After decades of exploration, it has finally entered the implementation stage, which will profoundly affect people's lives - On November 4, the Ministry of Human Resources and Social Security, the Ministry of Finance and other five departments jointly issued the Measures for the Implementation of Personal Pension, marking that the personal pension system that has long been concerned by the society has entered the implementation stage. On November 18, the CBRC issued the Notice on Printing and Distributing the Interim Measures for the Administration of Personal Pension Business of Commercial Banks and Wealth Management Companies, and 34 institutions received the first batch of "licenses". With the change of major social contradictions in China, urbanization, aging population and diversification of employment modes are accelerating, and the importance of establishing a multi-level and multi pillar endowment insurance system is gradually highlighted. The report of the Twentieth National Congress of the Communist Party of China clearly pointed out that we should improve the national overall planning system of basic old-age insurance and develop a multi-level and multi pillar old-age insurance system. The insiders pointed out that the introduction of personal pension is an important livelihood measure to implement the spirit of the 20th CPC National Congress. What are the characteristics of the individual pension system? How will it benefit ordinary people? The reporter interviewed and learned about these social concerns. What is the individual pension and what benefits it has? The government policy support, individual voluntary participation and market-oriented operation of individual pension are coming! The Ministry of Human Resources and Social Security, the Ministry of Finance and other five departments jointly issued the Measures for the Implementation of Personal Pension (hereinafter referred to as the Measures) not long ago, making specific provisions on the participation process, capital account management, institution and product management, information disclosure, supervision and management of personal pension. Individual pension refers to the system of government policy support, individual voluntary participation, market-oriented operation, and the realization of supplementary functions of pension insurance. According to the Implementation Measures, the new personal pension policy presented three characteristics: first, government policy support. According to the Implementation Measures, the maximum annual contribution of individual pensions is 12000 yuan, and they enjoy preferential tax policies in accordance with relevant national regulations. In the future, the Ministry of Human Resources and Social Security and the Ministry of Finance will timely adjust the upper limit of payment according to factors such as the level of economic and social development and the development of the pension insurance system. The Ministry of Finance and the State Administration of Taxation issued the Announcement on Individual Income Tax Policies Related to Personal Pension in early November this year, which proposed that from January 1, 2022, the preferential deferred tax policy will be implemented for personal pension. The payer will be deducted before tax according to the annual limit of 12000 yuan. The investment income will not be taxed temporarily, and the actual tax burden of the income received will be reduced to 3%. Li Xuhong, director of the Institute of Finance and Tax Policy and Application of the National Accounting Institute in Beijing, believes that personal tax incentives will guide and encourage people to participate in the application for personal pensions and enhance their sense of self-protection. In particular, the actual tax burden on income has been reduced from 7.5% to 3%, and the state has used "real gold and silver" to improve the benefit of the masses. Second, individuals volunteered to participate. The Implementation Measures propose that the participants of individual pensions should be workers who participate in the basic old-age insurance for urban workers or urban and rural residents in China. According to the data of the Ministry of Human Resources and Social Security, by the end of September this year, 1.047 billion people had participated in basic endowment insurance nationwide. This means that these insured residents can voluntarily apply for personal pensions without