"2024 Lujiazui Forum" was held on June 19th-20th. Cai Xiliang, Vice Chairman and President of China Life Insurance Group, attended and participated in the discussion of "Silver-haired Economy and Pension Finance". Cai Xiliang suggested that in terms of policy, it is necessary to study the requirement that enterprises must participate in the first pillar before participating in the second and third pillars. "For example, the participation rate of enterprise annuity employees must reach 70%, which is a hidden threshold." He believes that it is necessary to break down these hidden thresholds and give greater freedom of choice to the vast number of small and medium-sized enterprises and the public. "For example, in terms of taxation, study the appropriate increase of the tax preferential amount for personal pension, which is now 12,000 yuan per year. At the same time, optimize the individual pension tax, which is uniformly increased by 3% when receiving it, and fully exempt from tax for the middle and low-income groups, flexible employment groups, and other tax-exempt groups throughout the process, thereby enhancing the attractiveness of the third pillar to the tax-exempt groups." He believes that through these policy optimizations, the participation enthusiasm of the second and third pillars can be truly enhanced, which can create better conditions for effectively increasing pension reserves.