After four years of development, the number of pension target fund products has reached 183, and the product scale has exceeded 100 billion yuan. The "Interim Provisions on the Management of Publicly Offered Securities Investment Funds for Personal Pensions" has become the first supporting regulation for the personal pension system.

Yang Ke, a senior researcher at the Product Development Department of Vanguard Fund, recently said in an interview with China Business News that globally, public funds, especially pension target funds, account for a considerable proportion of personal pension assets.

With the implementation of the personal pension insurance system in China, it will have a profound impact on the public fund industry and will greatly open up a new situation.

During the pilot phase, the fund products of personal pension funds will be based on pension target funds with no less than 50 million yuan at the end of four consecutive quarters.

This means that pension target funds have the opportunity to be the first to be included in the tax-preferential products of the personal pension system.

Although the scale of 100 billion yuan is less than four thousandths of the total scale of China's public funds (more than 26 trillion yuan), the development of pension target funds has been very good in the past four years.

Due to the special purpose of pension funds, residents' withdrawal behavior is generally highly predictable, the liability side is relatively stable, and has strong long-term characteristics.

Depending on the term, pension target funds can invest up to 80% of their assets in stock funds, etc.

Among various types of pension investment tools, pension target funds are an investment type that can well meet pension needs. They can give full play to the advantages of long-term funds, digest short-term fluctuations, and strive to obtain higher returns for investors.

It can effectively meet the effective needs of the second or third pillar, and its investment objectives are different from those of the first pillar.

Taking the initiative to take risks will help achieve the target replacement rate set by pension participants before retirement and better meet their pension needs.

Rigorous investment decision-making process, excellent investment managers with rich investment experience; rich product lines provide a wealth of basic configurable assets for pension target funds; strong compliance management and risk control capabilities, which are conducive to preventing various risks

events to better safeguard the legitimate rights and interests of investors.

Funds from public funds need to be entrusted to independent third-party custodians.

The safety of funds is absolutely guaranteed and worthy of trust for long-term funds such as pension funds.