State Council issued 'Opinions on promoting the development of personal pensions', specifying
- personal account for personal pensions
- completely paid for personally
- building personal account via pension information management service platform (the information platform)
- the pension cannot be withdrawn in advance
- pension can be used to buy financial products
- various products can be bought but products should be relatively low risk in the long term
- products shall be decided by financial regulators and released through the information platform
- maximum annual payment is C¥12,000
- maximum limit can be adjusted according to socioeconomic situation of client
- tax benefits for personal pensions
- paying out
- can be withdrawn at retirement age or when labour capability is completely lost
- paid out either monthly or in one go
- can be succeeded
- information platform
- constructed by HoHRSS
- supervised by HoHRSS and MoF