Before understanding what the experts said, let's talk about the basic overview of the "personal pension system".
The personal pension system, as an important institutional design of the "third pillar" of China's pension insurance system, was officially implemented on November 25, 2022.
Personal pension refers to the system of policy support, individual voluntary participation, market-oriented operation, and the realization of pension insurance supplementary functions.
The personal pension implements the personal account system, and the payment is entirely borne by the participant, who independently chooses to purchase financial products such as savings deposits, wealth management products, commercial pension insurance, and public offerings that meet the requirements, and implements complete accumulation, and enjoys preferential tax policies in accordance with the relevant provisions of the state.
The participants of the personal pension shall be the workers who participate in the basic old-age insurance for urban employees or the basic old-age insurance for urban and rural residents within the territory of China. The financial industry platform is a business information platform organized and built by the financial regulatory authorities.
Participating financial institutions include commercial banks that have been approved by the China Banking and Insurance Regulatory Commission to open personal pension fund account business, as well as issuers and sales agencies of individual pension products determined by the financial regulatory authorities.
From November 25, 2022, what is the current situation?
Peng Xizhe, an expert from Fudan University, concluded:
In general, this system has been recognized to a certain extent, for example, there are 40 million registered accounts in one year, but there are still some areas that can be improved in the process of system design.
The upper limit of personal pension payment is 12,000 yuan, and now the actual storage of each account is only more than 2,000 yuan on average, which is still far from the upper limit, which also reflects some problems. First, the overall economic situation and income situation this year are not particularly ideal, which may limit the enthusiasm of some people, especially young people, to participate in personal pensions to a certain extent. Second, although the upper limit of 12,000 yuan is not very high, as a personal pension, everyone seems to think that it has little impact on themselves, so they do not pay enough attention to it.
If the upper limit can be raised a little more, everyone may have a better choice between pension insurance, commercial insurance, and personal pension. 12,000 yuan is too small for insurance, and it plays a small role in protecting the future pension. Generally speaking, first, raising the ceiling is a necessary way. Second, it has attracted the active attention of young people, especially practitioners. Third, we need to continue to explore and improve in this process.
From an international point of view, there will be more financial products involving pension in western developed countries as a whole than in China, so there will be more choices. In addition, the development process of financial products involving pension is much longer than ours, because developed countries began to enter moderate aging in the sixties and seventies of the last century, decades earlier than us, so there is more experience and more products.
On the one hand, we can learn from the Western concept of financial product design, including the mode of operation. In addition, we need to adjust and improve according to China's current development status, the recent and future trends of China's economy, and the target group of people participating in individual pension accounts, which has a lot of work to be done in China's financial sector.
After reading what the experts have said, I would like to ask you young people, what do you think?
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