The person in charge of the relevant departments of the China Banking Regulatory Commission pointed out that pension insurance companies have played an important role in the construction of the first and second pillars of pension insurance. The four pension insurance companies participating in the pilot have their own characteristics in terms of capital strength, business channels and management. The development of commercial pension business by it is conducive to giving full play to the expertise of pension insurance companies in pension fund management and risk management. And the rich experience accumulated from long-term participation in the development of China's multi-level and multi-pillar pension insurance system, further deepen the structural reform of the supply side of pension finance, better meet the diverse needs of the people for old-age security, and explore the development path of pension finance suitable for China's national conditions.
What is commercial pension? What is the difference with individual pension?
According to the person in charge of the relevant departments of the China Banking Regulatory Commission, commercial pension is a new type of commercial pension insurance business operated by pension insurance companies. Mainly relying on insurance business rules to innovate products and services, providing customers with pension account management, pension planning, fund management, risk management and other services.
"The positioning of commercial pension is an inclusive and innovative personal commercial pension financial business for the broad masses of the people. It is an integral part of the third pillar pension insurance and plays a supporting and supplementary role in the development of the individual pension system. " The person in charge said that commercial pension and personal pension are not the same dimension conceptually.
Specifically, commercial pensions and personal pensions mainly have the following differences:
First, individual pension is an old-age insurance system supported by government policies, with individual voluntary participation and market-oriented operation, which realizes the supplementary function of old-age insurance. Commercial pension is a voluntary, market-oriented and rule-based financial service for the aged. The pension insurance company provides one-stop services including account management, planning consultant, product purchase and long-term collection.
Second, for personal pensions, the state has formulated preferential tax policies to encourage qualified personnel to participate in the personal pension system and receive personal pensions according to regulations; However, individuals who participate in the commercial pension business do not enjoy the relevant personal income tax preferential policies.
Thirdly, in terms of personal pension, workers who participate in the basic old-age insurance for urban workers or urban and rural residents in China can participate in the personal pension system. In terms of commercial pension, individuals aged 18 can sign contracts related to commercial pension business with pension insurance companies and accumulate pensions for a long time through commercial pension accounts.
Fourth, personal pension fund accounts are used to purchase financial products such as bank wealth management, savings deposits, commercial pension insurance and fund public offering. Commercial pension customers can choose to buy a variety of commercial pension products provided by pension insurance companies.
Double account combination, taking into account long-term investment and liquidity needs.
According to the above-mentioned person in charge, one of the main features of the commercial pension business is the combination of accounts and products, that is, the pilot institutions set up information management accounts for individuals to provide commercial pension products with different maturities, risks and liquidity to meet the needs of customers for steady investment, risk protection and retirement.
The information management account will be divided into two sub-accounts: locked pension account and extended pension account. Combining the two accounts into one will take into account the dual needs of locking in the long-term investment of pension funds and the mobility of individuals at different ages. Among them, the locked account focuses on long-term and guaranteed products.
Specifically, the person in charge said that part of the funds deposited by the customer will enter the locked pension account to buy the corresponding products in proportion, and the customer can only withdraw when he is 60 years old, which is closed to a certain extent; The funds in the renewed pension account can also be used for long-term investment, but the liquidity is relatively stronger, and customers can replace products or obtain corresponding funds according to the agreement. In this process, customers can agree on different locking ratios with commercial pension insurance institutions at different ages to meet their liquidity needs in different life cycles. However, the head of the relevant department of the China Banking Regulatory Commission added that there will be a minimum lock-in requirement for this business.
In addition, the product design of commercial pension takes the accumulation of pension as the main function, supports individuals to accumulate pension funds for a long time, and can provide certain additional risk protection such as death and accidental injury. At the same time, it provides various collection arrangements such as fixed installment, regular installment and long-term (lifelong) annuity collection. Pension insurance companies will also provide pension planning services including revenue and expenditure calculation, demand analysis, asset allocation, etc. for customers who choose commercial pension business to help customers manage pension risks in their life cycle.
The person in charge of the relevant departments of the China Banking Regulatory Commission particularly emphasized that due to the particularity of the pension financial business, the risk control of commercial pensions will be strengthened, a product custody mechanism will be established, investment supervision and valuation reconciliation will be strengthened, and risks will be controlled through various means.
The person in charge also pointed out that developing commercial pension finance and innovating services and product forms are conducive to meeting people's diversified pension needs, and can also provide more financial products with safe operation, stable maturity, standardized target and long-term value preservation to meet different preferences. Piloting the commercial pension business of pension insurance companies and further enriching the supply of commercial pension financial products are conducive to promoting and standardizing the development of the third pillar pension insurance.