The "short board" of the old-age security system needs to be filled urgently.

Huang Hong, vice chairman of the China Insurance Regulatory Commission of the Bank of China, recently said in the sub-forum of "Aging Society and Pension Industry" of the 20 18 China Development Forum that commercial insurance should become the main provider of the third pillar of the pension security system. Huang Hong believes that the basic pension, enterprise annuity and personal commercial pension undertaken by the government constitute the first pillar, the second pillar and the third pillar of the old-age security system respectively. To solve the problem of providing for the aged, a country must establish a system in which the government, enterprises and individuals are jointly responsible.

Recently, Ministry of Human Resources and Social Security and the Ministry of Finance jointly issued a notice to raise the monthly basic pension for retirees by about 5%, which is expected to benefit1.1.40 billion retirees. China's retirees' pension has been "14", but due to the low starting point, the basic pension capacity of the government as the first pillar is still insufficient. According to the calculation of the World Bank and the International Monetary Fund, the pension replacement rate in some developed countries is over 70% after retirement, which means that the living standard before retirement can be roughly maintained. At present, the average replacement rate of the first pillar basic pension in China is 40% to 50%, which means that it will be difficult for retirees to maintain their living standards before retirement if they mainly rely on the basic pension.

At present, in the process of exploring and solving the problem of old-age care, China should not only continue to improve the basic pension level of retirees, but also take decisive measures to fill the shortest shortcoming of the old-age security system-individual commercial old-age care. From the international experience, the commercial pension insurance products under the tax extension mode are the important providers of the third pillar personal commercial pension. The so-called tax deferred pension insurance means that the insured pays the premium before tax and then pays the personal income tax when receiving the insurance money later. In this mode, individuals can get considerable tax benefits by purchasing commercial pension insurance, which is not only conducive to meeting the multi-level pension needs of residents, but also greatly accelerates the development of the insurance industry.

Tax-deferred old-age insurance can reduce personal tax burden and improve the quality of old-age care in the future, but it is very difficult to introduce this old-age care model in China. Tax-deferred pension insurance was put forward in 2007, and it has been nearly eleven years. Because there are many departments involved and the interest relationship is complicated, it has always been "only hearing the sound of stairs and no one coming down".

For the insured, the tax deferred pension insurance is not taxed in the payment link and investment link, so it has two advantages: reducing the tax rate and amplifying the investment income. Taxable funds should be used to invest in deferred revenue after retirement. This supplementary pension model can undoubtedly enhance the sense of acquisition of ordinary people. Relevant surveys also show that most of the respondents expressed their willingness to participate. However, the deferred payment of individual taxes will inevitably reduce the current fiscal revenue, and some people worry that there may be tax loss in the future. At the same time, the basic conditions of information construction of tax authorities are insufficient, and tax collection and management problems appear in the tax system. These unfavorable factors have caused the "starting gun" of China's tax deferred pension insurance to be delayed.

In the short term, the implementation of individual tax deferred pension insurance may indeed reduce the government's fiscal revenue, but the implementation of this public policy will bring huge development opportunities to the future commercial pension insurance market, and the business tax and income tax paid by insurance companies will also increase substantially, so the fiscal revenue can be "stubborn". At the same time, the timely start of the tax-deferred pension insurance system can alleviate the financial pressure of China's pension and help improve the internal quality of China's pension security system.

The present situation of China's old-age security system is that basic old-age care is dominant, and the overall development is unbalanced and insufficient. Although personal commercial pension is a supplement to basic pension and enterprise annuity, with the support of the government, it can become one of the pillars of residents' pension and effectively alleviate the imbalance of the current pension system. With the aggravation of aging, the three pillars of China's old-age security system need to be worked hard, and the third pillar, personal commercial old-age insurance, which is the weakest, should start the pilot of personal tax deferred commercial old-age insurance as soon as possible, and strive to fill the shortcomings and promote the construction of old-age security system to enter a new stage of development.