Tax deferred pension insurance will be linked to personal pension


Recently, the State Administration of Financial Supervision and Administration issued a notice, deciding to carry out the pilot project of personal tax deferred commercial pension insurance and connect it with personal pension. It is required that the pilot company of personal tax deferred pension insurance should complete all work in principle by the end of this year. Since May 2018, Shanghai, Fujian, and Suzhou industrial parks have launched pilot projects for deferred personal income tax pension insurance. Individual income tax deferred pension insurance is a commercial pension insurance that allows individuals to enjoy certain preferential policies for individual income tax. Premiums can be disbursed before tax and are tax-free during the pension accumulation stage. Taxes are then paid upon receiving the pension. At the end of last year, the personal pension system was implemented, and deferred tax incentives were implemented for personal pensions. According to data from the Ministry of Human Resources and Social Security, as of the end of June this year, 40.3 million people in 36 leading cities (regions) across the country have opened personal pension accounts. Shanghai, Fujian Province, and Suzhou City are also within the pilot scope. With the implementation of the personal pension system, consumers are looking forward to incorporating deferred income tax pension insurance into their personal pension products. Carrying out the connection between deferred personal income tax pension insurance and personal pension is a pragmatic move in response to consumer concerns. It is reported that individuals who meet certain conditions for deferred income tax pension insurance can apply to change the relevant policies to individual pension deferred income tax pension insurance policies. (New News Agency)

Edit:GuoGuo Responsible editor:FangZhiYou

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