The notice clearly stated that in order to implement the decision-making arrangements of the CPC Central Committee and the State Council on standardizing the development of the third pillar endowment insurance, further promote the development of China's multi-level and multi-pillar endowment insurance system, and better meet the diversified needs of the people for old-age security, the CBRC decided to launch a pilot program for commercial endowment insurance business of endowment insurance companies.
First, the pilot period and scope
From June 65438+1 October1in 2023, the commercial pension business was piloted in Beijing, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Henan, Guangdong, Sichuan, Shaanxi and other provinces (cities) 10. The pilot period is tentatively set at one year.
Participating pension insurance companies are: China People's Pension Insurance Co., Ltd., China Life Pension Insurance Co., Ltd., Taiping Pension Insurance Co., Ltd. and National Pension Insurance Co., Ltd..
Second, the pilot content
(1) Innovate and develop the commercial pension business of pension insurance companies, and provide services including pension account management, pension planning, fund management, risk management, etc. to meet the diversified pension needs of customers in their life cycle.
(two) explore the use of multiple channels to carry out commercial pension business, more extensive coverage and contact with the broad masses of the people, especially new industries, new formats of employees and flexible employment. Allow enterprises and institutions to provide payment support for individuals in an appropriate way under the premise of complying with laws and regulations.
(3) Explore the establishment of long-term sales incentive mechanism, risk control mechanism and investment management mechanism suitable for the characteristics of commercial pension business, adhere to long-term investment, value investment and prudent investment, and carry out long-term management of pension funds.
Third, the pilot requirements
(1) All companies should strengthen the unified leadership of the commercial pension business pilot, improve the working mechanism, increase the input of resources, strengthen the system construction, effectively improve the investment management and risk management and control capabilities, and orderly establish a governance structure, organizational structure and assessment system suitable for the development of commercial pension business.
(II) Each company shall establish a sound commercial pension information system, ensure that it has the processing capacity suitable for business needs, and can efficiently and stably support account management, product management, information disclosure and customer service of commercial pension business, strengthen customer information protection and improve the network security protection system.
(III) All companies should carefully formulate development plans and steadily push forward the pilot work. You don't have to set up a branch in the pilot area to operate commercial pension business, but you should have the service ability that is suitable for business development.
(4) Each company shall, within 5 working days after the end of each quarter, submit a pilot report on commercial pension business to the CBRC and the banking regulatory bureau in the pilot area.
The Banking Insurance Regulatory Bureau in the pilot area should pay close attention to business development and market reflection, strengthen business supervision, and report the difficulties and problems encountered in the pilot process to the China Banking Regulatory Commission in a timely manner.
After the announcement, the person in charge of the relevant departments of the China Banking Regulatory Commission answered the reporter's questions on the pilot of commercial pension business of pension insurance companies.
1. What is the background of the commercial pension business pilot?
Report to the 20th CPC National Congress of the Communist Party of China clearly put forward "developing a multi-level and multi-pillar endowment insurance system", and "Opinions of General Office of the State Council on Promoting the Development of Individual Endowment" required "coordinating the development of other individual commercial endowment financial services". Developing commercial pension finance and innovating services and product forms are conducive to meeting people's diversified pension needs, and can also provide more financial products with safe operation, stable maturity, standardized target and long-term value preservation to meet different preferences. China Banking Regulatory Commission (CBRC) has successively carried out pilot projects of exclusive commercial endowment insurance, endowment wealth management products and specific endowment savings, and achieved positive results. Piloting the commercial pension business of pension insurance companies and further enriching the supply of commercial pension financial products are concrete measures to adhere to the people-oriented, honest and innovative, and implement the spirit of the 20th Party Congress. It is also an innovative exploration to implement the requirements of coordinating the development of other personal commercial pension financial services, which is conducive to promoting and standardizing the development of the third pillar pension insurance.
2. What are the characteristics of commercial pension business?
Commercial pension is a new type of commercial pension insurance business operated by pension insurance companies. Mainly relying on insurance business rules to innovate products and services, providing customers with pension account management, pension planning, fund management, risk management and other services.
Commercial pension business mainly has the following characteristics:
First, the combination of accounts and products. Establish information management accounts for individuals, provide commercial pension products with different maturities, risks and liquidity, and meet the needs of customers for stable investment, risk protection and retirement.
The second is to establish a dual account combination of locked pension accounts and continuous pension accounts, taking into account the dual needs of long-term investment and personal mobility of locked pension funds at different ages.
Third, the product design takes the accumulation of pension as the main function, supports individuals to accumulate pension funds for a long time, and can provide certain additional risk protection such as death and accidental injury.
Fourth, strengthen risk management and control, establish product custody mechanism, strengthen investment supervision and valuation reconciliation, and control risks through various means.
The fifth is to provide a variety of collection arrangements such as fixed installment, regular installment and long-term (lifelong) annuity collection.
The sixth is to provide pension planning services including revenue and expenditure calculation, demand analysis and asset allocation. To help customers manage pension risks during their life cycle.
Third, why did you choose an endowment insurance company for the pilot?
The endowment insurance company is the only professional insurance institution in China financial market with the word "endowment" in its name. He has many years of experience in customer service and pension investment management in the development of pension finance. Pension insurance companies are the main participants in China's enterprise (occupational) annuity fund management market. They have long been engaged in the entrusted management and investment management of enterprise (occupational) annuity funds, actively participated in the investment management of basic old-age insurance funds, and played an important role in the construction of the first and second pillars of old-age insurance. In recent years, China Banking Regulatory Commission (CBRC) has continuously promoted pension insurance companies to focus on their main business, upgrade their majors, deepen their development and transformation, and continuously improve their financial management and service capabilities.
The four pension insurance companies participating in the pilot have their own characteristics in terms of capital strength, business channels and management. The development of commercial pension business by them is conducive to giving full play to the expertise of pension insurance companies in pension fund management and risk management, as well as the rich experience accumulated from long-term participation in the construction of China's multi-level and multi-pillar pension insurance system, further deepening the structural reform of the supply side of pension finance, better meeting people's diversified pension security needs, and exploring the development path of pension finance suitable for China's national conditions.
4. What is the main difference between commercial pension business and personal pension?
Commercial pension is positioned as inclusive and innovative personal commercial pension financial business for the broad masses of the people. It is an integral part of the third pillar endowment insurance, and plays a supporting and supplementary role in the development of the individual endowment insurance system.
The main difference between the two is that:
First of all, individual pension is an old-age insurance system supported by government policies, in which individuals voluntarily participate and operate in a market-oriented way to realize the supplementary function of old-age insurance. Commercial old-age care is a financial service for the aged with voluntary participation, marketization and legal operation. Endowment insurance companies provide one-stop services including account management, planning consultant, product purchase and long-term collection.
Second, the state formulates preferential tax policies to encourage qualified personnel to participate in the personal pension system and receive personal pensions according to regulations. Individuals participating in commercial pension business do not enjoy relevant personal income tax preferential policies.
Third, workers who participate in the basic old-age insurance for urban workers or urban and rural residents in China can participate in the individual old-age insurance system. Individuals who have reached the age of 18 can sign contracts related to commercial pension business with pension insurance companies and accumulate pensions for a long time through commercial pension accounts.
Fourth, personal pension fund accounts are used to purchase financial products such as bank wealth management, savings deposits, commercial pension insurance and fund public offering. Commercial pension customers can choose to buy a variety of commercial pension products provided by pension insurance companies.