Core Viewpoint - Shanghai's personal pension system is entering a new phase characterized by branding, digitalization, and scenario-based services, aiming to enhance the multi-tiered pension security system in China [2][4]. Group 1: Development of Personal Pension System - As of April 2025, the cumulative contribution amount for personal pensions in Shanghai exceeded 18 billion, ranking among the top in the country, with an average contribution of approximately 10,000 per person, the highest in the nation [2]. - The personal pension system serves as a crucial measure to improve the multi-tiered pension insurance system, providing citizens with flexible options for supplementary retirement savings [2][3]. - Since becoming one of the first cities to implement the personal pension system in November 2022, Shanghai has effectively stimulated citizen participation through extensive policy promotion [2]. Group 2: New Initiatives and Digital Platform - The Shanghai Financial Regulatory Bureau announced a series of new initiatives aimed at promoting the personal pension system, including the establishment of a dedicated advocacy team to enhance policy understanding among citizens [3][4]. - The "Suishenban" personal pension digital platform, launched in October 2023, has attracted 13 commercial banks, providing one-stop services for citizens, with over 10 million visits recorded [4]. - Future enhancements to the digital platform will include smart investment advisory services and real-time tracking of contributions and benefits, aiming to create a comprehensive service ecosystem [4]. Group 3: Expert Insights - Experts emphasize that the personal pension system represents a new growth point for pension finance and is a direct driver for increasing the financialization of the pension security system [5]. - Recommendations include optimizing tax incentives, simplifying policy processes, and enhancing financial education to encourage proactive planning among younger demographics [5].

Core Insights - Shanghai's personal pension system is set to accumulate over 18 billion yuan by April 2025, with an average contribution of approximately 10,000 yuan per person, leading the nation in both metrics [1][2] - The implementation of the personal pension system is aimed at enhancing the multi-tiered pension insurance framework, providing citizens with flexible options for supplementary retirement savings [1][2] Group 1 - The personal pension contribution limit is set at 12,000 yuan annually, with tax savings of up to 1,200 yuan for individuals earning between 36,000 and 144,000 yuan, and up to 5,400 yuan for those earning over 960,000 yuan [1] - Shanghai's financial regulatory authority has introduced an action plan to promote high-quality development of commercial pension insurance, aligning with the city's status as an international financial center [1][2] Group 2 - A third pillar pension insurance advocacy team has been established in Shanghai, consisting of 60 members from various financial institutions, aimed at addressing the low participation rates among the youth [2] - Experts suggest optimizing tax policies, simplifying processes, and enhancing financial education to encourage proactive planning among younger demographics [2] - Shanghai's personal pension system is evolving into a new phase characterized by branding, digitization, and scenario-based services, contributing to the national multi-tiered pension system [2]

Group 1 - The personal pension system in China allows workers participating in urban employee basic pension insurance or rural resident basic pension insurance to join, while retirees already receiving basic pension benefits cannot participate [2] - Flexible employment individuals can participate in the personal pension system as long as they have made at least one payment into the basic pension insurance [2] - Authoritative information regarding personal pensions can be accessed through various national online service platforms [2] Group 2 - After contributing to a personal pension, individuals can not only deduct personal income tax but also use the funds to purchase approved investment products to increase retirement income [5] - Investment products include wealth management products, savings deposits, commercial pension insurance, public funds, government bonds, specific pension savings, and index funds [5][6] - Personal pension products are regulated by financial authorities to ensure safety, stability, and long-term value preservation [6] Group 3 - For individuals unsure about selecting personal pension products, financial institutions can provide investment consulting based on personal risk preferences and age [9][10] - It is not mandatory to purchase investment products with personal pension funds; funds can earn interest at the current deposit rate if not invested [11] Group 4 - Personal pensions generally cannot be withdrawn early, with participants eligible to withdraw only upon reaching the retirement age for basic pensions [12] - Exceptions for early withdrawal include total loss of work ability, emigration, serious illness, receiving unemployment insurance, or being on minimum living security [13] - Applications for withdrawal can be made through social security agencies or online service portals, with funds disbursed to the individual's social security card bank account [14][15]

Core Insights - The forum focused on the theme of "New Services, New Business Models, New Trends: The Silver Economy Driving New Development in the Elderly Industry" [2] - Zhou Hong emphasized the importance of establishing a multi-tiered and multi-pillar pension insurance system and increasing the coverage of enterprise annuities to promote high-quality development of personal pensions [2] Summary by Sections Progress in Multi-Tiered Pension Insurance System - Significant progress has been made in building a multi-tiered pension insurance system in China, with the basic pension insurance system achieving near full coverage and continuous growth in benefit levels [3] - Key advancements include nationwide coordination of basic pension insurance for employees, gradual reform of the retirement age, development of enterprise annuities, and the implementation of a temporary method for disability allowances [3][4] Challenges and Solutions for Enterprise Annuities and Personal Pensions - Zhou Hong highlighted the need to address various challenges in pension insurance development, including expanding the coverage of basic pension insurance and implementing a universal coverage plan, particularly for migrant workers and flexible employment personnel [4] - The focus should be on increasing the coverage of enterprise annuities and promoting the development of personal pension systems, with an emphasis on policy design and the introduction of diverse financial products [5] Strengthening Regulatory and Investment Frameworks - To ensure high-quality development of the pension insurance system, it is essential to enhance the fund supervision system, prevent risks, and maintain fund security [6] - Improving the investment framework for pension funds, especially for second and third pillar pensions, is crucial for achieving long-term value growth while ensuring safety [6] - Enhancing management and service levels through a unified social insurance public service platform and optimizing the transfer and continuity of social insurance relationships will facilitate labor mobility [7]

制度持续优化 2022年4月21日，国务院办公厅印发《关于推动个人养老金发展的意见》提出，推动发展适合中国国 情、政府政策支持、个人自愿参加、市场化运营的个人养老金。个人养老金顶层制度设计正式出炉。 经过先行试点，2024年12月12日，人力资源和社会保障部等五部门发布《关于全面实施个人养老金制度 的通知》，明确自2024年12月15日起，个人养老金制度从36个先行试点城市（地区）推广至全国，并从 优化产品供给、提高管理服务水平等方面推出诸多具体措施。 "个人养老金制度出台三周年是里程碑亦是新起点。"中国邮政储蓄银行研究员娄飞鹏认为，随着经济发 展水平提升和人口老龄化速度加快，我国居民对养老生活有更高追求。个人养老金作为"第三支柱"的核 心补充，有关政策效能将持续释放，发展潜力巨大。 招联首席研究员董希淼说，参照国际成熟经验并从我国国情出发，探索建立个人养老金制度，有利于积 极应对人口老龄化，构建功能更加完备的第三支柱养老保险体系，促进养老保险制度可持续发展，满足 人民群众多层次、多样化养老保障需求。 人社部数据显示，截至2024年11月末，已有7279万人开通个人养老金账户。但在受访专家看来，尽管开 户人数 ...

Core Viewpoint - The article provides a detailed guide on how to utilize the personal pension system in China, focusing on tax deductions and the steps for filing personal income tax returns related to pension contributions. Group 1: Personal Pension System Overview - The personal pension system is a government-supported, voluntary participation program aimed at supplementing retirement insurance through market operations [1]. - Eligible participants include individuals who are part of the urban employee basic pension insurance or rural resident basic pension insurance starting from December 15, 2024 [1]. - The annual contribution limit for individuals is set at 12,000 yuan, which can be deducted from comprehensive or business income [1]. Group 2: Tax Deduction Process - Contributions can be deducted either during the year of payment or during the next year's tax reconciliation, provided they fall within the annual limit [1]. - For those receiving salary income, timely submission of relevant documents to the withholding unit is necessary for tax deductions [1]. - All contributions made before December 31, 2024, are eligible for tax deductions within the specified limits [1]. Group 3: Filing Process - The filing process begins by accessing the personal income tax app and selecting the personal pension deduction management option [3]. - Users must read the prompts and select the deduction year, with the system automatically populating the paid amount for 2024 [5]. - The next steps involve verifying the payment certificate information and choosing the appropriate declaration method based on the type of certificate [8]. Group 4: Certificate Submission - Users can submit their payment certificates either by scanning or manually entering the information [10]. - It is recommended to download the payment certificate through official channels before proceeding with the submission [13].

Core Viewpoint - The personal pension system in China, as the third pillar of the pension security system, has been officially launched nationwide after two years of pilot programs in 36 cities, but it faces challenges such as high account openings but low contribution rates, particularly among the younger demographic [1] Group 1: Individual Level Insights - Many individuals are not yet aware of the importance of early accumulation and planning for retirement, indicating a need for enhanced financial literacy and education [1] - Financial education initiatives should be strengthened to help the public develop awareness regarding personal pensions and the benefits of consistent saving habits [1] Group 2: Institutional Level Insights - The current market for pension financial products is still in its early stages, with existing products lacking competitive strength [2] - Financial institutions should prioritize product stability and safety in their design, focusing on long-term asset growth rather than short-term high returns [2] - Institutions can enhance their offerings by integrating health management services into pension products, thereby creating differentiated competitive advantages [2] Group 3: Policy and Coverage Insights - Ongoing discussions in the industry focus on increasing tax incentives and enhancing withdrawal flexibility for the personal pension system [3] - The timing of tax payments during pension withdrawals is a critical area for exploration, with potential for more flexible tax policies based on international practices [3] - There is a need to expand the coverage of the pension security system to include more groups, such as freelancers and flexible workers who currently lack access due to not contributing to social insurance [3]

（原标题：原中国保监会副主席周延礼：个人养老金制度应提升税收激励的力度） 周延礼建议，在养老目标基金之外，金融机构还可以开发包括多资产组合、年金险等在内的多元化产品 线，从而提升个人养老金产品线的适配性和专业性。 5月18日，原中国保险监督管理委员会党委副书记、副主席周延礼在"清华五道口全球金融论坛"上接受 媒体采访时表示，个人养老金制度作为养老保险体系的第三支柱，其重要性日益凸显，该制度不仅能有 效缓解基本养老金的支付压力，还能通过市场化运作，为个人提供更加灵活多样的养老保障选择。 他同时称，希望资本市场能够在提高个人养老金运营效益等方面发挥更大作用。 他同时表示，目前个人养老金制度运行平稳，但在税收激励力度、可选择的金融产品丰富度等方面还有 待提高和完善。 周延礼强调，在国家财政可以承受的范围之内，应适当提高税前扣除上限，也可以根据国家经济发展和 财政收入情况，探索多样化的个人养老金激励机制。比如，"政府配比+税收+补贴"这种复合模式，以 更好匹配中低收入群体参与的能力。 经济观察报 记者 老盈盈 此外，周延礼亦认为，还需要丰富第三支柱产品的供给，因为产品供给直接决定消费者参与个人养老金 的兴趣。当前金融 ...

Core Viewpoint - The personal pension system is an essential pillar of China's social security system, especially in the context of an aging population, and it is crucial for alleviating the pressure on basic pension payments and providing flexible retirement options [3][4]. Group 1: Importance of Personal Pension System - The personal pension system has become increasingly important as the traditional single-pillar pension model struggles to meet growing retirement needs due to rapid population aging [3]. - The implementation of the personal pension system since 2022 marks a significant step towards a multi-tiered and diversified pension protection system in China [3]. Group 2: Current Status and Challenges - Over 60 million people are currently covered by the personal pension system, indicating positive development, but this number is still insufficient compared to China's large population [4]. - There are issues such as regional development imbalances and a homogeneous participant structure that need to be addressed [4]. Group 3: Tax Policy and Product Innovation - Tax policy is a key factor affecting the attractiveness of the personal pension system, as existing tax exemptions are undermined by taxes imposed when withdrawing pensions [4]. - There is a need for more innovative and competitive pension products to meet diverse market demands, as the current offerings are limited [4]. Group 4: Future Development Suggestions - A multi-tiered and sustainable pension protection system should be established, complementing basic pensions with enterprise annuities and personal pensions [5]. - Suggestions to enhance the system's attractiveness include optimizing tax policies, increasing financial education, and simplifying participation processes [5]. Group 5: Regulatory and International Cooperation - Strengthening regulatory oversight is essential to ensure the safety and stability of the personal pension system, with a call for improved supervision of financial institutions [5]. - International cooperation and learning from successful pension systems in countries like Japan and Europe are vital for China's pension system innovation and development [6].

Group 1 - The personal pension system, as the third pillar of China's pension security system, has been officially launched nationwide after two years of pilot programs in 36 cities [2] - Financial institutions are encouraged to develop a diverse range of pension products that cater to different risk preferences and manage the entire lifecycle of individuals [2][5] - There is a need for financial institutions to align their product offerings with the needs of low- and middle-income groups to enhance participation in the personal pension system [3][5] Group 2 - The current personal pension products are facing issues of homogeneity, with a predominance of short-term products and a lack of long-term options [2][5] - To improve participation rates, it is suggested that tax incentives be strengthened and diversified incentive mechanisms be explored, such as government matching and subsidies [3][5] - Financial institutions should actively engage with regulatory requirements to ensure the safety and long-term responsibility of pension products [3][6] Group 3 - There is a call for the development of investment products that are suitable for pension funds, emphasizing the importance of long-term, value-based, and responsible investment strategies [6][7] - The industry is encouraged to invest in national infrastructure projects and innovative sectors, such as renewable energy and technology, to align with national strategic goals [7] - The issuance of long-term pension-specific bonds is recommended to meet the needs of the insurance sector and enhance the stability of pension fund investments [6][7]