Personal Pension Implementation Measures Landed! The Annual Contribution Limi...

On November 4, human resources and social security ministry, the Ministry of Finance, state administration of taxation, silver insurance regulatory commission, securities regulatory commission jointly issued the measures for the implementation of the personal pension (hereinafter referred to as the "measures"), for personal pension to flow, capital account management, organization and product management, information disclosure, supervision and management to make specific provisions.

"Personal pension is a supplementary pension insurance system supported by government policies, voluntarily attended by individuals and operated by the market." According to Jia Jiang, deputy director of the pension insurance department of the Ministry of Human Resources and Social Security, all workers in China who participate in the basic pension insurance for urban workers or urban and rural residents will be able to participate.

According to the Measures, the maximum amount of individual pension contributions each year is 12,000 yuan. The individual pension fund account is closed, and the participant may receive the individual pension when he or she has reached the age for receiving the basic pension, or has completely lost the ability to work, settled abroad or in other circumstances conforming to state regulations.

According to the Implementation Measures, participants should open personal pension accounts on information platforms through national social insurance public service platform, national Human resources and social security government service platform, electronic social security card, Palm 12333App and other unified national online service portals or commercial bank channels. After that, choose a commercial bank in line with the regulations to open or designate my only personal pension fund account.

Mr Jia said the two accounts were unique and corresponded to each other. The two accounts can be opened at one time through commercial bank channels. At the same time, the funds in the account can be purchased in accordance with the regulations of wealth management products, savings deposits, commercial pension insurance and public funds.

In view of the preferential tax support provided by the state for personal pensions, the Implementation Measures make it clear that participants can obtain payment vouchers to enjoy preferential tax policies through national unified online service portals such as the National Social insurance public service platform or commercial banks.

In order to protect the interests of participants, the Measures stress that sales agencies should follow the principle of "sales appropriateness", make risk warnings, and not promote personal pension products to participants that exceed their risk tolerance.

In addition, the Measures for the Implementation of personal pension related information submission, personal pension fund account management, personal pension institutions and product management, information disclosure and supervision and other aspects of the relevant provisions. The Measures for Implementation shall enter into force as of the date of issuance.

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