The first batch of pension target funds has been established and operated for more than four years, which makes the fund companies have preliminary technical preparations in the field of pension financial products. So today, Bian Xiao is here to arrange pensions for everyone. Public Offering of Fund, are you ready? Let's have a look!
Expectation: Long-term financing
According to Wang Ling, the fund manager of E Fund FOF, this is an upgrade of the concept of family asset allocation. "The personal pension system is not only to establish an account with savings function, but more importantly, to encourage residents to invest in safe, mature, stable, standardized and long-term value-added financial products on the basis of basic old-age insurance through institutional arrangements and preferential tax policies, so as to realize the long-term value-added of pensions, thereby improving the income level and quality of life of the elderly in the future, and finally realizing the cross-cycle optimal allocation of personal and family financial assets."
The personal pension system with the account system as the core will form a new business model different from the traditional pension business. The relevant person in charge of harvest fund told Caijing that this model has four basic characteristics: comprehensive personalized demand scenario, long-term account service, low rate level and long-tail customer coverage. "One of the problems we are facing now is how to establish a long-term and effective pension solution to cover as many customers as possible at limited cost."
It is understood that in order to meet the needs of pension management, harvest fund has set up a pension business information system and an independent scientific and technological team. The system runs through all stages from sales, operation, investment, asset allocation, risk control, trading to generating relevant investment reports.
Public Offering of Fund's technical preparations have been completed one after another. Xiao Kanning, investment director of FOF of Yin Hua Fund, said that Yin Hua Fund has completed the four-way joint debugging test with a number of banks, and the development of related business modules on the direct selling platform App has also been basically completed.
The huge demand for providing for the aged is the new blue ocean of Public Offering of Fund. Public Offering of Fund generally believes that fund companies have advantages different from banks and insurance.
The main argument of this view is the correspondence between the characteristics of pension and Public Offering of Fund style. In theory, personal pension can only be received after retirement, and the period between payment and withdrawal is long. This determines that the pension can withstand a certain degree of short-term fluctuations, so as to exchange for higher long-term income and realize asset appreciation. In other words, the long-term investment nature of pension determines that it pays more attention to equity high-risk investment.
"Among domestic asset management institutions, Public Offering of Fund Management Company has a deep accumulation in equity investment, and has formed a comparative advantage in talent reserve and system construction, which is conducive to undertaking the investment needs of pensions." Chen Wenyu, deputy general manager of Jingshun Great Wall, told Caijing reporter.
On the other hand, from overseas experience, Manager Public Offering of Fund is the main provider of pension products. "By the end of 20021,58% of the assets in the DC plan of the United States were invested in the same fund, 64% of the assets in 40 1(k) were invested in the same fund and 46% of the assets in IRA were invested in the same fund." Harvest fund said.
People also expect that the medium-and long-term financial attributes of pensions can provide positive feedback to the A-share market. "From foreign experience, long-term capital entering the market can not only bring incremental capital, but also reduce market volatility and promote the steady development of the stock market. This change is beneficial to the entire asset management industry. " Chen Wenyu said.
Challenge: From Flexible Income to Stable Expectation
Public Offering of Fund is full of expectations for the personal pension market, but the challenges are also very arduous.
"Domestic personal pension has just started, and it is necessary to raise investors' understanding of pension financial products, so that they will gradually shift from dependence on real estate and financial management to medium-and long-term and partial equity investment. In addition, the investment targets of domestic financial products are relatively limited, the investment strategies are limited, and the correlation between stocks and creditor's rights investment is high, so the road to truly realize effective asset allocation schemes is long. In the old-age financial services, products and consulting services are equally important, products are relatively easy to start, and consulting services have a long way to go. " Chen Wenyu listed the challenges that Public Offering of Fund will face in the future.
Yang Ke is responsible for the development of pension financial products in Wanjia Fund. He told Caijing that pension financial products and services have a series of characteristics, which are different from general financial products and services.
"First, it is long-term, running through the whole life cycle, and product operation and related services need to be sustained for a long time; Second, the characteristics of the life cycle, because of age, income, work, location and other reasons, investors will face different investment needs at different stages of the life cycle; Third, strong inclusiveness, low threshold and wide audience; Fourth, demand diversification. In addition to the investment service demand for maintaining and increasing the value of pensions, there are also pension financial planning, tax consultation, risk management, and health care services related to pensions. "
Corresponding to the characteristics of financial products and services for the aged mentioned by Yang Ke, we can see that there are various conflicts between reality and ideal, and the long-term nature bears the brunt.
In recent years, with the rapid development of industries in Public Offering of Fund, changes in products and personnel have become more and more frequent, and pension funds are no exception. Wind data shows that the pension fund has been developed for four years. Among the 168 funds established before this year, the fund managers of 73 funds have changed, with a change rate as high as 43%.
"If the fund manager is changed frequently, it is difficult for people to believe that the investment strategy and level of this fund can be consistent, not to mention that we are still buying pension funds, and our hearts are even more unreliable." Some fund investors said.
"Pension funds have high requirements for capital security and long-term appreciation, which puts new demands on the product management system of fund companies, the implementation of investment concepts and the stability of fund managers. "Sun Bo, deputy secretary-general of the 50-member Forum of China Pension Finance and chief tutor of Huaxia Fund, believes that fund companies need to ensure the stability of these factors that may affect the performance of pension products through systematic institutional settings.
Second, the demand changes with the life cycle.
"Fund products do not have the scene design like insurance, and it is impossible to solve certain needs in a targeted manner." Wang Le (pseudonym), who works as a FOF fund manager in a large fund company, told Caijing reporter, "Even life-cycle funds lack investors' demand for temporary liquidity, such as what to do in case of serious illness? In the future, we will design a separate share for individual pensions. We will follow the provisions of the third pillar system and learn from the experience of banks and insurance to better match the investment needs and capital use needs of investors. "
In addition, although Public Offering of Fund is inclusive and has a low threshold, the variety and quantity of products and high knowledge threshold also bring great difficulties to investors. The data shows that the number of fund public offerings has exceeded 10000, much higher than the number of A-share listed companies. This also makes many investors question that "buying funds is more difficult than stock trading". What should I buy?
Judging from the current regulations, there are not a few public offerings that may be included in the personal pension list in the future. In June this year, the CSRC drafted and issued the Interim Provisions on the Management of Individual Pension Investment and Public Offering of Securities Investment Funds (Draft for Comment), which clarified the investable fund products. Specifically, it includes the pension target fund with a scale of not less than 50 million yuan at the end of the last four quarters; As well as stock funds, hybrid funds, bond funds, FOF and other funds with stable investment style, clear investment strategy, good long-term performance and stable and compliant operation stipulated by China Securities Regulatory Commission.
"Considering that the risk identification and tolerance of China investors are still limited, the investment products initially included in individual pension accounts should be few and many, simple and uncomplicated, and pension target funds are very good investment choices." En Xue Hai, chief investment officer of asset allocation and pension management of Shanghai Morgan Fund, told Caijing reporter.
"In the promotion of pension target date funds, we can also learn from the mechanism of' Qualified Default Investment Option' (QDIA) adopted by the United States in the 40 1 plan. For example, in the pension target fund, the age of investors is matched with the target date to reduce the difficulty of selecting investors who are interested in participating in personal pension investment. From the statistics of the United States, QDIA has played a significant role in promoting product development. " Ping An Fund said.
Another long-term and industry-specific problem is that "fund earners don't make money", and the poor public impression has also hindered Public Offering of Fund from entering the personal pension market.
"Only when the holders have experienced it well will they be more inclined to hold it for a long time, so that investors can truly share the dividends of economic development and capital market." Cathay pacific fund said that the goal should be to improve the risk-adjusted income, not to gain income elasticity.
Guangfa Fund also mentioned the disadvantages caused by excessive fluctuation of fund products. "For a long time, the domestic market has given people the impression of' ups and downs', which has affected customers' investment experience and caused customers to lack confidence in long-term investment."
Breakthrough: product and system innovation
Before Public Offering of Fund, the most important proposition was how to improve internal strength, help investors improve the income of pension products, and attract more people to join the team.
Dou, chairman of China Europe Fund, believes that the key word of this proposition is "large-scale". He believes that the future personal pension investment will revolve around the big proposition of "how to achieve long-term good investment performance with large-scale funds". "Only by in-depth research based on the concept of' long-term fundamentals' can we give full play to our investment strategy ability and still win a good long-term investment return in the case of large capital scale."
"From the perspective of investment, asset allocation and fund selection are the core factors affecting investment results, testing investors' vision and investment ability. "Well, Xue Hai said that he hopes to invest in a systematic and procedural way, and strive to make every link detailed enough to maintain the stability of investment income.
Xiao Kening shared his thoughts on solving the difference between fund income and fund holders' income and the way of product construction: "Funds with high volatility and high income may not be easy to get for the basic people, and the consistency between fund income and basic people's income can be better achieved through decentralization and effective control of volatility. In addition, products can be made in combination with the investment characteristics of individual pensions. For example, according to the characteristics of personal pension investment, create strategies or products that are more suitable for investment. According to the life cycle characteristics of individual pensions, investors can also be matched through the decline curve or the target date fund. "
It is understood that some fund companies are increasing the research and development of low-volatility products.
The relevant person in charge of Guangfa Fund told Caijing that on the one hand, it is to increase the research and development of low-volatility products, on the other hand, it is to strengthen cooperation with banking channels, "to do a good job in the entrance docking of personal pension accounts and form a coordinated promotion with sales channels.
Although fund companies have taken a fancy to the pension financial market, it is not easy to cultivate the market. As a senior pension sample, pension target funds have a history of four years, but Wind data shows that as of September 8, there are 202 pension target funds in the market, with a total scale of 1 076,543.8+0 billion yuan, which is equivalent to the largest active stock fund in the market. Among them, 1 13 is sponsored by the company, accounting for more than half.
After combing the American model, Wang Le found that the development environment of pension funds in China is very different from that in the United States. "The United States first developed the third pillar and found that many people chased up and down or stayed on low-risk products before launching the pension target fund. We will first develop pension funds and want to promote the third pillar through pension funds. "
In the American model, there are relatively professional groups such as investors and trustees, "and our country lacks such people now." Wang Le said that the task now is to expand the market first, and then improve it. "After the market grows bigger, supporting investment and pension service companies can emerge as the times require."
"The country started to do this, which is definitely good for everyone's future pension. However, it is definitely necessary to constantly patch. Just like the United States, it took more than 20 years to patch and improve the policy. " A fund industry person who participated in the design of the top-level personal pension system said, "In the final analysis, can it cover more people and attract more people?"
The fund industry people interviewed also put forward policy suggestions.
"From foreign experience, the comprehensive application of tax policy and fiscal policy is the key to the success or failure of individual pension policy." Relevant persons of Guangfa Fund told Caijing reporter, "On the one hand, it is suggested to increase the support of fiscal and taxation preferential policies to attract and encourage more people to participate; On the other hand, unlike European and American countries, China's current taxpayer population only accounts for a small part. Therefore, it is worth discussing whether the low-income groups who do not pay taxes need policy subsidies to improve the incentive to participate in insurance if we want to vigorously encourage individuals to participate in insurance and improve the coverage of personal pensions in the future. "
Xiao Kangning believes that the development policy to promote the third pillar of old-age care can be more than just tax incentives. "At present, the number of taxpayers in China is relatively low, about 60 million. Compared with the total population of 654.38+0.4 billion, the coverage of tax incentives is less. The second is the large income gap between urban and rural areas. Can we explore the feasibility of trying to realize different tax incentives in different regions? Of course, this still needs to consider the reality of China. "
Tian Hong Fund proposed that by taxing the capital market, tax sources can be effectively expanded and fiscal revenue can be increased. "With this part of the fiscal revenue, we can learn from the successful experience of the Liszt model in Germany and use the financial subsidy model to expand the participants in the personal pension system, that is, attract middle-and high-income people through tax incentives and cover low-income people through financial subsidies. It is expected to benefit all citizens. "
"The American pension system is one of the relatively mature systems. The success of this system is mainly supported by laws and taxes. " Xue Hai said, "I believe that there will be more, more detailed and more effective policies around taxes, preferential levels and arrangements for specific groups."
Is Pension Public Offering of Fund Ready?
★ What is the impact of Public Offering of Fund's pension management system in 2022?
★ Public Offering of Fund's "fixed income+"ushered in the impact of new regulations
★ What are the advantages and disadvantages of Public Offering of Fund?
★ Public Offering of Fund Circle "slang" Daquan