As long as it meets the requirements and conditions, users can apply for a one-time occupational annuity. If the depositor reaches the legal retirement age and formally goes through the retirement formalities, he can start to receive the occupational annuity, which is similar to the old-age insurance. If the insured person has settled abroad and gone through immigration formalities, he can withdraw all the money in the occupational annuity account at one time after formal retirement.

The occupational annuity is collected as follows:

1, monthly payment: after the staff goes through the retirement formalities, I choose to receive the occupational annuity treatment on a monthly basis;

2. One-time payment: the funds in the personal account of the occupational annuity of the overseas resident can be paid to him at one time;

3. Balance inheritance: If a staff member dies while in office, he can inherit the personal account balance of his occupational annuity.

Occupational annuities have the following functions:

1, supplementary pension. Occupational annuity is essentially a deferred payment of employees' wages. The purpose of this deferred payment is to prepare for future retirement and avoid the decline of living standards due to the lack of basic old-age insurance. In this sense, occupational annuity is a supplementary endowment insurance. It can also be inferred from this basic function that occupational pension has the function of relieving the financial pressure of the country. Therefore, occupational annuity is a supplement to basic old-age insurance, which plays an important role in reducing the replacement rate of basic old-age insurance and alleviating financial pressure;

2. Welfare incentives. The essence of occupational annuity is to transfer part of employees' current salary to retirement. For institutions, if it is used as a means or tool of human resource management, on the one hand, it can give employees incentives in terms of salary and benefits, improve their work efficiency and enthusiasm, stabilize the unit labor force, on the other hand, it can also be used to attract and retain some excellent management and technical talents and improve the overall strength of the unit;

3. Reasonable tax avoidance. Judging from the development history of enterprise annuity, all countries in the world give enterprise annuity certain tax incentives. Although China's current tax legal system has certain tax incentives for enterprise annuities, there is no clear provision for occupational annuities. However, from the perspective of policy orientation, it is an inevitable trend for the government to give tax incentives to the unit contributions, individual contributions and investment income of occupational annuity funds in the future.

4. Resource allocation. Occupational annuity assets generally enter the financial capital market in the form of funds. The transfer of economic resources across time, space and industry can be realized by providing collective funds for scattered individuals. By providing this transfer, individuals can optimize the allocation of resources in their life cycle, and at the same time, resources can be optimally allocated to get the most effective use. Enterprise annuity fund is the main source of long-term capital in many countries. Fund investment is relatively free, which can generate higher returns and optimize the allocation of funds. The fund formed by the occupational annuity plan also has this function.

To sum up, the cost of occupational annuity is shared by the unit and individual employees. The proportion of occupational annuity paid by the unit is 8% of the total salary of the unit, and the proportion of individual contribution is 4% of my contribution salary. The funds in the personal account of occupational annuity can be transferred with the change of work. After retirement, you can choose to receive occupational annuity on a monthly basis, and the balance in your personal account can be inherited.

Legal basis:

Article 13 of the Regulations for the Implementation of the Individual Income Tax Law of the People's Republic of China

Other deductions mentioned in Item (1) of Paragraph 1 of Article 6 of the Individual Income Tax Law include payment of enterprise annuities and occupational annuities that meet the requirements of the state, purchase of commercial health insurance and tax deferred commercial endowment insurance that meet the requirements of the state, and other items that can be deducted according to the provisions of the State Council. Special deductions, special additional deductions and other deductions determined according to law are limited to the taxable income of individual residents in a tax year; If the deduction cannot be completed within one tax year, it will not be carried forward to the next year.