1October 4th, 165438+ A number of supporting policies, such as the measures for the implementation of personal pension and the interim provisions on the management of the business of public offering of securities investment funds for personal pension investment, were successively promulgated.
"The implementation of the personal pension system will fill the last puzzle of China's multi-level and multi-pillar pension insurance system, marking that the personal pension related to the national economy and people's livelihood has moved from the era of' with or without' to the stage of' strong'." Relevant personnel of China Merchants Fund told CBN.
As one of the representative products of the third pillar, the pension target fund has been expanding in recent years. The data shows that up to now, there are about 200 pension target funds in the market, with a total scale of nearly 100 billion yuan. At the same time, there are more than 20 FOFs, a pension object, which are being paid or waiting to be paid.
142 "up to standard" products
165438+1On October 4th, Ministry of Human Resources and Social Security, Ministry of Finance, State Taxation Administration of The People's Republic of China, China Banking Regulatory Commission and China Securities Regulatory Commission jointly issued the Measures for the Implementation of Individual Pensions. On the same day, the CSRC also issued the Interim Provisions on the Management of Individual Pension Investment and Public Offering of Securities Investment Funds (hereinafter referred to as the Interim Provisions), which further clarified the institutional arrangements for Public Offering of Fund to participate in individual pensions.
The "Interim Provisions" mainly stipulates three aspects: first, it clarifies the general principles and basic requirements for fund managers and fund sales organizations to carry out personal pension investment fund business; The second is to clarify the standard requirements of fund products that individual pensions can invest in, and stipulate the investment management and risk management responsibilities of fund managers; The third is to clarify the requirements for the exhibition industry of fund sales organizations, and stipulate the responsibilities of fund sales organizations such as information prompt, account service, publicity and promotion, appropriate management and investor education.
Compared with the draft for comments issued by the CSRC on June 24, the reporter found that the interim provisions adjusted the entry threshold of the pension target fund, from "the scale at the end of the last four quarters was not less than 50 million yuan" to "the scale at the end of the last four quarters was not less than 50 million yuan or the scale at the end of the last quarter was not less than 200 million yuan".
The relaxation of the threshold also means that there will be more public offerings and investors will have more choices. "In the future, with the accumulation of experience and the maturity of conditions, more other types of Public Offering of Fund will be included in the investment scope, which will also provide richer product choices for personal pension investment." Guangfa Fund told reporters.
According to the previous calculations of many brokers, the accumulated payment scale of personal pension will reach about 2.5 trillion yuan in the next 10 year, among which Public Offering of Fund will invest a lot. In three situations of optimism, neutrality and pessimism, Public Offering of Fund accounts for 90%, 70% and 50% respectively. So, what are the eligible fund products on the market at present? According to the standards of the Interim Provisions, the First Financial Reporter made a preliminary calculation.
The data shows that by the end of the third quarter of 2022, there were 1 16 pension fund products with a scale of not less than 50 million yuan at the end of the last four quarters, and there were 97 products with a scale of not less than 200 million yuan at the end of last quarter. After removing the duplicate products, there are 65,438+042.
The above-mentioned "up to standard" pension funds are distributed in 46 fund companies, of which 9 fund companies have 5 or more products. Among them, the largest number is Huaxia Fund, with 9; Huitianfu Fund and southern fund have 8 respectively, and harvest fund and E Fund have 7 respectively.
As far as performance is concerned, as of June 4 165438, among the above-mentioned 142 pension target funds, 92 fund products have positive cumulative income since their establishment, accounting for more than 60%; There are 9 with a cumulative yield of over 40%. Among them, Huaxia Pension ranked first in 2045, with a cumulative return of 56.81%since April 20 19; In addition, CEIBS Pension 2035 and South Pension 2035 have the highest performance, with returns of 54.33% and 50.77% respectively since their establishment.
Pension FOF continues to expand.
The First Financial Reporter noticed that there were still 15 FOFs for the aged on the same day that the CSRC issued the interim regulations, that is,165438+1October 4th.
According to official website of the China Securities Regulatory Commission, 14 FOF products of E Fund, southern fund, Guangfa Fund, Huitianfu Fund, Yingyong Fund, Ying Da Fund, Xingquan Fund, Tian Hong Fund, Puyin AXA Fund, Agricultural Bank of China Credit Suisse Bank Fund, Guohai Franklin Fund and Jinchuang Hexin Fund were approved.
In addition, the CSRC also issued the Reply on Approving the Change Registration of China Merchants CSI Global China Education Theme (QDII), which registered the change as a three-year holding of a hybrid sponsored fund (FOF), with the target date of attracting investment from Le Yi and Hui Hui for retirement in 2035.
Judging from the holding period, among the FOF of the above-mentioned 15 approved pension target, the largest number is 3-year products, with 8 * * *; However, there are 4 in 5-year period and 3 in 1 period. The above products shall be raised within 6 months from the date of approval. At the same time, there are 9 FOF products for the elderly that are on the market or waiting to be listed.
In fact, as early as 20 18, Public Offering of Fund industries began to actively explore the investment of individual pension. Since the establishment of the first domestic pension target fund product, with the increasing demand for pension investment and the introduction of relevant systems, pension target funds have also achieved rapid development in recent years, with obvious expansion in quantity and scale.
According to the data, the net asset value of pension funds has expanded from 20101010100 billion yuan to 5.5 billion yuan at the end of 20021with a compound annual growth rate of17/. In the first quarter of 2022, due to the fluctuation of the equity market, the net assets of such products fell to 654.38+004.734 billion yuan, and rose to 654.38+005.7 billion yuan in the second quarter.
By the end of the third quarter of 2022, more than 50 Public Offering of Fund companies in the whole market had laid out 200 pension target fund products (only initial funds are calculated, the same below), of which the total scale of 188 products with data was 94.5 billion yuan (calculated by combining different shares, the same below), of which the target dates were17.74 billion yuan FOF and 76.744 billion yuan.
"After nearly four years of practical operation, the first batch of FOF pension has accumulated rich experience in product design, investment management, risk control, channel maintenance and customer experience optimization. For Public Offering of Fund, the great development of the third pillar personal pension system will also create good opportunities for the further leap-forward development of the industry. " Southern fund said.
China Merchants Fund told CBN that "the fund industry has been actively preparing since the top-level design concept of personal pension. On the one hand, actively carry out the docking test between the adaptation system and the platform of the regulatory cooperation institution. On the other hand, combined with its own financial technology strength and business characteristics, it has improved its own personal pension operation system and special area, and various preparatory work has achieved initial results. "
"The existing products cover different target dates and target risk funds, and can meet the value-added needs of long-term and short-term funds for customers of all ages and various risk preferences." In harvest fund's view, with the further implementation of the individual pension system, it is conducive to promoting the transformation of the individual's concept of "saving for the aged" to the concept of "investing for the aged", thus improving the return on pension investment, increasing the total pension reserve and improving the level of pension replacement.
The research team of Mingming Bond of CITIC Securities believes that the entry of American pension funds into the market has greatly promoted the prosperity of mutual funds. At present, 47% of the assets of American mutual funds come from DC plan and IRAs plan. It is expected that the entry of pension funds into the market will greatly promote the prosperity and development of China's capital market.
As far as specific investment targets are concerned, bond assets are still the first choice for pensions at present, but with the increase in the demand for value-added pensions in the future, the proportion of equity assets will increase from the current 20% to 40%. "In the long run, it will help improve the stability of A-shares and make the equity market and pensions form a benign interaction and mutual achievement." The above-mentioned person said.
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