According to the calculation of the National Health and Family Planning Commission, it is estimated that the total number of elderly people aged 60 and above will exceed 300 million, accounting for more than 20%, and will enter a stage of moderate aging. Around 2035, the number of elderly people aged 60 and over will exceed 400 million, accounting for more than 30% of the total population, and they will enter a stage of severe aging.
Population aging is an inevitable trend of social development, and it will also become an important problem that the financial industry needs to deal with for a long time. As the "third pillar" of China's old-age security system, the implementation of individual pension system is imperative. In 2022, with the introduction of a series of heavy policies, the personal pension system in China officially landed.
Personal pension is an old-age security system based on the account system, in which individuals voluntarily participate and the state gives preferential tax policies. It is the third pillar of old-age security, and together with basic old-age insurance (the first pillar), enterprise annuity or occupational annuity (the second pillar), it constitutes the "three pillars" of China's old-age security system.
From top-level design to policy landing
In 2022, from top-level design to policy implementation, the personal pension system was accelerated, and policies at the national level were frequent.
In order to promote the construction of multi-level and multi-pillar old-age insurance system, in April, the General Office of the State Council issued the Opinions on Promoting the Development of Personal Old-age Insurance, and launched the personal old-age insurance system with the personal account system and tax incentives as the starting point.
The Opinions clarify that workers who participate in the basic old-age insurance for urban workers or the basic old-age insurance for urban and rural residents in China can participate in the individual old-age insurance system. By the end of 2002 1, the number of people participating in basic old-age insurance in China had reached1100 million.
In April, the CSRC issued the Opinions on Accelerating the High-quality Development of Industries in Public Offering of Fund, proposing to do a good job in implementing the Public Offering of Fund policy for personal pension investment, encouraging industry institutions to develop a variety of fund products that serve the life cycle of investors, increasing the development and innovation of low and medium volatility products, and developing fund products suitable for long-term investment of personal pensions.
In July, the China Banking Regulatory Commission and the Central Bank issued the Notice on Launching the Pilot Work of Specific Old-age Savings, which stipulated that China Industrial and Commercial Bank, China Construction Bank, China Agricultural Bank and China Bank should carry out pilot work in five cities, including Guangzhou, Chengdu, Hefei, Xi and Qingdao. The pilot period is tentatively set at one year. In the pilot stage, the total scale of specific old-age savings business of a single pilot bank is limited to RMB 654.38+0.8 billion.
1 1 month, the introduction of individual pension policy accelerated. 165438+1At the beginning of October, Ministry of Human Resources and Social Security jointly issued the Measures for the Implementation of Individual Pensions, which means that China's individual pension business has officially entered the implementation stage. At the same time, the Ministry of Finance, the China Banking Regulatory Commission and the China Securities Regulatory Commission successively issued relevant supporting documents, which clarified the residents' participation process, the scope of personal pension business, institutional access requirements and preferential tax policies.
165438+1On October 25th, Ministry of Human Resources and Social Security, the Ministry of Finance and State Taxation Administration of The People's Republic of China issued the Notice on Submitting the First Batch of Cities for Individual Pensions, and 36 cities (regions) were determined to pilot individual pension business first, marking the official launch of individual pensions.
The four major pension financial products began a new round of "competition"
On the same day, ICBC, Agricultural Bank, Bank of China, China Merchants Bank and other banks announced that they could open personal pension accounts in pilot cities (regions) through online and offline channels such as counters and mobile banking App. The battle for opening personal pension accounts has started, and many banks have launched account opening activities to attract users to open personal pension accounts through marketing means such as red envelopes, lottery and full consumption reduction.
Nearly a month after the launch of the personal pension, Liu Wei, director of the comprehensive department of Ministry of Human Resources and Social Security Pension Insurance Department, recently revealed that since the launch of 165438+ on June 25th, with the vigorous promotion of all participating institutions, especially commercial banks, more than10 million people have opened personal pension accounts, which has made a good start.
A banking analyst pointed out that the personal pension account system has brought new development opportunities to commercial banks. It not only provides more opportunities for commercial banks to handle personal financial business, but also brings capital precipitation to commercial banks in account investment, which is helpful to enrich the sources of deposits of commercial banks. At the same time, commercial banks can also enrich their income sources by providing services such as custody.
At the same time, after the implementation of the Measures for the Implementation of Individual Pensions, the regulators of banks, Public Offering of Fund and insurance respectively announced the first batch of participating institutions and products, the list of individual pension funds and individual pension fund sales institutions, the list of the first batch of commercial banks and wealth management companies providing individual pension services, and the list of the first batch of individual pension insurance products.
With the official opening of personal pension business, four major pension financial products, such as pension financial products, pension target funds, pension insurance and pension savings products, have officially started a new round of competition.
Previously, the trial operation of pension target fund and tax deferred pension insurance products has been nearly five years, and the trial operation of bank wealth management pension products has been nearly 1 year, while the specific pension savings products have the shortest time and are currently only operated in pilot cities 1 month.
In June165438+1October, seven products launched by six companies, including China Life Insurance Company, China Life Insurance Company, Taiping Life Insurance Company, Taiping Pension Insurance Company, Taikang Life Insurance Company and National Pension Insurance Company, were selected as the first batch of personal pension insurance products. The policy has just landed, and China Life Insurance and PICC Life Insurance have completed the issuance of personal pension products in all provincial branches in 36 leading cities (regions). Taikang Life Insurance, Taiping Pension and National Pension were all issued on the first day of the policy, and the first product of Taiping Life Insurance was officially issued on February 3, 65438.
The shortlisted fund companies are also eager to try. 1 18 10 18, the CSRC released the first batch of personal pension investment fund products and sales organizations, including 129 pension target funds and 37 fund sales organizations of 40 fund managers. On the first day when the first Y share of pension funds was officially launched (165438+1October 28th), the head fund company issued the first purchase orders.
In terms of pension financial products, the list of 1 1 financial subsidiaries that choose to carry out personal pension business is completely consistent with the previous financial sub-list of pension financing pilots. Therefore, it is expected that the first batch of bank wealth management products that can participate in personal pension will be the previously launched pension wealth management products. By the end of 2022 10, 9 wealth management companies had 48 wealth management products for the aged, with a fundraising scale of about 96.5 billion yuan.
In terms of old-age savings products, the current product types include specific old-age savings products and ordinary old-age savings products.
At present, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank have all launched specific old-age savings products in pilot cities, among which Industrial and Commercial Bank of China is the first institution among the four major banks to launch specific old-age savings products. Interface news learned from ICBC that up to now, the sales of specific pension savings products issued by the bank have exceeded 5 billion yuan.
Ordinary old-age savings products generally have a short term and the annualized interest rate is higher than that of ordinary deposit products. At present, China Merchants Bank, Minsheng Bank, Ping An Bank, Bank of Beijing and many other commercial banks with personal pension business are launching related products one after another.
In terms of willingness to participate, according to "China Pension Finance Survey Report (2022)", in terms of willingness to participate in tax preferential pension financial products, the survey results show that more than 90%(9 1%) of the respondents are willing to carry out market-oriented pension wealth reserve under the incentive of tax incentives, while some of the respondents are still hesitant, and only some of them clearly express their unwillingness to participate, which reflects the existence of a good personal pension system in China.
Specifically, in terms of the preference of tax preferential pension financial products, the above survey report pointed out that the preference ratio of bank savings products, bank wealth management products, insurance products and fund products is, although the product types are still dominated by bank low-risk products, it reflects to some extent that people are beginning to pay attention to diversified pension financial products.
Willingness to participate in tax preferential pension financial products
According to the analysis of the Pacific Securities Research Report, it is estimated by the payers that by 2023, the personal pension will bring 69.5 billion funds to the market, and by 2030, the stock of personal pension will reach trillion scale, and the proportion of banks, funds and insurance will be 36%:34%: 13% respectively.
In terms of the yield of wealth management products for the aged, the above research report points out that the upper limit of the yield of pension target funds is high, and the annualized income of head funds can be between 8- 10%, but at the same time, the overall volatility is also large; The income of endowment commercial insurance is in the range of 4-6%, and the relative income is stable, but it is difficult to realize and the liquidity is low; The five-year rate of return of pension savings is between, which is attractive to investors with low risk preference; This year, the actual yield to maturity of wealth management products for the elderly is around 3%, which is also greatly affected by market fluctuations.
Where is the pension finance going?
After the personal pension was officially implemented, there was a heated discussion on the Internet. Ms. Chen, a Beijing citizen, told the interface news that it is the general trend to actively save money for the elderly, but it will take twenty or thirty years for closed funds to participate in personal pension, and the rate of return is uncertain, so she is hesitant.
In addition, a number of citizens who used personal pension accounts to purchase pension target funds told the interface news that in less than one month, the principal of 12000 had lost more than 100 yuan. This kind of loss is not a case. Due to the fluctuation of the capital market, the pension target funds established this year are generally in a state of floating losses, and bank wealth management products have also experienced a rare large-scale net loss, which has a great impact on the public's enthusiasm for participating in individual pension accounts.
Zheng Bingwen, member of the Chinese People's Political Consultative Conference and director of the World Social Security Research Center of China Academy of Social Sciences, said at the 2022 Financial Street Forum that universal benefit is an important symbol of the third pillar, improving the system benefit rate is an important goal of the third pillar, and improving the rate of return is the key to the development of the third pillar.
Zheng Bingwen pointed out that an important advantage of the annualized rate of return that the social security fund can obtain in the past 20 years lies in its long-term asset allocation, and "money running for a long time" is also the feature of the third pillar. This requires personal pension products to conform to the characteristics of long-term asset allocation and obtain matching investment returns.
How to improve the product yield? Zheng Bingwen believes that the first is to adhere to the principle of marketization; Second, give full play to the advantages of the system, and all departments should cooperate with each other to inject more good policies and resources into the third pillar.
Zhang Jianying, deputy general manager of Ping An Asset Management Co., Ltd., pointed out at the 2022 Financial Development Summit Forum that the core competence of pension management needs to meet three points: first, the ability of asset allocation, which should achieve investment objectives according to the life cycle of investors and the economic cycle of the market; The second is investment strategy, which should match the life cycle and investment expectations of different investors; Third, risk management ability. Pension management is difficult and takes a long time, so it must have matching risk management ability.
Dai Xianglong, former president of the People's Bank of China and former chairman of the National Social Security Fund Council, said at the seminar on "Account Pension and Wealth Accumulation" that the key to achieving the expected goal of developing individual pension lies in the support of national policies and the organization and promotion of various departments and financial institutions.
In strengthening policy support, Dai Xianglong put forward two suggestions.
The first is to expand tax incentives. The investment income of personal pension account is not taxed, and the pension is paid at 3%, which is a preferential policy. But if the personal pension amount is too low, these two policies will be unattractive. He suggested that in the future, the personal pension should be raised to a maximum of more than 10,000 yuan.
The second is to ensure the investment income of personal pension. "Let's increase policy support. We can study the entrusted investment management institutions of individual pensions to ensure the return on investment of individual pensions. If the rate of return on investment is lower than the rate of return on 5-year treasury bonds, it will be made up by the investment manager, and after a certain period of time, the government will make up the personal pension and entrust the investment management institution.