Next Monday (165438+1October 28th), the first batch of 129 individual pension funds will compete together.
Has the personal pension fund been robbed? Should I invest in a personal pension fund with preferential taxes and fees? If you want to buy, which product should you choose?
2 1 Century Business Herald reporters tried to find some trend clues for the success of individual pension fund investment through data analysis, investigation and interviews.
For example, the value of individual pension funds is not worth investing, and investors need to consider the specific circumstances of tax incentives and product rate concessions; Which individual pension fund should investors choose? By classifying and analyzing the data of the first batch of 129 individual pension funds, investors may find clues about excellent funds in terms of product classification, past performance, years of establishment and holding period.
Will you rob it?
165438+1On the afternoon of October 25th, Ministry of Human Resources and Social Security announced the implementation of the individual pension system, which was first implemented in 36 cities or regions including Beijing, Shanghai, Guangzhou, Xi and Chengdu.
Subsequently, many Public Offering of Fund companies, such as China Merchants Fund, Penghua Fund, Ping An Fund and Bank of China Fund, announced that the exclusive share of individual pension funds would be officially put on sale on the same day.
However, more individual pension funds set the opening date as next Monday (165438+20221October 28th).
165438+1On the evening of October 25th, 40 fund companies made a general announcement, and most of them decided to open the subscription and fixed investment business of Class Y fund shares from October 28th, 2022.
This means that next Monday (165438+128 October), individual pension funds will be put on sale generally, and 129 individual pension funds will officially compete on the same stage.
According to the reporter's understanding, in addition to a number of fund companies that launched the personal pension fund 165438+ on June 25th, a number of fund companies have previously opened the account opening appointment function of personal pension accounts, such as Guangfa, Central Europe, South China, Huabao and other fund companies. Investors can make an appointment after filling in the relevant information.
Previously, fund companies also increased investor education and marketing efforts.
For example, E Fund has opened a special area for the elderly on official platforms such as WeChat official account, investor education base and direct selling APP. Provide knowledge and services from the perspectives of personal pension necessity, personal pension planning, personal pension policy and participation process, so that investors can participate in personal pension and plan their own pension investment reasonably on the basis of understanding policies, needs and products.
Harvest fund launched a new version of "Pension Zone" on the home page of the direct selling platform "Wealth Manager" APP, which supports functions such as tax deferred pension calculation, subscription opening reminder, (non-tax deferred) products, information display and so on.
Under the recent propaganda offensive, has the individual pension fund launched next Monday been robbed?
In this regard, Wang Qunhang, director and deputy general manager of Baijia Fund, clearly told reporters that this will not happen.
His reason is:
First, according to the policy, everyone who meets the requirements has one, and there is no need to grab it.
Second, for some qualified people, it may take a process to understand personal pension.
Third, personal pension can't be taken out until after retirement. Many people have to go through the process of accepting 65,438+00 years, 20 years and 30 years.
Fourth, the core allocation strategy of personal pension is theoretically best implemented in the pension target fund, which is an open product with no upper limit on scale, so there is no need to rush to grab it.
"Creating tension may be the usual trick of some sales organizations," Wang Qunhang said.
What is the discount?
Is the individual pension fund worth buying compared with other similar funds? Mainly consider tax incentives and rate concessions.
165438+1October 4th, the five ministries and commissions jointly issued the Measures for the Implementation of Individual Pensions, which implemented preferential tax deferred policies for individual pensions. The payer shall deduct it before tax according to the annual limit of 12000 yuan, and the investment income shall not be taxed for the time being, and the personal income tax shall be calculated and paid separately according to the tax rate of 3%.
Some insiders believe that investors with a monthly income of more than 8,000 yuan will benefit from the preferential tax policies of individual pension funds.
The first batch of individual pension funds * * * 129 pension FOF funds involving 40 fund managers.
This 129 pension FOF fund has set up a class Y fund share, which is a separate fund share category for individual pension investment fund business. Investors will purchase Y-type fund shares through personal pension fund accounts and participate in personal pension investment fund business.
According to the requirements of individual pension account, the relevant funds and assets of individual pension investment fund will be closed, and the subscription and redemption of fund shares will be transferred to individual pension account.
According to Article 12 of the Interim Provisions on the Management of Investment in Individual Pension Funds and Public Offering of Securities Investment Funds: "Individual pension funds may not charge sales service fees for a single share category, but may be exempted from subscription restrictions and subscription fees and other sales expenses (except those that should be charged and included in the fund assets according to law), and certain preferential rates may be implemented for management fees and custody fees".
It is worth noting that institutional statistics show that the comprehensive rate of Y-share pension funds is only about 0.45%, which is obviously better than that of non-Y-share pension funds.
To put it simply, the known benefits of individual pension funds include: tax deferral, preferential management rate (50%), preferential custody rate (50%), no sales service fee, no redemption fee, and a clear exemption ratio of subscription rate.
Take the three-year FOF of Bosera Yize Balanced Pension as an example. After increasing the share of Class Y fund, the original fund share will be converted into Class A fund share.
Investors can enjoy a 50% discount when subscribing to Y-type fund shares, and are free of management fees and custody fees, and do not charge sales service fees.
Specifically, the class Y share management fee (annual fee) is 0.30% (note: class A share is 0.60%), and the class Y share custody fee (annual fee) is 0.05% (note: class A share is 0. 10%). Other operations are the same as those of Class A fund shares, such as the setting of redemption fees and redemption fees, and neither of them charges sales service fees (note: only Class C shares charge sales service fees).
To put it simply, the difference between the rate of class Y share and class A share is that the management fee and custody fee are 50% off, and the rest are the same.
You may not see the impact of preferential rates in the short term, but after a long time, Wang Qunhang calculated an account under the consideration of compound interest:
For example, products with an investment of 12000 yuan/year and a holding period of one year can enjoy preferential treatment around 750 yuan after reaching retirement age in five years.
For another example, a product with an investment of 12000 yuan/year and a holding period of 5 years can enjoy a discount of about 12 1000 yuan after reaching retirement age in 30 years.
Which one to buy?
Which individual pension fund to buy mainly depends on investment type, performance, holding period and other factors.
165438+ 10/8 The CSRC announced that the first batch of 129 pension target funds and 40 fund managers were included in the list of individual pension target funds.
At that time, eight products were to be released, and 12 1 products were already released.
12 1 The total product scale has reached 87.6 billion yuan, accounting for 92.04% of the total pension fund scale.
On the whole, the risk-return characteristics of the pension target fund issued by 12 1 are not bad, but the ability to control withdrawal needs to be continuously improved after accepting individual pensions in the future.
According to the statistics of 2 1 Century Business Herald, the first batch of 129 individual pension funds are divided into two categories: 50 pension target dates (TDF) and 79 pension target risks (TRF).
Among the 50 TDFs, there are 3 in 2025, 6 in 2030, 1 in 2033, 12 in 2035, 1 in 2038, 14 in 2040 and 65438+ in 2043.
The target date of FOF(TDF) pension is mainly in 2035 and 2040, which are 12 and 14 years respectively. If the retirement time is classified according to the three-level classification once every five years, the figures for 2035 and 2040 are 13 and 15 respectively.
Among 79 target risk FOF(TRF), there are 59 stable fofs (0-30% equity assets); Balanced pension FOF (30%-60% equity assets) is 18, and active pension FOF (60%-80% equity assets) is only 2.
Overall, among the first batch of 129 individual pension funds, the number of "stable pension fofs" is the largest, reaching 59, accounting for 45.74% of the total number of the first batch of 129 individual pension funds.
In other words, nearly half of the first batch of individual pension funds are "stable pension f of" products with low risk, low fluctuation and short lock-up period, and the lock-up period is generally one year.
From the classification of individual pension funds, for investors, if they know their risk tolerance when buying individual pension funds, they can choose the pension target risk fund with the corresponding risk level (stable/balanced/enterprising); If you know your retirement date, you can also choose the corresponding pension target date fund, such as XX Pension Fund 2035/2045/2050, to cover the needs of investors of different ages.
From the time of product establishment, the establishment date of 129 personal pension fund currently spans a long time (from September 20 18 to September 2022). Specifically, 20 19 has 1 1, and 20 19 has 47.
Overall, as of June 26th, among the first batch of 129 individual pension funds, 165438+57 funds were established for more than three years, accounting for 44%. This part of the old-age FOF has a three-year interim performance, which is of great reference value.
It is worth mentioning that, as far as the current performance is concerned, the products with the best performance and the highest annualized income in the first batch of individual pension funds all come from products established for more than three years, which may be related to the establishment of these funds on 20 18? 20 19, experienced 20 19? 2020? 202 1 is related to the three-year A-share bull market.
From the product holding period, the personal pension fund account is closed, so during the holding period, the personal pension fund investment public fund lasts until retirement (55 or 60 years old), so the holding period may be 20 years or 30 years.
129 The holding period of individual pension funds is 1 year, 3 years, 5 years, etc. Judging from the past fund sales, the longer the holding period, the harder it is to sell.
Among the first batch of 129 individual pension funds, 1 is held for a period of 1 year, 57 for three years and 1 1 for five years.
The number of the first batch of individual pension funds decreases with the increase of holding period, and the proportion of products with holding period of 5 years is obviously less.
However, judging from the performance of FOF on the target date of pension, the longer the holding period, the better the average performance of the fund.
According to the statistics of Wang Qunhang, from the performance of the first batch of individual pension funds, the average annualized net growth rate of the three-year holding period and five-year holding period of FOF(TDF) on the target date of pension is 5. 16% and 6.56% respectively, and the average annualized net growth rate of the one-year holding period and three-year holding period of FOF(TRF) on the target date of pension is 3.7 1 respectively.
For this performance, Wang Qunhang pointed out that overall, the performance of the first batch of individual pension funds has three characteristics:
First, the performance of TDF is better than that of TRF； at present; ;
Secondly, the overall performance of the two market segments of TDF matches its risk-return characteristics, that is, the average annualized return of one-year holding products is 5. 16%, which is lower than the average annualized return of three-year products of 6.56%;
Third, the performance of these two departments in TRF is different from expectations. The average annualized income of 1 year is 3.7 1%, which is higher than 3.50% for products with a holding period of 3 years. The reasons for this abnormal performance may be: different participating companies have different strategies, the stock market is not good this year, and the bond market has plummeted recently.
Specifically, according to the announcement and statistics of the CSRC, the best-performing individual pension funds are products that have been established for more than 3 years, such as:
The annualized income of the best-performing "Steady Pension FOF" is above 5%, namely, China Merchants He Yue Steady Pension A7.20%, SDIC UBS Steady Pension A5.7 1%, Huabao Steady Pension A5.45%, BOC Ankang Steady Pension A5.25% and Guangfa Steady Pension Target A5.00%.
The annualized income of the best-performing "balanced pension FOF" is over 5%, namely, the three-year balanced pension for China Merchants and Yuet (FOF) is 6.86%, the three-year balanced pension for ten thousand yuan (FOF) is 5.72%, the balanced pension for Changxin Yitian (FOF) is 6.18%, and the three-year balanced pension for Guangfa is 5.95%.
Among the first batch of individual pension funds, there are only two "active pension fofs", which were established at the end of 2020 and in the middle of 20021year. Since then, the market has performed poorly, and the income of these two funds is negative.
It is worth mentioning that the annualized income of the four best-performing FOFs on the pension target day exceeds 10%, namely Huaxia Pension 2045 12.48%, Jiashi Pension 20501.91%,and Central Europe Pension 2030.
Summarize the key points that should be paid attention to in the investment of individual pension funds;
First, if you have a clear understanding of your risk tolerance, you can choose the target risk fund for the aged corresponding to the risk level (steady/balanced/enterprising); If you know your retirement date, you can also choose the corresponding pension target date fund;
Second, from the current performance, the annualized rate of return of individual pension funds established for more than three years is generally higher than that of short-term funds, which may be related to the products established three years ago, which experienced the bull market of A shares of 20 19, 2020 and 202 1. In addition, the average annualized income of a single pension fund with a long holding period is better than that of a single pension fund with a short holding period, and it is better on the target date FOF, but it fails on the target risk FOF, which may be related to the poor market this year.