A Study On Pilot Issues Of Individual Tax Deferred Pension Insurance

With the high-speed development of economic level,The medical technology level of our country continues to advance,the life expectancy of residents is increasing.Then,the speed of population aging is accelerating,China is facing the situation of "old age before wealth" and "old age before preparation".In addition,the level of pension benefits has been increasing for 18 consecutive years,coupled with China’s over-reliance on the first pillar of basic social pension insurance,resulting in high pressure on government financial payments,and people also have difficulty in achieving the expected living standards in old age,and due to various restrictions of occupational requirements,the second pillar of annuity plans in China can only provide pension protection for a small number of people,so it is very important to actively develop the third pillar of tax-deferred pension insurance.Therefore it is very important to start the research and analysis of the pilot issue of personal tax-deferred pension insurance in the third pillar and vigorously develop the personal pension system.Since May 1,2018,China implemented the personal tax-deferred pension insurance pilot in Shanghai,Fujian(including Xiamen)and Suzhou Industrial Park.On April 21,2022,the General Office of the State Council officially issued the "Opinions on Promoting the Development of Individual Pensions",which established the individual account system for individual pensions in China and provided an action guide for the implementation of my country’s individual pension system.Up to now,it is still at the top-level design level and has yet to be implemented.This paper focuses on the analysis of the pilot policy documents,pilot enterprises and products,pilot results,the impact of the old and new personal income tax systems on the pilot effect,and the important changes of the newly introduced personal pension insurance system relative to the pilot policy documents.In the pilot program of deferred endowment insurance,there are problems such as insufficient pilot policies,single design constraints of tax-deferred products,complicated pre-tax deduction procedures,and unfair design of tax preferential policies.The research on the first three issues adopts qualitative research methods,and the research on unfair tax optimization design adopts quantitative research methods: constructing individual tax-deferred pension insurance contribution actuarial models,individual account accumulation actuarial models,and retirement models.The actuarial model of the collection period follows the principle of a single control variable,takes the pre-tax deduction limit and the tax rate at the collection stage as variables,and conducts an actuarial analysis on the unfairness of the tax optimization design through data simulation.After that,he also introduced the third-pillar pension plan in Switzerland,the IRA pension plan in the United States and the Lister pension plan in Germany,and then fully learned from the successful experience of foreign personal tax-deferred pension insurance,and introduced the personal tax-deferred pension plan in personal tax-deferred pension insurance.Based on the problems existing in the pilot program and their reasons,suggestions for implementing a differentiated preferential incentive system,dynamic adjustment and improvement of the personal endowment insurance system,enrichment of the types of individual endowment insurance products,improvement of the financial market system,and simplification of the tax declaration process are put forward.In order to facilitate the precise implementation and effective promotion of my country’s personal endowment insurance system,so as to effectively improve the level of national pension benefits,build a multi-level,multi-pillar endowment insurance system,and actively respond to the aging crisis.