Research On The Development Path Of Personal Tax Deferred Commercial Pension Insurance In China

At present,China has entered a critical period of structural reform of the pension system,and the reform of the third pillar of pensions has been accelerating.As an important part of the multi-level pension security system,the third pillar of the personal pension system has great significance for actively responding to the aging of the population,building a multi-level pension security system,and requiring people's personalized pension needs.In April 2018,China has launched the pilot work of individual tax-deferred commercial pension insurance,and actively explored the construction direction of the third pillar.This article has indicated individual tax-deferred commercial pension insurance as the research target.In the first part,the article has organized the relevant academic research at home and abroad,discussed the core concepts and basic theories,and explained the research basis.The author points out that it is imperative to develop individual tax-deferred commercial pension insurance because of the aging of population,the unbalanced structure of multi-pillar pension security system,the increasing diversification of the masses and the high level of pension demand.In the course of the study,a survey was carried out on the status and willingness of residents to participate in the commercial pension insurance,which shows that the public is highly dependent on the basic pension insurance and has a low awareness of the individual tax-deferred commercial pension insurance.The survey also shows that the public's willingness to purchase personal income tax deferred insurance increases significantly after they know that they can enjoy the preferential tax policy,but they tend to pay a lower rate of premium.This shows that people's understanding of the individual tax-deferred commercial pension insurance is still stuck in the view that it is an investment approach.This is far from its role as "personal pension".After analyzing the development of the system and the questionnaire,the author points out that the individual pension system of the third pillar is confronted with the dilemma of unclear development direction and low strategic position,while the incentive of the preferential tax policy is insufficient,the conflict between the existing tax system and the insurance policy and the loopholes in the design of the system of the third pillar bring about many obstacles to the development of the system.At the micro level,the public's subjective demand for the third pillar is insufficient because the first pillar occupies part of the commercial endowment insurance space,the concept of old-age pension is outmoded,and the financial literacy is not high.Although the developmentof the system faces many challenges,we should also see that the mature policy environment,the increasing carrying capacity of the insurance industry and the huge potential demand of the public also bring rare opportunities for the development of the system.As a new thing,it is a normal phenomenon that the deferral type of individual income tax encounters problems at the beginning of development.Behind the slow development is the deep structure and system design.At the end of the paper,it is pointed out that the study of individual tax-deferred commercial pension insurance should not only be regarded as an "old-age insurance product",but also be based on the construction of "individual pension" system,and should be viewed from the top level of the multi-level old-age security system.In terms of specific policy suggestions,the author proposes that,firstly,we need to always take the multi-level pension security system as the institutional goal of the construction of social security in China and constantly improve the strategic position of the third pillar by playing the role of the government in overall planning and improving legislative security;secondly,we need to persist in taking preferential tax policies as an important lever to leverage the development of the third pillar and eliminate the backward links in the existing tax system,so as to ensure that the fiscal and taxation system and social security system reform are carried out in parallel and ultimately form joint development forces;thirdly,we need to take the online "National Social Insurance Public Service Platform" as an important opportunity to develop the multi-level pension security system,set up the policy for the construction of the "Great Social Insurance Platform",constantly expand the service scope of the platform,and set the management modules for the second pillar and the third pillar,so as to build the platform into a unified social security service platform and make it a "social infrastructure" for China's social security;fourthly,we need to adhere to the system design concept of "serving the people",constantly improve the accessibility and convenience of the third pillar in all aspects such as development concept,system design,process management and protection of rights and interests based on the practical interests of the people,and ensure that the development of the third pillar can become an important guarantee for improving the social welfare level and raising the people's happiness;fifthly,at the key period of summing up of experience,we need to encourage people to constantly collect social feedback,guide the industry to developin a sound manner,and promote cooperation among all competent departments to carry out the pilot program step by step.In this paper,the necessity of the third pillar of the individual pension system,policy process,the plight of development and policy recommendations,and other aspects of a more comprehensive discussion and study,confirmed the tax deferred commercial pension insurance pilot work of far-reaching significance.It is intended to develop high-quality old-age security system,improve the strategic position of the third pillar,and speed up the top design of the system.