What is Pension Fund?
Social pension fund refers to the special fund reserved for the establishment, maintenance and development of old-age insurance, mainly used for the basic life of the elderly after withdrawal from labor market. Social pension fund belongs to the special fund, which has its own characteristics.
The pension fund, is the main means of realization of the old-age insurance system in many countries, that is, the employee retires after a certain number of years of work from the employer's payment, can be one or a fixed lifetime payment.
(1) Sociality. As a social policy to promote social and economic development and social stability, pension insurance is aimed at all members of society, and has a strong sociality in the fund raising, payment and operation of fund assets.
(2) Savings. A significant portion of the social pension fund is pre-financed through individual accounts, especially the accumulation fund, mainly through the individual account, saving for future pension payments.
(3) Mutual assistance. The collection and payment of social pension fund shall be carried out to a certain extent in order to realize social mutual assistance and reduce the risk of old-age pension for workers. The main manifestations are:
a. the fund financing is borne by the State, employers and individuals, and part of the fund is allocated as a social co-ordination fund
b. the fund operating income, all incorporated into the fund and exempted from taxes and fees, is shared by all policyholders, and not shared according to the amount of individual contributions;
c. in addition to the individual contribution savings part, in the case of the death of the insured, the amount of storage of their personal accounts or the unpaid part, into the social co-ordination fund.
Tax policy
Within the scope of investment approved by the State Council, the Social Security Fund and the pension fund investment management institution shall be exempted from value-added tax by using the investment process of the pension fund to provide all interest and interest income of the nature of interest and income from the transfer of financial goods.
Within the scope of investment approved by the State Council, the Social Security Fund and the pension fund investment management institution shall use the investment income belonging to the pension fund obtained by the investment fund investment as the income tax income of the enterprise income tax;
The social security fund and pension fund investment management institutions use the pension fund to buy and sell securities due to the stamp duty to implement the first levy and then return; the securities held by the pension fund, transfer between the pension fund securities account, do not fall within the scope of stamp duty collection, no stamp duty. The transfer of shares of non-listed companies to pension funds managed by the Social Security Fund and the pension fund investment management institution shall be exempted from the stamp duty payable by the Social Security Fund and the pension fund investment management institution.
Improving the market mechanism of pension fund
The operation, management and supervision of pension funds need to be introduced to improve the market mechanism. Before the realization of national co-ordination, the government can encourage local to establish pension insurance risk reserve funds, and at the same time, the central government set up a national pension insurance risk reserve fund, through the introduction of market-oriented investment and operation means to achieve the value of the fund, improve the ability of pension insurance funds to resist risks.
On the basis of regulating the operation of pension fund, we should amend the regulations, clarify the principle of market-oriented operation of the investment of the pension fund, and reform the institutional constraints of the investment of the pension fund. Under the existing system framework, the investment ratio of the basic pension portfolio is optimized on the premise that risk can be effectively controlled. To allow pension insurance funds to invest in industrial equity and stock securities, the pension fund must first invest in industrial equity with a long-term income stability, and at the same time, it can also have a certain proportion for stock securities investment, so as to maximize the preservation and appreciation of the fund and improve the efficiency of the operation and management of the pension fund.
To optimize the investment management mode and the mode of operation of equity investment for securities investment and expected income stability, we can use the establishment of several trust investment fund companies to obtain the best choice through market competition. Establish a multi-investment system for enterprise annuities and occupational annuities, set up government-licensed pension fund companies, and manage and operate enterprise annuities and occupational annuities. The government should strengthen the management of these companies and regulate the operation of fund companies.
The savings supplementary pension paid by the individual should be different from the general personal business insurance. The government should entrust a number of well-performing fund companies to manage individual supplementary pension insurance, individual pension supplementary insurance should be diversified to meet the psychological needs of different groups of people.
"To the housing pension" is a form of personal savings and old-age, may wish to actively promote the public to housing pension, to alleviate the shortage of pension funds pressure. In the mature conditions of the town will be "housing old-age" into the urban old-age insurance system, the development of a standardized management system and incentive mechanism. At present, first of all, through the pilot, the formulation of housing reverse mortgage loan management rules, regulate housing reverse mortgage behavior, through housing transaction tax relief and other policies to encourage the elderly to use their own housing to obtain more supplementary pensions, forming a social demonstration effect.
