According to industry insiders, in terms of pension finance, financial institutions will pay more attention to the research and development and innovation of equity wealth management products or asset management products, and pay more attention to professional talent reserve, investor education and investment business. At the same time, the market generally believes that more supporting policies related to the individual pension system will also be accelerated.
Pension financing and pension savings are gradually being rolled out.
Since the beginning of this year, the layout of the banking industry in the field of pension finance has been expanding. After the pension financing pilot is launched, the pension savings business will also be opened.
China Banking and Insurance Regulatory Commission and the Central Bank of China recently jointly issued the Notice on Launching the Pilot Work of Specific Old-age Savings, saying that from 20 10, 2022, ICBC, Agricultural Bank, Bank of China and China Construction Bank will launch the pilot projects of specific old-age savings in Hefu, Guangzhou, Chengdu, Xi and Qingdao, with a tentative period of one year. From the product point of view, the specific old-age savings products include lump sum deposit and withdrawal, lump sum deposit and withdrawal and lump sum deposit and withdrawal. The product term is divided into four grades: 5 years, 10 years, 15 years and 20 years, and the product interest rate is slightly higher than the five-year time deposit listing rate of large banks.
Dong Ximiao, chief researcher of Zhilian Finance, believes that this pilot city covers East China, South China, North China and Southwest China, while the four major commercial banks have many outlets, rich online and offline service channels and a huge customer base. Taking the lead in piloting the old-age savings in the four major banks will help better meet the needs of residents with old-age savings and make it easier for more residents to handle the old-age savings business.
Analysts said that the specific old-age savings products launched this time have a long term. In 5 to 20 years, the interest rate is relatively moderate, which is suitable for groups with low risk appetite, low liquidity requirements and the pursuit of fixed income, and meets the long-term pension needs of residents.
While the old-age savings pilot is gradually approaching, the old-age wealth management products of the second batch of pilot institutions are also welcoming new trends. China Post Finance's first wealth management product for the elderly was officially launched on August 3. The product name is China Post Finance, Postal Savings Bank and Wealth Timodo. Jinhong 2022 closed series 1 pension financial products, the product type is fixed income, and the distribution scope is Beijing-Shanghai-Shenzhen-Guangzhou pilot city 10. The initial planned product raising scale is 3 billion yuan.
Although the release time of the other five pilot institutions of the second batch of pension financing has not been clear, according to the reporter's understanding, the names of related products have been confirmed. On the whole, the design concept of products mostly highlights the characteristics of long-term, robustness and inclusiveness, and the risk level is relatively low, the investment threshold is relatively low, and the purchase starts at 1 yuan and the term is relatively long.
Dong Ximiao believes that commercial banks should focus on the long-term development of the pension market, build a more perfect pension financial system, seize direct business opportunities such as asset management and deposit custody, tap indirect business opportunities such as account, card issuance and settlement, promote the improvement of China's social security system, and realize their own development while alleviating China's growing demand for pension.
All kinds of institutions go their own way.
Not only banks, but also financial institutions such as insurance institutions and Public Offering of Fund are actively exploring the blue ocean market for the aged.
As an early participant in the pension financial market, the insurance industry has unique value. Up to now, a number of insurance companies have participated in the construction of the third pillar, and innovative products have been steadily advanced, constantly moving forward into various segments.
According to the latest data of the China Banking Regulatory Commission, at present, commercial insurance with pension attributes has accumulated long-term pension funds of more than 4 trillion yuan, and the pilot project of innovative commercial pension finance has achieved remarkable results.
Among them, the exclusive commercial endowment insurance pilot has gone through more than a year. During this period, the CBRC continued to expand its participation in insurance companies and expanded the pilot scope to the whole country. According to the latest data, as of the end of June, the cumulative number of insured persons was196,000, including 29,600 employees in new economy and new formats and flexible employees.
Public Offering of Fund is also an important force in the capital market and pension finance. Previously, the CSRC publicly solicited opinions on the Interim Provisions on the Management of Personal Pension Investment and Public Offering of Securities Investment Funds (draft for comments), which clarified the standard requirements for fund products that can be invested in personal pensions and the entry threshold for fund sales organizations, providing a clearer operational path for the development of related businesses.
As the first pension fund managers, China Europe Fund has laid out three products. According to CEIBS Fund, the company has set up a pension business department, and the person in charge who specializes in personal pension-related investment research has rich experience in asset allocation and management. Morgan Stanley Fund said that it will fully combine global vision and local insight, introduce mature overseas pension strategies in product design, investment research and customer service, actively explore product innovation, and provide investors with diversified, professional and international pension solutions.
Gao Chao, chief analyst of non-bank finance of open source securities, predicted that after the full implementation of the follow-up personal pension system, funds with good long-term performance and suitable for long-term investment in personal pension will be included, and head fund companies with outstanding long-term returns will have a competitive advantage or stronger.
More supporting policies will be introduced.
After the personal pension system is formally implemented, it will become an important asset component of family financial management. At present, there are as many as 700 million people who are qualified to open individual pension accounts in China, and the number can be expected. Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, believes that next, in terms of pension finance, financial institutions will pay more attention to the research and development and innovation of equity wealth management products or asset management products, and pay more attention to professional talent reserve, investor education and investment business.
The market generally believes that more supporting policies will also be accelerated. Qi Xiang, spokesperson and director of the Regulation Department of the China Banking Regulatory Commission, said that relevant supporting policies have been solicited within a certain scope, and the specific date of promulgation will be determined according to the overall progress of the individual pension system.
Ministry of Human Resources and Social Security also said that he would put forward opinions to promote the development of personal pension and study and formulate relevant supporting policies. In the next step, we will work with relevant departments to formulate supporting policies and determine the pilot cities of individual endowment insurance system.
According to Zhang Yinghua, an executive researcher at the World Social Security Research Center of China Academy of Social Sciences, a pilot city of individual pension system should meet the following conditions: local governments actively promote it, workers are willing to participate, the foundation of tax collection and management is good, the financial infrastructure is complete, and the information platform is well built. Pilot cities that have carried out individual tax deferred commercial endowment insurance bear the brunt.
Zhang Yinghua suggested that the establishment and launch of a catalogue of eligible pension products could be accelerated. Exceptions should be made for early withdrawal under special circumstances, such as emergencies, serious diseases, children's education and other needs. Early withdrawal should be allowed within the prescribed time limit and quota, and specific provisions should be made on tax payment and return, so as to enhance the flexibility of account management and enhance the attractiveness of individual pensions.
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