A few days ago, the State Council issued opinions on promoting the development of personal pensions (hereinafter referred to as "opinions"), which means that the long-awaited framework of personal pension system in the industry has been officially launched.
From an overseas point of view, allowing individuals to withdraw a certain amount of funds before tax (the domestic limit is 12000 yuan) for pension purposes will often bring many positive effects. These includeGreatly broaden the source and amount of long-term investment funds in the stock market.
According to China Merchants's 2018 research report, after the introduction of the US individual pension policy (1978), US stocks ushered in a long-term bull market, with $2.7 trillion of the plan's assets invested in global stock market assets as of 2017.
This release of the "opinions" has established several key points of the domestic individual pension system:
Individual pension shall be subject to an individual account system, contributions shall be fully accumulated, and assets can be inherited.
Individuals open personal pension accounts to participate in the personal pension system,Enjoy preferential tax policies. The funds of the individual pension fund account are used to purchase those that meet the regulations.Bank financial management, savings deposits, commercial old-age insurance, public offering fundsAnd other financial products.
The upper limit of annual contribution of individual pension for participants is 12000 yuan. In the follow-up, the relevant ministries and commissions can timely adjust the upper limit of payment.
Select some cities for a trial for one year, and then push them out step by step.
So specifically, what are the detailed terms and implications of this "opinion"?
Who can join the individual pension system?
The relevant "opinions" showWorkers who participate in the basic old-age insurance for urban workers or urban and rural residents in ChinaYou can join the individual pension system.
And, the individual pension implements the individual account system, the contribution is completely borne by the participants, and the complete accumulation is carried out.
Participants establish personal pension accounts through the personal pension information management service platform (hereinafter referred to as the information platform).
This is the so-called personal account, unified platform.
What can I buy?
Compared with the previous pilot opinions, the official release of the "opinions" has greatly expanded the scope of investment.
According to the "opinion", individuals can invest in "bank financial management, savings deposits, commercial old-age insurance, and public funds" through the pension system in the future on the basis of tax concessions.
That is, from the lowest risk products to high-risk and high-return products can be involved.
According to China Merchants's 2018 research report, the proportion of investments in various types of stocks in the US individual pension system finally reached 60 per cent (2017 data).
Where can I buy it?
According to the relevant opinions, participants can use their personal pension contributions.In the financial institutions that meet the regulations or the sales channels entrusted by them in accordance with the law (hereinafter collectively referred to as financial products sales institutions)Buy financial products and bear the corresponding risks.
Moreover, the participantsShould designate or open a unique personal pension fund accountFor personal pension contributions, collection of income, payment and payment of personal income tax
When can I spend it?
According to the relevant opinions, the individual pension fund account shall be closed and its rights and interests shall be owned by the participants, unless otherwise stipulated.No advance withdrawal is allowed.。
Participants reach the age of receiving basic pension, completely lose their ability to work, settle abroad, or have other circumstances in line with the provisions of the state.After being checked and approved by the information platform, you can receive a personal pension monthly, in installments or at a lump sum.
After the death of the participant,The assets in the individual pension fund account can be inherited.
What's the upper limit?
As it involves tax incentives, the policy has a strict upper limit.
According to the documents, participants are allowed to contribute an annual personal pension of 12000 yuan.
In addition, according to the level of economic and social development and the development of multi-level and multi-pillar old-age insurance system, the Ministry of Human Resources and Social Security and the Ministry of FinanceTimely adjust the upper limit of payment。
Overseas experience will bring a bull market
Judging from overseas experience, such arrangements may serve as long-term funds and become the cornerstone of a bull market.
According to the research report of China Merchants in 2018, the original purpose of the "401K" plan launched in the United States in 1978 was to encourage Americans to increase their pension savings, but the rapid growth of pension assets has directly become a powerful driver of the 22-year bull market in the United States from 1978 to 2000.
It is estimated that in the 20 years after the implementation of the 401k plan in the early 1980s, it contributed nearly $600 billion in incremental funds to the stock market, and a total of $1.6 trillion in new funds by the end of 2017.
It is of great significance to individual pension.
The China Europe Fund believes that the individual pension system gives play to everyone's subjective initiative to actively reserve pension assets through the leverage of tax incentives.
From the perspective of positioning, it is different from the first pillar of ensuring the basic food and clothing of the people and the second pillar of relying on employers for old-age security, it is mainly located in individual supplementary pension, that is, investors in order to improve their living standards after retirement, to achieve a "better life" after retirement and voluntary pension reserves and pension investment.
In terms of importance, with the increasing degree of aging in our country,It is urgent for our country to "reduce the burden" for the first pillar and the second pillar of our country through individual pension, so as to realize the healthy and sustainable development of the old-age security system.。