opinions on promoting the development of personal pensions

关于推动个人养老金发展的意见

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    • the pension cannot be withdrawn in advance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    • can be withdrawn at retirement age or when labour capability is completely lost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