investment scope of the fund

The annuity payment can be handed over to the trust manager or other entrusted investment management institutions. There are two categories of annuity in IFRS: defined contribution plan and defined benefit plans, and the treatment of defined contribution plan is basically the same as that of supplementary endowment insurance. There is no provision in defined benefit plans's domestic laws and regulations, and there is no provision in China in practice, so there is no provision in the code.

The historical process of enterprise annuity entering the inter-bank bond market.

China's enterprise annuity system has developed rapidly since its establishment, and the accumulated enterprise annuity fund is nearly 1 billion yuan, so the demand for safe and rational use of funds by enterprise annuity fund is very urgent.

As early as 24, ICBC's enterprise annuity has entered the inter-bank bond market. Since then, all financial institutions' enterprise annuities have been allowed to invest in the inter-bank bond market. By the end of 26, in the inter-bank bond market, the amount of enterprise annuity custody of ICBC and China Merchants Bank exceeded 21.5 billion yuan, and the amount of inter-bank bond custody in the same year reached 9.25 trillion yuan. However, non-financial enterprise annuity funds have been blocked from the door.

on February 28th, 27, 1 billion enterprise annuities were allowed to invest in the inter-bank bond market, and the central bank and the Ministry of Labor and Social Security jointly issued the Notice on Relevant Matters Concerning Enterprise Annuity Fund's Entry into the National Inter-bank Bond Market, which laid an institutional foundation for enterprise annuity funds to invest and trade bonds in the inter-bank bond market safely and orderly.

investment restrictions of funds

Enterprise annuity is completely market-oriented. In order to maintain the safety of enterprise annuity funds, the state has imposed strict restrictions on the investment scope of funds.

according to the newly revised measures for the administration of enterprise annuity funds, the assets of enterprise annuity funds are limited to domestic investment, and the investment scope includes bank deposits, government bonds, central bank bills, bond repurchases, universal insurance products, investment-linked insurance products, securities investment funds, stocks, and financial bonds, enterprise (company) bonds, convertible bonds (including convertible bonds with separate transactions) and short-term financing with credit ratings above investment grade. Enterprise annuity may not be used for credit transactions or loans to others, but short-term bond repurchase may be conducted.

According to regulations, the proportion of enterprise annuity funds investing in liquid products such as bank demand deposits, central bank bills, bond repurchases and money market funds shall not be less than 5% of the net asset value of portfolio enterprise annuity funds; Liquidation reserves, securities clearing funds and securities subscription funds in the primary market are regarded as liquid assets; The proportion of investment bonds being repurchased shall not be higher than 4% of the net asset value of the portfolio enterprise annuity fund.

the proportion of fixed-income products such as investment bank time deposits, agreement deposits, treasury bonds, financial bonds, corporate (company) bonds, short-term financing bonds, medium-term notes, universal insurance products, convertible bonds (including convertible bonds with separate transactions), bond funds and investment-linked insurance products (the proportion of stock investment is not higher than 3%) shall not be higher than 95% of the net asset value of portfolio enterprise annuity funds.

the proportion of investment in equity products such as stocks, stock funds, hybrid funds and investment-linked insurance products (the proportion of stock investment is higher than or equal to 3%) shall not be higher than 3% of the net asset value of the enterprise annuity fund of the portfolio. Among them, the enterprise annuity fund may not directly invest in warrants, but warrants derived from investment in stocks, convertible bonds and other investment products shall be sold within 1 trading days from the date of listing and trading of warrants. SASAC will directly hold the equity of listed central enterprises.