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  本报记者 张芗逸

  2022年4月21日,国务院办公厅印发《关于推动个人养老金发展的意见》(以下简称《意见》)提出,推动发展适合中国国情、政府政策支持、个人自愿参加、市场化运营的个人养老金。

  时至今日,这一个人养老金顶层制度设计出炉满三周年。三年间,个人养老金制度由试点城市扩围至全国,制度设计不断完善,总体运行平稳。但是,参与度不足等问题尚存,个人养老金制度的吸引力仍有进一步提升的空间。

  受访人士普遍认为,未来还需在个人养老金支持政策、涵盖产品等方面探索优化方案,更好激活第三支柱活力,加快发展多层次多支柱养老保险体系。

  制度持续优化

  在政策支持与引导下,个人养老金制度顶层设计推出三年来,制度历经多次优化,实施范围扩大、产品不断扩容、参与人数持续增长。

  2024年12月12日,人力资源和社会保障部(以下简称“人社部”)等五部门发布《关于全面实施个人养老金制度的通知》(以下简称《通知》)。根据《通知》,2024年12月15日起,个人养老金制度从36个先行试点城市(地区)推广至全国。

  《通知》还优化产品供给,丰富产品种类,将国债纳入个人养老金产品范围,并将特定养老储蓄、指数基金纳入个人养老金产品目录。

  《通知》发布当日,证监会将首批85只权益类指数基金纳入个人养老金投资产品目录。

  据国家社会保险公共服务平台数据统计,目前个人养老金产品已达1013款,包括储蓄类产品466款、基金类产品289款、保险类产品225款、理财类产品33款。

  “国债、指数基金等产品纳入个人养老金产品范围,吸引了更多居民参与个人养老金。尤其是指数基金纳入范围后,获得大量投资者青睐,首批个人养老金指数基金的整体规模已突破3亿元。”前海开源基金首席经济学家杨德龙对《证券日报》记者表示。

  在杨德龙看来,指数基金纳入个人养老金投资产品目录也有利于为资本市场引入更多中长期资金,推动资本市场长期健康发展。

  在开户人数方面,人社部数据显示,截至2024年11月末,已有7279万人开通个人养老金账户。

  各大商业银行积极参与个人养老金制度推广。记者注意到,中国银行、中国建设银行等国有大行均已累计为超千万个人客户提供个人养老金账户服务。

  华夏银行2024年年度报告显示,其累计开立个人养老金资金账户较上年末增长83.88%。

  值得注意的是,针对制度推行过程中出现的“开户热、缴存冷”等问题,《通知》提出探索开展默认投资服务。目前,已有部分金融机构推出了默认投资服务。

  记者了解到,工商银行于今年2月份推出“工银省心投”个人养老金投资服务,便捷化个人养老金资产配置,提供默认投资服务。

  中国邮政储蓄银行研究员娄飞鹏认为,个人养老金制度实施以来,不仅是开户数量快速增加,金融产品快速丰富,个人缴存金额增加,而且让广大居民对个人养老金制度有了更多的了解。个人养老金制度与第一、第二支柱形成有效互补,方便居民积累养老资产,推进多层次多支柱养老保险制度形成。

  仍需发力增强吸引力

  “我账户里储蓄和基金基本是一半一半,储蓄表现中规中矩,基金的表现不太如人意。”从去年开始缴存个人养老金的曾先生向记者坦言,自己正在考虑调整投资组合。

  Wind数据显示,2025年开年以来,个人养老金基金产品的复权单位净值增长率算术平均值为-1.3675%,中位数为0.7168%。

  还有投资者向记者表示,考虑到个人养老金领取时需缴纳3%的个人所得税,以自己目前的年收入水平,实际享受的税前扣除优惠并未达到应缴税额的3%,因此在缴存个人养老金时比较犹豫。

  南开大学金融发展研究院院长田利辉表示,个人养老金产品以储蓄类为主,权益类基金因市场波动收益不稳定。个人养老金长期封闭性也与部分投资者的流动性需求冲突。此外,EET模式会使低收入者“负税惠”,税收优惠政策对中低收入群体吸引力不足。总体来看,未来仍有进一步完善空间。

  2025年《政府工作报告》提出,“加快发展第三支柱养老保险,实施好个人养老金制度”,个人养老金制度推行仍是今年政府工作的重点任务之一。

  人力资源和社会保障部、养老保险司副司长贾江今年1月份曾表示,将会同有关部门,抓紧研究制定相关政策和措施,进一步增强个人养老金制度的吸引力,引导更多具备条件的居民参与。

  “个人养老金制度在全国范围内全面推广后,仍需进一步丰富金融产品,畅通销售渠道。”娄飞鹏表示,同时,还需要根据情况优化税收优惠政策,如提高年度缴费限额等。

  田利辉表示,对于金融机构来说,银行可以整合“养老+健康”服务,保险公司可以开发终身年金,基金公司则应强化低波动策略。以政策、产品协同破局,共同推动个人养老金制度更好地发展。

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