Core Viewpoint - The article emphasizes the importance of personal pension accounts as a supplementary retirement savings option, highlighting the tax benefits and investment opportunities they provide for individuals planning for retirement [3][5]. Group 1: Understanding Personal Pensions - The personal pension system is designed to allow individuals to prepare additional retirement savings beyond the basic social security, which ensures a minimum living standard [5]. - The personal pension offers four key features: individual accounts, self-directed investment options, deferred taxation, and closed operation until retirement age [6]. Group 2: Tax Savings from Personal Pensions - Contributions to personal pension accounts can be deducted from taxable income, effectively acting as a "tax refund" [10]. - The amount of tax saved depends on the individual's tax bracket, with higher tax rates yielding more significant savings [12]. - For example, individuals with an annual taxable income exceeding 960,000 yuan can save up to 5,400 yuan annually [11]. Group 3: Investment Options and Benefits - Personal pension funds can be invested in various products, including savings deposits, insurance products, wealth management products, and public funds [15]. - The article notes that as of December 15, 2025, there are 1,256 personal pension products available, with different risk-return profiles suitable for various investors [15]. - Public funds within personal pension accounts have shown promising returns, with over 98% of funds reporting positive returns since inception [18]. Group 4: Participation Process - The process to participate in personal pensions involves three steps: account opening, fund transfer, and investment [20]. - Individuals can choose how much to contribute each year, but they can only open one account across different banks, which may offer different investment products [22].

Core Viewpoint - The article discusses the personal pension system in China, highlighting its tax benefits and the process for individuals to manage their contributions and deductions through the personal income tax app [3][4][5]. Tax Benefits - Personal pensions allow for deferred tax benefits, where contributions up to 12,000 yuan per year can be deducted from taxable income [3]. - Investment income within the personal pension account is not subject to personal income tax [3]. - Upon withdrawal, the pension is taxed at a flat rate of 3%, separate from other income [4]. Example Calculation - An example is provided where an individual with an annual salary of 430,000 yuan and deductions of 60,000 yuan would see their taxable income decrease from 310,000 yuan to 298,000 yuan after contributing to a personal pension, resulting in a tax reduction of 2,900 yuan [4][5]. Contribution Timeline - Contributions must be made before December 31, 2025, to qualify for deductions in the following year's tax settlement [5]. App Management Steps - The article outlines steps for managing personal pension contributions through the personal income tax app, including logging in, authorizing management, and submitting deduction claims [6][7].

Core Insights - The marketing of tax-advantaged health insurance and personal pension insurance is intensifying as the 2025 personal income tax settlement period approaches, with slogans highlighting potential tax savings [1][2] - There is a growing concern among experts that the marketing strategies may mislead consumers by conflating tax benefits with actual investment returns, potentially leading to poor decision-making [2][3] Tax Benefits and Misconceptions - The immediate feedback mechanism of tax refunds significantly lowers consumer decision-making barriers, transforming long-term benefits into short-term gains [2] - Some sales representatives are misleadingly combining tax refunds with projected cash value growth to claim annualized returns exceeding 10%, which confuses tax benefits with investment returns [3] - Tax refunds are government incentives and not returns generated by insurance companies, leading to inflated internal rates of return (IRR) calculations [3][4] Long-term Returns and Market Dynamics - The long-term internal rate of return (IRR) for tax-advantaged health insurance products typically hovers around 2%, which is not competitive compared to mainstream savings-type insurance products [4] - High-income individuals benefit more from tax savings due to higher applicable tax rates, with significant differences in tax savings based on income levels [5][6] Consumer Behavior and Decision-making - Consumers are advised to prioritize genuine insurance needs over tax savings, as focusing solely on tax benefits may lead to inadequate risk coverage [7][9] - The unique value of tax-advantaged health insurance lies in its risk management capabilities, which should not be overshadowed by the emphasis on tax savings [7][10] Future Outlook and Policy Implications - Experts predict that tax policies may undergo adjustments, and consumers should view current tax benefits as supplementary rather than central to their decision-making [10] - The government is likely to continue supporting personal pension products, promoting individual responsibility for retirement savings and enhancing the social security system [10]

Group 1 - The article discusses tax incentives related to the transformation of intellectual property and technology achievements, highlighting policies that allow for deferred taxation on equity investments made with technological achievements [2] - It outlines that since July 1, 2018, non-profit research and development institutions and higher education institutions can reduce the taxable income of technology personnel from cash rewards for the transformation of job-related technology achievements by 50% [2] - The article mentions that taxpayers providing technology transfer, development, and related consulting services are exempt from value-added tax [2]