截至12月19日 产品目录达1257只——个人养老金投资选择更加丰富

Core Viewpoint - The personal pension system in China has been fully implemented nationwide after three years of pilot programs, providing a diversified retirement security option for citizens and addressing structural shortcomings in the pension insurance system [1][2]. System Development - The personal pension system is a government-supported, voluntary, market-operated supplementary pension insurance system, forming the third pillar of China's multi-tiered pension insurance framework [1]. - The framework was established in April 2022, with pilot programs starting in November 2022 across 36 cities, leading to nationwide implementation by December 2024 [1]. - By August 2025, rules for receiving personal pensions will be clarified, further enhancing the system's structure [1]. Product Supply Optimization - Since the implementation of the personal pension system, the range of products has expanded significantly, now including savings deposits, financial products, commercial pension insurance, public funds, government bonds, specific pension savings, and index funds [3]. - As of December 19, the product directory includes 1,257 items, with 466 savings products, 446 insurance products, 308 fund products, and 37 financial products [3]. - The inclusion of electronic government bonds enhances investment options, providing low-risk choices and improving the system's inclusivity [3][4]. Attractiveness and Challenges - Despite over 72 million personal pension accounts opened, actual contributions and investment levels remain low, with many accounts inactive [5]. - Factors contributing to this issue include public awareness of the system, market volatility affecting product returns, and limited appeal of the annual tax-advantaged contribution cap of 12,000 yuan for higher-income individuals [5]. - To address the "open but not funded" phenomenon, a multi-faceted approach is needed, including integrating personal pension accounts with tax declaration systems and creating a one-stop digital platform for account management [5][6]. Policy Recommendations - Suggestions for policy improvements include optimizing tax incentives based on income levels, increasing subsidies for low-income groups, and allowing flexible withdrawals under special circumstances [6]. - Strengthening policy stability and enhancing public education on the long-term value of retirement planning are also recommended to shift public participation from passive to active [6].