It is difficult to expect personal pensions to “absorb money” and the income is unclear or a pain point_Finance_China Net

It is difficult to “absorb money” from personal pensions, and the expected income is unclear or a pain point

Experts suggest that the annual payment limit for personal pensions can be moderately increased

On May 21, Cao Deyun, executive vice president and secretary-general of the Insurance Asset Management Association of China, said that the actual number of participants in my country’s personal pensions is currently lower than expected. its sustainable development.

In this regard, a reporter from the “Securities Daily” found that since the implementation of the personal pension system at the end of 2022, the proportion of the number of people who have established accounts to the number of people insured in basic pension insurance is low, the proportion of people who have paid premiums to the number of people who have established accounts is low, and the supply of products is insufficient. Problems such as poor balance, poor purchasing channels, and weak willingness of the public to participate in insurance. For this reason, how to enhance the attractiveness of the system has become the focus of the market.

“Attracting eye” is easy “attracting money” is difficult

As the third pillar of my country’s pension system, the personal pension system has attracted social attention since its implementation. Data show that as of March, a total of 30.38 million people have opened personal pension accounts, with a total savings of 18.2 billion yuan and a total purchase of more than 11 billion yuan in products.

Zhang Yiqun, deputy director of the Performance Management Special Committee of the China Fiscal Society, said in an interview with the “Securities Daily” reporter that the personal pension system is enriching the products of my country’s personal pension market, enhancing the ability of self-service pensions, and activating personal capital storage and preservation. aspects are significant.

According to Wind data, as of May 22, the number of public funds and bank wealth management products that individual pension funds can invest in is 149 and 33, respectively. According to the latest data disclosed by China Bank Insurance, personal pension insurance products have been expanded to 32 types.

However, it should be noted that while 30.38 million people have opened personal pension accounts, only about 9 million people have completed fund savings, with a per capita savings level of 2,022 yuan. The reporter of “Securities Daily” learned in the interview that the main reason for the fact that the actual number of participants is far less than expected may come from investors’ worries about the expected returns of the products.

A Ms. Li who works in Beijing told the reporter: “I don’t know much about the benefits and risks of personal pension products, and the product has a long closed period, so I am not willing to buy it.” In addition, Mr. Wang, who also works in Beijing, is Said: “When the personal pension system was launched, a personal pension account was opened in the bank, and the payment was made according to the standard of 12,000 yuan per year. Attractive, I don’t intend to continue to pay fees in the future.”

As for the problem presented by the personal pension system that it is easy to attract attention and difficult to attract money, Zhang Yiqun analyzed that, first of all, the social understanding of the self-service supplementary pension model is insufficient and has not been widely accepted by residents; secondly, the personal pension system has no The upper limit of payment, so the ability to gather funds is limited, and it is difficult to form a scale effect; third, although the deferred tax policy reduces the current tax pressure and is beneficial to encourage the payment of pension funds, it also increases the tax pressure when receiving later. Tax benefits are not obvious.

Clear expectations to increase product supply

As we all know, the household sector is a huge “net savings” sector. How to convert the stock of household wealth into long-term investment is a basic project for the capital market to serve the real economy with high quality, and the personal pension system may be regarded as a solution to this problem powerful grip.

“The personal pension system may not only change the structure of my country’s pension system, but may also change my country’s family financial management model and the ecology of the capital market.” Dong Dengxin, director of the Finance and Securities Research Institute of Wuhan University of Science and Technology, told the “Securities Daily” reporter. The population covered by the pension system includes the insureds of the basic pension insurance for employees and the basic pension insurance for urban and rural residents (excluding retired persons). According to a rough estimate, the number of people who are currently eligible to participate in individual pension account opening accounts is about 700 million, which can form a huge capital scale effect.

Against the background of such outstanding social and economic benefits of the personal pension system, it may be even more urgent to further enhance its attractiveness and increase the actual number of participants.

In response to the problem of unclear expected income, Zhang Yiqun suggested that the current deferred tax policy and preferential tax policies for future collection be clarified, and tax exemption can be implemented under the specified amount, so that payers have clear income expectations. At the same time, the upper limit of personal pension annual payment can be moderately raised, the payment amount can be increased, and those who can afford it can be encouraged to pay more and get more, so as to increase personal capital accumulation and the total amount of bank assets. In addition, it is necessary to strengthen the effective connection between personal pension accounts and personal basic pension accounts, enhance the linkage effect between social security institutions and financial institutions, simplify operational procedures, and actively mobilize the enthusiasm of social security, banks, and individuals. Finally, it is inseparable from increasing the publicity of the personal pension system, so that more people can fully understand and understand the benefits of personal pensions for personal financial management and future life.

“The optimization of the personal pension system not only depends on policy support such as tax incentives and structure, but also puts forward higher requirements on whether relevant institutions can provide rich pension financial products and account asset management in the life cycle.” Agricultural Culture Tourism Industry Yuan Shuai, executive vice president of the Revitalization Research Institute, told the Securities Daily reporter that it is necessary to conduct more explorations in the supply of pension financial products and investment management to achieve product diversification and age-friendly products.

“The key to the construction of the personal pension system lies in the expectation of future income, so the system design should be closely focused on stabilizing and increasing the income of individual pensions.” Zhang Yiqun said.

(Editor in charge: Zhang Ziyi)