Five departments jointly issued the ＂Measures for the Implementation of Individual Pensions＂

　　Xinhua News Agency, Beijing, November 4 (Reporter Jiang Lin) The Ministry of Human Resources and Social Security, the Ministry of Finance, State Taxation Administration of The People’s Republic of China, China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission jointly issued the Measures for the Implementation of Individual Pensions on November 4, which made specific provisions on the participation process, fund account management, organization and product management, information disclosure, supervision and management of individual pensions.

　　According to Jia Jiang, deputy director of the Pension Insurance Department of the Ministry of Human Resources and Social Security, personal pension is a supplementary pension insurance system supported by government policies, voluntary participation by individuals and market-oriented operation. Workers who participate in the basic old-age insurance for urban workers or the basic old-age insurance for urban and rural residents in China can participate.

　　The method is clear. Participants who participate in personal pensions should open personal pension accounts on the information platform through the national unified online service portals such as the national social insurance public service platform, the national human resources and social security government service platform, the electronic social security card, the handheld 12333App and other commercial bank channels. After that, choose a commercial bank that meets the requirements to open or designate my only personal pension fund account.

　　"These two accounts are unique and correspond to each other. These two accounts can be opened at one time through commercial bank channels. " Jia Jiang said that the funds in the account can be used to purchase qualified wealth management products, savings deposits, commercial endowment insurance and Public Offering of Fund.

　　The method stipulates that the maximum amount of personal pension paid by participants each year is 12,000 yuan. Personal pension fund accounts are closed, and participants can receive personal pensions when they reach the age of receiving basic pensions, or completely lose their ability to work, go abroad (settle down), and meet other circumstances stipulated by the state.

　　In order to safeguard the interests of participants, the measures emphasize that sales organizations should make risk warnings based on the principle of "sales appropriateness" and should not actively introduce personal pension products beyond their risk tolerance to participants.