Bring long-term stable living water to the capital market.
165438+1On October 25th, Ministry of Human Resources and Social Security, together with the Ministry of Finance and State Taxation Administration of The People's Republic of China, issued the Notice of General Offices of Ministry of Human Resources and Social Security, Ministry of Finance and State Taxation Administration of The People's Republic of China on Announcing Pilot Cities for Personal Pension, and announced the list of 36 pilot cities (regions), which began to implement the personal pension system.
The "Notice" clarifies that qualified personnel in leading cities (regions) can voluntarily participate in individual pensions. According to the individual pension system, participants need to open individual pension accounts and individual pension fund accounts, and purchase related financial products according to their own wishes. The public can check the list of financial institutions and financial products participating in individual pensions on the national social insurance service platform and related financial industry platforms.
Zhou, a macro researcher in the financial market department of China Everbright Bank, said in an interview with the Securities Daily that the implementation of the individual pension system will help accelerate the construction of a multi-level and diversified old-age security system. Promote the development of market-oriented and commercialized pension products, meet the needs of diversified pension financial services, and accelerate the development of the third pillar of pension insurance. At the same time, attract long-term stable "living water" for the capital market and enhance the stability of the capital market.
"At present, China's pension scale structure is relatively unbalanced and the total amount is insufficient. The first pillar accounts for nearly 70% of the total pension, while the development of the second and third pillars is still insufficient. The total scale of the three pillars accounts for 13% of GDP, which has a certain gap compared with some developed countries. " Li Qiusuo, strategic analyst and managing director of CICC Research Department, told Securities Daily that the personal pension system launched this time is expected to promote the development of the third pillar, thus promoting a more balanced pension structure for the three pillars and enhancing China's pension reserve.
According to the data of Ministry of Human Resources and Social Security, by the third quarter of 2022, the number of people participating in the basic old-age insurance in China reached 654.38+47 million, and the population base that can participate in the individual old-age insurance system is relatively broad.
Li Qiusuo said that based on some assumptions, after five years to 10 years of development, the accumulated amount of personal pension may reach more than one trillion yuan, which will gradually become an important part of China's pension system.
"The development of individual pension system will help to accelerate the transfer of China residents' asset allocation from real estate and deposits to financial assets, and bring new types of long-term funds to the capital market. And because pensions naturally have long-term capital attributes, it helps to establish an investment style that pursues long-term stable returns, cultivate capital market value investment and long-term investment concepts, reduce market fluctuations, and contribute to the high-quality development of the capital market and better serve the real economy. " Li Qiusuo said.
He further stated that according to the current policies and product characteristics, personal pensions may allocate more fixed-income assets in the short term, and it is expected to gradually increase the proportion of equity assets in the long run. Based on certain assumptions and expectations, the proportion of equity assets in China's personal pension may gradually increase to about 20% in 2030, providing incremental funds of about 200 billion to 600 billion yuan for the stock market.
Ming Ming, chief economist of CITIC Securities, told the Securities Daily reporter that with the gradual improvement of future policies, nearly 50% of the funds in the same fund in the United States come from pensions. In the long run, the incremental funds brought by personal pension to the capital market will be as high as one trillion yuan.
Nearly 100 Y shares of pension funds were opened for subscription on the 28th.
Public Offering of Fund's personal pension business has officially entered the practical stage. 165438+1on the evening of 25th, according to the incomplete statistics of the Securities Daily reporter, nearly 30 institutions including E Fund, Tian Hong Fund and Huaxia Fund collectively announced that since165438+128th (next Monday). As of press time, nearly 100 products have been involved.
Investors can first open a personal pension target fund account in a bank that has established a consignment relationship with relevant fund companies, and then use the funds in this account to purchase the Y share of the pension target fund on June 28th+165438. Dacheng Fund introduced that the minimum subscription amount of a single fund account is 1 yuan, and investors can make multiple subscriptions, with no upper limit on the cumulative subscription amount.
The above-mentioned fund companies have done a good job in the basic work of software and hardware needed for individual pension funds.
In terms of sales channels, Y shares of pension target funds under Tian Hong Fund, Huitianfu Fund, Bosera Fund, harvest fund Fund and Huaan Fund have been launched on direct selling platforms and fund sales organizations. At the same time, Bosera Fund has completed the launch of the "Pension Zone" on the direct selling platform Bosera Fund App and personal online trading system, which can support pension calculation, pension fund account binding, pension fund redemption and other functions. Harvest fund's direct selling platform "Wealth Manager" App has set up a "special zone for the aged", with functions such as opening an account, delaying the calculation of pension tax, and investing in the aged. Huitianfu Fund continues to strengthen the work of setting up pension zones in various sales channels, training channel account managers, and promoting various pension activities, thus forming the linkage of personal pension business.
In terms of preferential rates, in order to reduce the investment cost of investors' personal pensions, the management rates and custody rates of Y shares of pension target funds such as Bank of China Fund, Xing Zheng Global Fund and Shanghai Morgan Fund are all reduced by 50% compared with the original A shares. According to Xing Zheng Global Fund, apart from preferential fund rates, individual pension accounts also enjoy certain tax benefits. In the investment link, personal income tax will not be levied on the investment income included in the personal pension fund account for the time being. In addition, the relevant person in charge of the China-Canada Fund said that the Y share income distribution method of the pension target fund is dividend reinvestment by default, which encourages investors to hold it for a long time while reducing investment costs.
In terms of investment strategy, Sino-Canadian Fund was introduced by its subsidiary, Sino-Canadian Anrui, and more than 80% of its assets were invested in public funds, with equity assets accounting for 65,438+05% to 30%. Committed to optimizing the fund investment portfolio through asset allocation, and realizing long-term stable appreciation of fund assets under the premise of controlling risks.
In terms of team configuration, fund companies have invested heavily. The total number of Jiashi Pension Investment and Research Service Team exceeds 120, and the average working years of investment managers and marketing service backbone personnel exceed 10 years. Ping An Fund's asset allocation team has 10 years of FOF+MOM practical experience, the average working life of core members exceeds 12 years, and the asset management scale exceeds 80 billion yuan.
In addition, china galaxy Securities, Guangfa Securities and other sales organizations also pushed out the business area simultaneously. According to the relevant person in charge of china galaxy Securities, the official App has a special "Personal Pension Zone", which provides policy interpretation, account opening guidance, analysis tools, investment videos and other special functions. At present, china galaxy Securities has formed cooperative relations with a number of Public Offering of Fund companies that have entered the list of individual pension funds, with abundant product shelves for investors to choose freely.
Talking about the advantages of the pension target fund, Alvin Wong, the chief marketing officer of E Fund, told the Securities Daily reporter that the pension target fund is designed according to individual pension needs and is long-term and stable. Judging from its pension attributes and mature market experience, pension target funds have broad development space.
Huaan Fund said that the landing of individual pension funds has also provided a long-term and stable source of funds for the direct financing system in the capital market, which has a far-reaching impact on the ecological optimization of the capital market and the long-term development of the real economy.
A number of individual pension insurance products issued the first order.
165438+1On October 25th, Ministry of Human Resources and Social Security announced the implementation of individual pension system. On the same day, many insurance companies, such as National Endowment Insurance, PICC Life Insurance and China Life Insurance, issued their first orders for personal endowment insurance products.
The reporter learned from PICC Life Insurance that on the afternoon of June 25th, 165438+PICC Life Insurance released the first personal endowment insurance product policy in Beijing and Zhejiang. Mr. Hou, the middle-level manager of corporate customers in Beijing, and Ms. Ding, an employee of state-owned enterprises in Hangzhou, Zhejiang Province, remotely purchased the first personal pension insurance product of Life Insurance (Fushou's annual exclusive commercial pension insurance) and became the first single customer of personal pension in the two places.
"When choosing commercial endowment insurance, my first consideration is long-term stability, safety and earmarking. Endowment insurance is a kind of endowment financial product, which can really hedge the risk of longevity and ensure that the interest rate is written into the contract. " Mr. Hou said.
Fushou Annual Exclusive Commercial Endowment Insurance is a product launched by PICC Life Insurance last year. The latest data shows that the scale premium has reached 690 million yuan, and the number of policies has reached 65.438+0.22 million.
PICC Life said that new personal pension insurance products will be launched in the future to enrich the product system; Carry out business consultation in time, and constantly improve the operation management and service level. At the same time, it embodies the advantages of risk protection and long-term fund management in the insurance industry, realizes the long-term steady growth of combined accounts, and guarantees the continuous advantage of the annual settlement interest rate of individual pension insurance products.
1On October 25th, China Life 165438+ signed the company's first personal endowment insurance product policy with its customer Mr. Wang. According to reports, Mr. Wang is 35 years old and is a middle manager of a financial enterprise in Beijing.
China Life said that the company has actively prepared a variety of personal pension products, and will give full play to the marketing service advantages of relevant channels to provide customers with convenient, efficient and high-quality personal pension products and services.
According to industry insiders, the competition in the personal pension market will be fierce, and financial institutions need to further build their own differentiated competitive advantages.
"At present, various financial institutions such as insurance, funds, banks and bank financing subsidiaries are exploring the personal pension market in different ways, initially forming a cross-industry competition pattern. The insurance industry should give full play to its unique advantages in composite products, diversification of longevity risks, and organic integration with old-age services to improve long-term investment returns and become the core force for the development of the third pillar. " Zhu, research director of China Insurance and Pension Research Center of Tsinghua University Wudaokou Finance College, told the Securities Daily reporter.
He further stated that the insurance industry needs to start from four aspects and give full play to its comparative advantages. First, give full play to the relative advantages of pension insurance products and promote the accumulation of pension wealth by using the compound interest effect. The second is to promote life annuity and give play to the unique role of insurance in dispersing longevity risks. Life annuity is based on the survival of the insured, which can realize the collection of life annuity, that is, as long as an individual survives, he can receive a pension, which can effectively solve the challenge brought by the uncertainty of personal life expectancy. Among the institutions involved in pension finance, only insurance institutions can develop and sell lifelong annuity products, which is its unique advantage. Third, the old-age insurance and services are organically combined to provide consumers with comprehensive solutions. The fourth is to improve the incentive compatibility mechanism and improve the return on investment of long-term pension funds. "Commercial pension insurance is essentially the accumulation of long-term pension assets, and it is the key to improve the investment income of pension funds in a long accumulation period. Investment income is the core of competition among different institutions, and the insurance industry will face enormous challenges. " Zhu said that it is necessary to appropriately improve the risk tolerance and improve the return on investment of pension funds.
Personal pension business of several banks was officially launched.
165438+1On October 25th, Ministry of Human Resources and Social Security announced the implementation of individual pension system. The "Securities Daily" reporter contacted the first batch of commercial banks that were allowed to carry out personal pension business and learned that the personal pension business of many banks was officially launched.
165438+1On October 25th, ICBC, as the first bank, officially launched personal pension business in 36 pilot areas of the national personal pension system. On the same day, the Agricultural Bank of China launched a comprehensive personal pension service; China Construction Bank also officially launched personal pension business, providing customers with one-stop services such as account opening, fund payment and product subscription. At the same time, Bank of Communications is also online, and customers can open personal pension fund accounts through various official channels such as personal mobile banking App and business outlets; China Postal Savings Bank also officially launched personal pension fund accounts and fund transactions.
In addition to state-owned banks, the reporter learned that CITIC Bank and Minsheng Bank officially launched personal pension services on June 25th. 165438+ provides customers with convenient and comprehensive personal pension service systems such as personal pension account opening, pension products and value-added services. In addition, the personal pension business of Bank of Ningbo and Zheshang Bank was officially launched on the afternoon of June 25th. 165438+.
In terms of product selection, many commercial banks have made preparations for various services in advance. Relevant persons of ICBC said that based on the principle of "safe operation, maturity and stability, standardization of targets and long-term value preservation", ICBC actively docked with many products and sales organizations to make product selection, distribution and sales.
The relevant person in charge of Minsheng Bank said that in terms of product configuration, Minsheng Bank has set up an "exclusive pension product series shelf" suitable for the third pillar personal pension account, covering four series of pension savings deposits, pension financing, pension fund consignment and pension insurance consignment, which can meet customers with different investment preferences.
In addition, there are many bank products "on the road". According to the relevant person in charge of the Pension Finance Department of Bank of Communications, pension insurance products, pension wealth management products and pension savings products will be put on the shelves in the near future. Relevant persons in Bank of Ningbo said that four categories of products, personal pension fund, wealth management, insurance and savings, will be gradually introduced. At present, fund products have been launched, and wealth management, insurance and savings products are being systematically docked.
CITIC Bank provides comprehensive financial services according to customers' pension needs. According to reports, the personal pension fund account is rich in functions, supports any channel to deposit money, visually displays the paid and remaining payable amount in the current year, and supports functions such as account inquiry, transaction details inquiry, tax extension voucher download, and personal pension tax concessions. Pension product investment and other services.
"In view of the uniqueness and importance of individual pension fund accounts, it is expected that a fierce battle for fund accounts will be launched among commercial banks." Ming Ming, chief economist of CITIC Securities, told reporters.
Some banks have introduced preferential policies for booking and opening personal pension accounts. According to relevant personages of CCB, starting from June 26th, 165438+ opened a personal pension fund account at CCB outlets or mobile banking to experience recharging. After success, get the 50 yuan Equity Card voucher; At the same time, customers who jointly recommend friends to open accounts can get more equity rewards.
The China Foundation issued a document emphasizing five requirements for Public Offering of Fund to serve individual pensions.
Public offering: Have the ability and responsibility to become the main investor.
165438+1October 25th, in order to better guide the fund-raising industry to take the initiative, be upright and innovative, and actively serve the high-quality development of personal pensions, China Fund Industry Association officially issued the Action Outline for the High-quality Development of Personal Pensions in Fund-raising Industry (hereinafter referred to as the Action Outline).
Specifically, the Action Plan defines the action direction of Public Offering of Fund industries to actively serve the high-quality development of personal pensions from five aspects: improving political position, fulfilling duties and missions, enhancing professional ability, enriching product supply, and optimizing customer service and companionship.
On the day of the release of the Platform for Action, the reporter quickly contacted a number of fund companies in the list of individual pension funds to interview the progress of relevant work.
The relevant person in charge of Bosera Fund Pension Business Center said in an interview with Securities Daily, "With its professional investment level and rich investment experience, Public Offering of Fund will play an increasingly important role in serving the elderly in China in the future, and it has the ability and responsibility to become the main force of personal pension investment. In the future, we will conscientiously implement the requirements of the Platform for Action, scientifically use financial technology to do a good job in the teaching of personal pension investment, aim at long-term investment and value investment, promote the benign interaction between personal pension and the capital market and the real economy, and help investors realize the long-term steady appreciation of pension assets. "
"At present, the company has improved the rules and regulations and organizational structure in the personal pension investment fund business, established a professional investment team, equipped with sufficient business personnel, reserved a wealth of products, and actively carried out investor education. The two pension FOF funds managed were included in the first batch of individual pension funds. " The Bank of Communications Schroeder Fund told the Securities Daily reporter, "In the future, the Bank of Communications Fund will strictly follow the spirit of the Platform for Action, adhere to the people-oriented principle, further enhance the long-term pension investment management ability, innovate and enrich the product system, empower customers with technology, strengthen investor companionship and pension investment, and work with all participants in the personal pension business to provide investors with quality pension wealth management services."
Huaxia Fund told the Securities Daily that "Huaxia Fund has been actively preparing for Public Offering of Fund to help the development of personal pension business. At present, it has accumulated 265,438+0 years of experience in pension investment management, established an institutional framework and talent team suitable for pension management, and learned from the international advanced asset allocation concept, accumulated rich experience in FOF management, built a perfect product line, and has the strength and ability to provide professional pension investment services for investors. Next, in strict accordance with the core spirit and normative requirements of the Platform for Action, we will continue to improve our investment and research capabilities, enrich product supply and innovation, attach importance to the application of information technology, optimize our customer service capabilities, and increase investor education and companionship. "
In response to the important requirement of "improving professional ability to meet the long-term investment needs of pensions" put forward in the Action Plan, Su Xin, director of the asset allocation department of Minsheng Bank of Canada, told the Securities Daily reporter that "professional investment ability is the top priority of pension investment. From the perspective of investment and research, Public Offering of Fund's industries can serve the pension investment in the following two aspects: First, establish a long-term investment concept, put an end to blind pursuit of hot spots and themes, curb short-term speculation, and take obtaining medium and long-term income as the primary goal of fund managers. Secondly, we will continue to develop financial technology, broaden investment awareness and improve investment efficiency through digital means. Through scientific and technological means such as big data, systematically analyze assets such as stocks and funds, and get a multi-dimensional comprehensive view, thus broadening investment cognition, assisting investment decision-making and improving investment efficiency. "
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