Research On The Optimization Of The Pilot Scheme Individual Tax Deferred Commercial Pension Insurance Policy In China

The aging population has caused China to face problems such as a decreasing labor force,increased pressure on social pensions and insufficient medical resources.Under the increasingly severe situation of aging population,the development of commercial pension insurance is an important measure to ease the pressure of social pension.Tax deferred commercial pension insurance is the main financial instrument of the third pillar of the pension protection system.Most developed countries have introduced tax deferred commercial pension insurance policies when entering an aging society,which have played an important role in solving the problem of pension risks.In 2018,China promoted the pilot of tax-deferred commercial pension insurance,but the product performed poorly in the pilot process.In order to give full play to the advantages of tax deferred commercial pension insurance,this paper puts forward optimization suggestions for the policy scheme.This paper first constructs the EEE model to cover those who cannot enjoy the tax incentives;then constructs the EET model to calculate the premiums payable by those whose monthly income exceeds the tax threshold and the tax rate payable during the pension withdrawal period;and finally constructs the mixed model of EEE、EET to solve the problems of low contribution amount,low preferential strength and insufficient pension replacement rate in the tax deferred commercial pension insurance pilot scheme.In terms of model parameters,the pension replacement rate is fixed at 10% for the EET and EEE、EET hybrid model,and the tax concession ratio is set to a certain percentage of the total amount of personal income tax payable by the insured in their lifetime when they did not purchase the tax deferred commercial pension insurance,and the previous tax deferred commercial pension insurance scheme is optimized from these two aspects.The results of the empirical analysis show that under the same pension replacement rate and tax benefit ratio,the EEE、EET hybrid model scheme covers the widest population and has the least contribution pressure.This paper argues that the EEE、EET hybrid model should be adopted for the personal tax deferred commercial pension insurance scheme in China,and the number of people covered by personal tax deferred commercial pension insurance should be expanded.The tax administration should provide a convenient way to declare tax reduction,raise the contribution ceiling,lower the tax rate at the receiving stage,and reduce the procedure of paying tax during the receiving period.Insurance companies should provide multiple payment methods,establish a more flexible account capital utilization mode,strengthen product innovation,improve capital utilization capacity,and establish an intelligent system for tax deduction and connection with company,taxation departments,and China Banking and Insurance Information Technology Management limited company.The supervisory department should improve regulatory policies,clarify regulations on penalties for non-compliance,improve the capital market,and sound investment laws and regulations.MOHRSS should provide a convenient way to manage different pension accounts and introduce a policy to merge the second and third pillars of personal pension accounts.