management, as well as the rich experience accumulated from long-term participation in the construction of China's multi-level and multi-pillar pension insurance system, further deepening the structural reform of the supply side of pension finance, better meeting people's diversified pension security needs, and exploring the development path of pension finance suitable for China's national conditions.
4. What is the main difference between commercial pension business and personal pension?
Commercial pension is positioned as inclusive and innovative personal commercial pension financial business for the broad masses of the people. It is an integral part of the third pillar endowment insurance, and plays a supporting and supplementary role in the development of the individual endowment insurance system. The main difference between the two is that:
First of all, individual pension is an old-age insurance system supported by government policies, in which individuals voluntarily participate and operate in a market-oriented way to realize the supplementary function of old-age insurance. Commercial old-age care is a financial service for the aged with voluntary participation, marketization and legal operation. Endowment insurance companies provide one-stop services including account management, planning consultant, product purchase and long-term collection.
Second, the state formulates preferential tax policies to encourage qualified personnel to participate in the personal pension system and receive personal pensions according to regulations. Individuals participating in commercial pension business do not enjoy relevant personal income tax preferential policies.
Third, workers who participate in the basic old-age insurance for urban workers or urban and rural residents in China can participate in the individual old-age insurance system. Individuals who have reached the age of 18 can sign contracts related to commercial pension business with pension insurance companies and accumulate pensions for a long time through commercial pension accounts.
Fourth, personal pension fund accounts are used to purchase financial products such as bank wealth management, savings deposits, commercial pension insurance and fund public offering. Commercial pension customers can choose to buy a variety of commercial pension products provided by pension insurance companies.
legal ground
Measures for the implementation of individual pension in People's Republic of China (PRC)
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Personal pension refers to the system of government policy support, individual voluntary participation, market-oriented operation and supplementary functions of pension insurance. Personal pension is based on personal account system, and the payment is entirely borne by the insured himself. Choose to buy financial products (hereinafter referred to as personal pension products) such as savings deposits, wealth management products, commercial endowment insurance and Public Offering of Fund, and enjoy preferential tax policies in accordance with relevant state regulations.