In short, individual pension is a supplementary pension insurance system supported by government policies, voluntary participation by individuals and market-oriented operation, and all workers who participate in basic pension insurance can participate.
The insured needs to open a personal pension account first, and the maximum annual payment can be 12000 yuan, and they can enjoy corresponding tax benefits according to the actual scale of funds paid. At the same time, participants can voluntarily invest the account funds to realize asset appreciation. When you reach the age of receiving basic pension or other circumstances stipulated by the state, you can apply for monthly, phased or one-time personal pension.
Conditions for participants to receive individual pensions on a monthly, phased or lump-sum basis.
Source: Measures for the Implementation of Individual Pensions
So, how to open an individual pension account? What products can I invest in? How much tax can you save every year? This article takes you to answer one by one.
How to open an account?
Each participant needs to open two accounts-an individual pension account and an individual pension fund account. The former is a government-side information account, and the latter is a bank-side fund account. These two accounts are corresponding.
Among them, the personal pension account is used to register and manage personal identity information, which is associated with the basic old-age insurance and records the payment, investment, collection, deduction and payment of personal income tax of personal pension.
Personal pension fund account is bound with personal pension account, which is used for personal pension fund deposit, personal pension product investment, personal pension payment, personal income tax payment and other matters.
From the perspective of account opening channels, personal pension accounts can be opened on the personal pension information management service platform (hereinafter referred to as the "information platform") through the national unified online service portal (including the national social insurance public service platform, the national human resources and social security government service platform, the electronic social security card, and the handheld 12333 APP). ) or commercial bank channels.
Personal pension fund accounts need to be opened in commercial banks, as special fund accounts, and managed with reference to Class II households under personal RMB bank settlement accounts.
In practice, according to the agreement, participants can open the above two accounts in the bank at one time, both online and offline, and the process is very convenient.
The reporter experienced a complete set of account opening procedures of a large state-owned bank. Scan the small program of this bank and enter the processing page to see the introduction of individual pension account. Click on the appointment to open an account, and the personal pension fund account management agreement of this bank will be displayed. After that, upload the photos of the front and back of the ID card, identify the authenticated face, bind the personal bank card, and successfully open it. The whole process takes about 1 minute.
At the same time, the reporter noticed that when the insured chooses a bank to open a personal pension fund account, it is not necessary to bind the Class I debit card of the same bank.
The reporter consulted ICBC customer service and learned that whether there is a bank card or an account, whether the social security card is in the bank or not, you can open a personal pension fund account in the bank.
Similarly, when opening the personal pension fund account of Agricultural Bank of China online, you can prepare a valid ID card and any Class I debit card of the six major state-owned commercial banks.
It is worth mentioning that personal pension accounts and personal pension fund accounts are "unique". On the one hand, individual pension accounts are unique for life; On the other hand, everyone can only choose one bank to open a personal pension fund account at the same time. This has also directly triggered the recent "account battle" among banks, and they have sent fancy benefits such as reducing gold and drawing red envelopes to customers who have successfully opened accounts.
As far as the individual pension fund account is concerned, although there is only one, it can also be changed.
When handling the change of personal pension fund account, the insured person shall propose to the original commercial bank and open a new personal pension fund account in the new commercial bank after confirmation by the information platform. After the change, the relevant banks shall go through the procedures such as the transfer of funds in the original account and the transfer of personal pension products held in accordance with the requirements of the participants and business rules.
What products can I invest in?
Before reaching the conditions stipulated by the state, the individual pension fund account shall be closed and shall not be withdrawn in advance. Of course, in the meantime, what products can we invest our money in?
On the one hand, the "Measures for the Implementation of Individual Pensions" stipulates that the uninvested funds in individual pension fund accounts shall be calculated according to the deposit interest rate and interest-bearing method agreed by commercial banks and individuals.
On the other hand, participants can also decide their own investment plans for personal pension fund accounts, including the investment varieties and investment amount of personal pension products.
Specifically, the funds in the account can be used to purchase personal pension products such as savings deposits, wealth management products, commercial pension insurance, and fund public offering. At present, in addition to exclusive wealth management products, three types of products, namely specific pension savings, pension insurance and Public Offering of Fund, have been listed one after another.
In terms of savings deposits, participants can only buy savings products issued by the bank where their capital account is opened. In addition, specific old-age savings that have attracted much attention from the market and are being piloted in five cities can also be included in the scope of personal pension products, and participants can purchase them through capital accounts.
The reporter learned that ICBC has issued specific pension savings products since the end of June 1 1, covering four maturities: five-year, 10, 15 and 20 years, and the interest rate is more attractive than ordinary time deposits. At present, the ordinary five-year lump-sum deposit and withdrawal listing interest rate of the bank is 2.65%, while the five-year interest rate of specific pension savings is the highest.
Personal endowment insurance products include annuity insurance, endowment insurance and other products approved by CBRC. At present, the first batch of seven personal pension insurance products from six institutions have been released, all of which are exclusive commercial pension insurance products.
List of personal endowment insurance products
Source: official website, Yin Baoxin, China
Exclusive commercial endowment insurance adopts the income mode of "guarantee+floating" in the accumulation period, providing two different investment portfolios: aggressive and stable. The reporter noted that four of the above seven products have run for more than 1 year, and the actual settlement interest rate in 20021year also exceeds their respective guaranteed interest rates.
For example, the annualized settlement interest rates of Taikang's century-old "stable" and "aggressive" investment portfolio 202/kloc-0 are 6% and 6.1%respectively; PICC Life Fushou 202 1 year "Steady" and "Aggressive" settlement interest rates are 5% and 5.3% respectively; The actual settlement interest rates of the two portfolios of China Life Xinxiangbao are 4% and 5% respectively; The actual settlement interest rates of the two types of portfolios are 4.5% and 5.35% respectively.
For the individual pension in Public Offering of Fund, at present, 129 pension target funds owned by 40 institutions have been included in the catalogue of individual pension target funds, and the first batch of products have been officially launched on June 28th.
It is worth mentioning that it is cheaper to buy funds with personal pension accounts. It is reported that the first batch of Y-share pension funds implement preferential rates for management fees and custody fees. Most products are 50% off, and the investment cost is lower.
According to the statistics of choice, as of June 29th, 165438, the scale of FOF pension fund in the market was about 94.7 billion yuan. Judging from the total rate of return in the last six months, of the 188 FOF with only performance data, 53% achieved positive returns, with an average of about 1%. However, if the time line is lengthened, judging from the total yield in the last three years, almost all 69 products with performance data have achieved positive returns, and the average total yield in three years is around 20%.
In terms of personal pension financial products, the supervision requires that such products should have the characteristics of safe operation, stable maturity, standardized target and long-term value preservation.
Although the list of personal pension exclusive wealth management products has not yet been released, you can refer to the operation of existing general pension wealth management products. According to the statistics of Puyi Standard, as of 10/9, this year,10 financial institutions have issued 49 pension financial products (excluding sub-shares). Excluding the 1 products of Xingyin Finance, the initial fundraising scale of 48 products is as high as 9490 1 100 million yuan. In the third quarter of 2022, the average annualized rate of return of all pension wealth management products was 4.48%. However, due to the stock market volatility since the fourth quarter, the average annualized rate of return of pension wealth management products in the fourth quarter has dropped to about 2.55%.
It should be noted that although personal pension products are mainly stable, it does not mean that the income is guaranteed or promised. The name of wealth management and fund products contains the word "providing for the aged", and there is still the possibility of losses, so it is necessary to invest cautiously.
How much tax can you save?
For individuals, paying personal pensions out of their own pockets has another advantage that has to be mentioned, that is, enjoying tax incentives, which is also the main embodiment of policy support. So, how much tax can be saved?
According to the regulations, the maximum amount of personal pension paid by the insured person every year is 1.2 million yuan, and the actually paid funds are deducted before tax, and the investment income is not taxed for the time being, and the actual tax burden of income is reduced from 7.5% to 3%.
Simply put, personal pension is deferred tax payment, which is not taxed when investing, and is taxed at the rate of 3% when receiving it.
For a more intuitive understanding, let's assume that the annual personal pension is 12000 yuan, and after reaching retirement age for 30 years, we will start to receive 1000 yuan every month, and then pay * * * tax12 *1000 * 3% according to the current listing interest rate of five-year time deposits in a bank.
(Note: Due to the difference between personal social security and special deduction, the monthly taxable income is calculated here; Monthly taxable income = monthly pre-tax income -5000 yuan-special additional deduction-special additional deduction-other deductions determined according to law)
For example, Mr. Li is 30 years old and retires at 60. In 2022, the monthly pre-tax income was 25,000 yuan, and the individual with five insurances and one gold paid 4,375 yuan, without other special additional deductions. Therefore, the monthly taxable income is 15625 yuan, and the annual taxable income is 20580 yuan. After paying the personal pension 12000 yuan in 2022, this fund will be deducted before tax. The tax paid by Mr. Li in that year was 18 1800 yuan, which was 2400 yuan less. At the age of 60, Mr. Li began to withdraw the investment income of that year month by month, and he had to pay 360 yuan tax every year, which was converted into 164.26 yuan in 2022, and actually saved 2235.74 yuan in 2022.
As can be seen from the above figure, due to the stepped tax rate of individual taxes, the higher the income, the higher the tax rate, and the higher the tax-saving amount of investing in personal pensions, provided that the monthly collection amount is the same as the collection deadline. People whose monthly taxable income exceeds 80,000 yuan (annual taxable income exceeds 960,000 yuan) have the highest tax savings, and the actual annual tax savings reach 5,235.74 yuan.
In addition, for people who reach the threshold and the monthly taxable income does not exceed 3,000 yuan (the annual taxable income does not exceed 36,000 yuan), although the personal pension is subject to the tax rate of 3%, considering the time value, the tax preferential policies are equally attractive.