Core Viewpoint - The personal pension system in China, as a significant part of the pension insurance framework, offers tax benefits during contributions and withdrawals, with a 3% income tax on withdrawals starting from December 15, 2024 [1][3]. Group 1: Tax Benefits and Regulations - Individuals can enjoy tax deductions when contributing to personal pensions, with a maximum annual contribution limit of 12,000 yuan, which can be deducted from their taxable income [3]. - The income tax rate on the taxable amount upon withdrawal is set at 3% for amounts not exceeding 36,000 yuan, with higher rates applicable for larger income brackets [2][4]. - The maximum annual tax savings for participants can reach up to 5,400 yuan, depending on their income level and applicable tax rate [4]. Group 2: Implementation and Scope - The personal pension system was officially implemented in 2022, initially in 36 cities, and will be expanded nationwide starting December 15, 2024 [3]. - All workers participating in urban or rural basic pension insurance can enroll in the personal pension system, which allows for investment in approved financial products [3].

Core Viewpoint - The article highlights the initiative by Great Wall Fund to promote personal pension systems and financial literacy in rural areas of China, specifically in Xinhui City, Shihe Town, in response to the call from the China Fund Industry Association [1][3]. Group 1: Initiative Overview - Great Wall Fund's education team collaborated with the local government to conduct promotional activities on personal pension systems, aiming to empower local officials to become the first tier of policy advocates [3]. - The initiative is part of a broader effort to extend knowledge of personal pensions to rural communities, helping families develop sound retirement plans and protect them from fraudulent schemes [3]. Group 2: Educational Activities - The event included a financial literacy classroom where instructors taught participants about identifying and preventing illegal fundraising and scams, including AI-related fraud [5]. - Participants expressed their commitment to becoming "financial knowledge promoters," sharing what they learned with their communities [5]. Group 3: Historical Context and Future Plans - The "Financial Literacy in Rural Areas" initiative began in December 2021 in Xingxiu Village, Suining City, Sichuan Province, and has since expanded to other regions, integrating financial education with rural development needs [6]. - Great Wall Fund plans to continue its educational efforts in line with regulatory guidelines, focusing on investor interests and contributing to the high-quality development of the capital market [6].

Core Viewpoint - The establishment of Shenzhen's first financial education theme park, led by Southern Fund, aims to enhance public understanding of personal pension systems and financial literacy [1][3]. Group 1: Event Overview - The opening ceremony of the financial education theme park took place on June 26, 2025, in Shenzhen, supported by various financial regulatory bodies [1]. - Southern Fund, as a representative of the securities fund industry, collaborated with multiple financial institutions to promote financial knowledge [1]. Group 2: Educational Initiatives - Southern Fund's education base created a dedicated area focused on pension knowledge, covering personal pension system education, practical guides for participation, and investment mindset management [3]. - Professional staff distributed financial knowledge materials and answered citizens' questions about personal pension systems to enhance financial literacy [5]. Group 3: Interactive Engagement - An interactive game titled "Personal Pension Matching" was set up to engage citizens in understanding the characteristics of the personal pension system in a fun way [6]. - The "Fun Park Pension" check-in activity encouraged citizens to participate both online and offline, increasing the event's reach and attracting more visitors to the park [7]. Group 4: Future Outlook - Southern Fund's education base aims to continue its mission of financial education, contributing to the improvement of the national pension security system and enhancing overall financial literacy [9].

Group 1 - The year 2025 is identified as a critical year for the comprehensive implementation of the personal pension system in China [1] - Hongde Fund actively participates in the "One Company, One Province, One University" initiative to promote investment knowledge related to retirement [1] - A financial lecture was conducted by Hongde Fund in Lhasa, Tibet, aimed at enhancing financial literacy among local government employees and university students [1] Group 2 - Hongde Fund's Macro Strategy Department Director, Sun Zhen, provided insights on the current domestic and international investment environment, focusing on China's macroeconomic situation and value investing practices [3] - The lecture included detailed information on personal pension basics, tax deferral policies, and the scale of personal pension funds, presented in an accessible manner [3] - Sun Zhen explained the differences between funds and other financial products, discussing recent trends in various financial sectors and historical investment returns [3] Group 3 - The interactive session following the lecture received positive feedback, with participants appreciating the detailed data and case studies that clarified market dynamics [5] - Attendees, including students and professionals, found the practical content helpful for understanding financial theories and their application in real investment scenarios [5] - Over 50 participants from various local government departments and universities attended the lecture, indicating strong community engagement [5] Group 4 - Since its establishment, Hongde Fund has integrated social responsibility into its development strategy, committing to various public welfare activities annually [7] - The company aims to enhance its investment research capabilities and investor service levels while embracing digital technology innovations [7] - Hongde Fund is focused on sustainable value creation for investors and contributing to the high-quality development of public funds, particularly in areas like technology finance and pension finance [7]

Core Viewpoint - The personal pension system in China will be implemented nationwide starting December 15, 2024, after a two-year pilot in 36 cities, allowing all workers participating in basic pension insurance to join the scheme [1] Group 1: Implementation and Participation - The personal pension accounts can be opened through various online platforms and commercial banks, with a contribution limit of 12,000 yuan per year for purchasing approved financial products [1] - As of November 2024, 72.79 million personal pension accounts have been opened, although issues such as "high account opening but low contributions" need to be addressed [1] Group 2: Tax Policy and Economic Viability - The personal pension system adopts an EET (Exempt-Exempt-Tax) tax model, aiming to encourage middle and high-income groups to supplement their retirement savings while providing stable long-term capital for the market [2] - For ordinary participants, the economic benefits depend on the marginal tax rate and asset allocation efficiency, with those in higher tax brackets benefiting from tax deductions and investment returns [3] Group 3: Optimization and Improvement - Key issues include imbalanced tax incentives, low expected returns on pension financial products, and strict liquidity constraints, which hinder participation and investment confidence [4][5] - Recommendations for improvement include implementing tiered tax incentives, expanding the product range, and establishing flexible withdrawal rules for specific circumstances [5][6] Group 4: Young People's Investment Planning - Young individuals are encouraged to start planning for retirement investments, ideally between the ages of 35 and 40, focusing on long-term asset accumulation to ensure a smooth transition into retirement [6][7] - Emphasizing a disciplined investment approach, such as regular contributions, can help mitigate the impact of market volatility and achieve stable asset growth over time [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report China's personal pension system has been fully implemented for half a year, and pension wealth - management products are rising rapidly in the multi - level pension system with low - risk and stable returns as core advantages, showing investment potential of "seeking progress while maintaining stability and promising future" [1]. 3. Summary According to Related Catalogs 3.1 China's Personal Pension System's Full - scale Implementation and Global Insights 3.1.1 China's Pension System: From "Multi - level" to "Multi - pillar" China's pension system is structured around the internationally - recognized "three - pillar" framework. By the end of 2024, the total scale of China's multi - level pension security system was about 18.8 trillion yuan, a 12.77% increase from the previous year. The first pillar (social security fund + basic pension) accounted for about 63.9% (about 12 trillion yuan), the second pillar 35.8%, and the third pillar about 0.3%, showing the characteristics of "dominated by basic security and the supplementary level awaiting breakthrough" [2][11]. 3.1.2 Full - scale Implementation of Personal Pension The personal pension system was fully implemented in December 2024, with core breakthroughs in national coverage, diversified product systems, and flexible services and withdrawals. By the end of May 2025, the number of account - opening exceeded 72 million, and the number of products increased to 1,031, but the phenomenon of "hot account - opening and cold deposit" was prominent [15][16]. 3.1.3 International Comparison of Personal Pension Systems The core of the US personal pension system is the Individual Retirement Account (IRAs), with an asset scale of about 17 trillion US dollars by the end of 2024. The UK's personal pension started in 1986, and by the end of 2021, its scale was about 470 billion pounds. Japan's personal pension system consists of iDeCo and NISA. Different countries have different tax mechanisms, access conditions, annual payment limits, investment ranges, and withdrawal conditions [17][21][22]. 3.2 Domestic Personal Pension Product Hierarchical Competition and Global Experience 3.2.1 Formation of the Domestic Personal Pension Product Hierarchical Competition Pattern As of the end of May 2025, savings, insurance, wealth - management, and fund products accounted for 45%, 23%, 3%, and 29% respectively in terms of product quantity. The market is dominated by leading institutions, and small and medium - sized institutions seek breakthroughs through characteristic products [33]. 3.2.1.1 Savings Products with Stable Returns As of June 4, 2025, joint - stock banks were the main issuers of savings products, accounting for 58% of the total product quantity. The interest rate of long - term savings products was generally about 0.6 percentage points higher than that of short - term products [40]. 3.2.1.2 Insurance Products: Coexistence of Guaranteed Stability and Return Elasticity As of the end of May 2025, there were 233 insurance products. The market was dominated by leading institutions, and professional pension insurance companies performed prominently. Some products of National Pension Insurance had a settlement interest rate of over 4% in 2024 [45]. 3.2.1.3 Steady Development of Wealth - management Products As of the end of May 2025, there were 35 wealth - management products, mainly from large bank - affiliated wealth - management subsidiaries. The average one - year return rate as of June 6, 2025, was 2.7%, and the average annualized return rate since establishment was 3.1% [54][58]. 3.2.1.4 New Index Products in the Fund Category, with Leading Funds Dominating the Market Pattern As of the end of May 2025, there were 297 fund products. R3 (medium - risk) products dominated, and pension target FOF accounted for the main proportion. Index funds were included in the product catalog in December 2024, and leading institutions dominated the market [61]. 3.2.2 Higher Allocation Ratio of Equity Assets in Developed Countries' Personal Pensions The US IRA's asset allocation has shifted from deposits to equity assets. The UK's Vanguard target funds had an average annualized return rate of about 7.3% (target risk funds) and 7.8% (target date funds) from 2012 - 2024. Japan's iDeco has increased foreign stock allocation, and NISA has a higher risk preference. Compared with developed countries, domestic personal pension products have a lower allocation ratio of equity assets and relatively lower returns [73][79][81]. 3.3 Pension Wealth - management Products Promising in the Future 3.3.1 Overview of Pension Wealth - management Products As of the end of May 2025, 10 out of 11 approved wealth - management companies had issued 51 pension wealth - management products. The market was dominated by state - owned large banks and leading wealth - management companies. There were 271 pension target funds with a management scale of about 60 billion yuan at the end of 2024, and 1,018 annuity pension products with a management scale of about 2.3 trillion yuan at the end of 2024 [87][91][93]. 3.3.2 Structure of Pension Wealth - management Products As of the end of May 2025, pension wealth - management products were mainly fixed - income, with R2 - level (low - medium risk) products accounting for 96.1%. They had lower management and custody fees compared to pension target funds [98][100]. 3.3.3 Bond - based Asset Allocation in Pension Wealth - management As of Q1 2025, pension wealth - management products mainly allocated fixed - income assets (75.3%), with bonds and non - standard debt assets as the main components. Pension target funds highly relied on public funds, and annuity pension products were mainly allocated to fixed - income assets [101].

Core Viewpoint - The article discusses the implementation of a deferred tax policy for personal pensions in China starting January 1, 2024, which allows individuals to benefit from tax deductions while saving for retirement [1][3]. Policy Highlights - In the contribution phase, individuals can deduct contributions to their personal pension accounts up to a limit of 12,000 yuan per year from their comprehensive or business income [1][3]. - In the investment phase, investment income credited to personal pension accounts will not be subject to personal income tax [1][3]. - In the withdrawal phase, personal pensions will be taxed separately at a rate of 3%, not included in comprehensive income [1][3]. One-Stop Declaration Process - The article outlines a simplified declaration process through the Personal Income Tax APP, allowing users to manage personal pension deductions without needing to download payment vouchers [2]. - Users can access their pension contribution vouchers starting from the 8th of each month for the previous month, and if there are issues, they can consult the bank that opened their pension account [2]. - The declaration can be submitted either through the withholding agent or via annual self-declaration, depending on the type of voucher [2].

Core Viewpoint - The article discusses the implementation of personal pension tax policies in China, highlighting the need for improved attractiveness and risk management tools for personal pensions as a financial product [1][2]. Group 1: Policy Implementation - The Ministry of Human Resources and Social Security announced that from January 2024, personal pensions will be subject to a 3% individual income tax on the withdrawal amount, regardless of principal or investment returns [1]. - The policy aims to provide tax benefits for individuals looking to improve their retirement living standards and offers financial institutions a new long-term funding channel [1][2]. Group 2: Market Challenges - The current low discount rates for personal pensions in China fail to adequately compensate investors for future risks, making these products less attractive [2][3]. - Investors face inflation risk, market risk, and interest rate risk, with limited options for effective risk hedging in the financial market [2]. Group 3: Investment Viability - There is concern that personal pensions may not yield positive real returns after accounting for inflation, potentially leading to a loss of purchasing power over time [3]. - The low discount rates may result in a preference for immediate consumption or other investment products over personal pensions [3]. Group 4: Recommendations for Improvement - To enhance the appeal of personal pensions, it is suggested to increase discount rates and consider issuing inflation-protected products similar to savings bonds [3]. - The tax conditions for personal pension withdrawals could be refined to reflect actual purchasing power rather than nominal amounts, ensuring that tax burdens do not exceed the real value of pensions [4].

根据相关要求，在领取环节，个人领取的个人养老金不并入综合所得，单独按照3%的税率计算缴纳个人所得税， 其缴纳的税款计入"工资、薪金所得"项目 文｜《财经》研究员 程维妙 综上内容简而言之，就是在养老金积累阶段免税，领取养老金时再行缴税。 2024年底，个人养老金制度在全国推开，财政部、国家税务总局在前述《公告》中再度明确，在缴费环节，按照 1.2万元/年的限额标准予以税前扣除；投资收益暂不征税；在领取环节，个人领取的个人养老金不并入综合所 得，单独按照3%的税率计算缴纳个人所得税，其缴纳的税款计入"工资、薪金所得"项目。 人社部最新发文后，有网友关注，如果领取时要交税，那参加个人养老金是否划算？ 编辑｜张颖馨 6月24日，针对"个人养老金投资收益部分需要按照3%纳税吗"的问题，人力资源和社会保障部（下称"人社部"） 在其官方微信号"人社日课"栏目发文称，按照《关于在全国范围实施个人养老金个人所得税优惠政策的公告》 （下称《公告》）政策规定，个人养老金领取时，按照领取额的3%缴纳个人所得税，不区分本金和投资收益。 消息发布后，不少网友表示疑惑："发工资的时候不是已经交过税了吗？""已领退休金的需要缴纳吗？"实际 ...

Core Viewpoint - The article discusses the participation of workers in China's basic pension insurance and the implications of individual pension systems, including tax benefits and investment opportunities [1]. Group 1 - Workers participating in urban employee basic pension insurance or rural resident basic pension insurance can also join the individual pension system [1]. - Contributions to the individual pension system not only allow for personal income tax deductions but also enable the funds to be used for purchasing approved investment products [1]. - The Ministry of Human Resources and Social Security clarified that the investment income from individual pensions is subject to a 3% personal income tax upon withdrawal, without distinguishing between principal and investment gains [1].