原标题：推动个人养老金制度更好发展 作者：娄飞鹏 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出，加快发展多层次、多支 柱养老保险体系。个人养老金制度作为多层次、多支柱养老保险体系的重要组成部分，2022年11月25日 在全国36个先行城市（地区）落地实施，2024年12月15日在全国实施。经过三年的探索实践，取得了明 显的成效，后续仍然需要进一步增强对广大居民的吸引力以推进个人养老金制度更好发展。 个人养老金金融产品不断丰富，并为投资者创造收益。国家社会保险公共服务平台的数据表明，2025年 11月25日，个人养老金金融产品共有1245只，其中储蓄类产品466只、保险类产品437只、基金类产品 305只、理财类产品37只。金融产品数量增加丰富了投资者的选择，并且为投资者创造收益。如2025年9 月底，个人养老金基金规模达到151亿元，比2022年底增长655%，超过95%的基金产品成立以来实现正 收益。 在落地实施过程中，个人养老金制度根据实际情况优化完善。2024年12月，人社部等五部委《关于全面 实施个人养老金制度的通知》中，结合36个先行城市（地区）实施的实际情况，从优化产品供给 ...

娄飞鹏 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出，加快发展多层次、多支 柱养老保险体系。个人养老金制度作为多层次、多支柱养老保险体系的重要组成部分，2022年11月25日 在全国36个先行城市（地区）落地实施，2024年12月15日在全国实施。经过三年的探索实践，取得了明 显的成效，后续仍然需要进一步增强对广大居民的吸引力以推进个人养老金制度更好发展。 个人养老金金融产品不断丰富，并为投资者创造收益。国家社会保险公共服务平台的数据表明，2025年 11月25日，个人养老金金融产品共有1245只，其中储蓄类产品466只、保险类产品437只、基金类产品 305只、理财类产品37只。金融产品数量增加丰富了投资者的选择，并且为投资者创造收益。如2025年9 月底，个人养老金基金规模达到151亿元，比2022年底增长655%，超过95%的基金产品成立以来实现正 收益。 在加强投资者教育方面，引导广大居民认识到个人养老金采用市场化运营，个人可根据自身实际情况自 愿参加。在养老资产积累过程中需要在理念上从储蓄养老尽快转向投资养老，通过金融资产的增值丰富 养老资产储备。个人养老金投资是长期投资，投 ...

Core Viewpoint - The article emphasizes the urgent need for optimizing pension finance policies in response to the unprecedented wave of global population aging, highlighting the importance of developing a robust pension finance system to support economic growth and social stability [2][4]. Group 1: Current State of Pension Finance - The overall development of pension finance in China is characterized by a reliance on bank deposits, while the U.S. has a more developed system based on personal pension assets [4]. - As of the end of 2024, China's financial institutions have total assets of 495.59 trillion yuan, with the banking sector dominating at 89.7% [5]. - The M2/GDP ratio in China is significantly higher at 2.27 compared to the U.S. at 0.71, indicating a focus on savings for retirement rather than investment [6]. Group 2: Government Role in Pension Finance - The government should analyze the collaborative development mechanism between multi-level capital markets and pension systems, utilizing new financial tools to enhance pension investment [9]. - A "long money long investment" ecosystem should be established to facilitate the transition from savings-based to investment-based retirement planning [9][11]. Group 3: Policy Shortcomings and Improvements - There is a significant lack of support for the second pillar of pension finance, with only 54.2% of respondents having access to enterprise or occupational pensions compared to 81.4% for housing provident funds [12]. - Young individuals face a shortage of funds for retirement; thus, the introduction of a subsidy program similar to Germany's Riester Plan could encourage investment in personal pensions [13]. Group 4: Regional Development Disparities - There is a notable disparity in pension benefits between urban and rural areas, with ongoing discussions aimed at increasing rural pension standards to 500-600 yuan per month by 2035 [14]. - The design of inclusive pension financial products should be tailored to low-income groups and rural populations to ensure broader coverage [14]. Group 5: Recommendations for Policy Enhancement - Policies should promote "long money long investment" by optimizing pension system designs and expanding the investable pension fund size [16]. - The first pillar of basic pension insurance should consider issuing special government bonds and increasing the basic pension for farmers [17]. - The second pillar should implement automatic enrollment mechanisms and integrate various pension accounts, while the third pillar could adopt financial subsidy policies to attract younger investors [18].