Research On Insurance System Of Tax-deferred Commercial Pension In China

With the acceleration of the aging process,the unbalanced development of the three pillars of the pension security system,and the decreasing rate of substitution rates,China urgently needs to promote the development of commercial pension insurance and give full play to its role as the third pillar in the pension insurance system.However,due to the fact that relevant tax incentive policies have not been formally introduced,the incentive role for residents is relatively lacking,and the development of China's commercial pension insurance has been relatively slow.The preferential taxation policy for tax deferred pension insurance refers to that the insurance premiums paid by policyholders can be paid before personal income tax.The premiums are temporarily exempted from individual income tax,and the premiums are paid when the insurance premiums are collected after retirement.This policy is of great significance to improving the replacement rate of commercial pension insurance,promoting the sustained and healthy development of the insurance industry,and improving the pension security system.At present,most developed countries have implemented a tax deferral tax preferential policy for commercial insurance,but China is still in the pilot development stage.The article first introduced the development status of China's commercial pension insurance,the existing problems,and the individual tax deferral pilots in Tianjin and Shanghai.We also compared and analyzed various tax deferral models in light of foreign related preferential tax policies,and demonstrated the superiority of the EET tax incentive model.Through the pension insurance accumulation model and the payment model,the paper establishes the replacement rate actuarial model of commercial pension insurance under the EET tax preference model and the contribution rate model based on the target replacement rate.Sensitivity analysis was performed on the model,and changes in government tax expenditures were calculated.Through empirical analysis,it is concluded that the replacement rate of pension insurance is positively changed with the payment period,investment income,and payment rate,and is in reverse of the growth rate of wages.In the payment range where the target replacement rate is reached,the government has to implement tax deferred pension insurance with a small tax expenditure,and the government is fully capable of shouldering this cost.It puts forward to start tax deferred pension insurance as soon as possible,improve relevant laws and system design.