Financial products for the aged can be regarded as an incision to observe the reform of the pension system and the ability of financial institutions. With the advent of an aging society, everyone is planning for providing for the aged. The development of commercial pension finance is not only a new business opportunity for banks and financial subsidiaries, but also involves the vital interests of thousands of pension investors in Qian Qian.
1. Pension financing subscription fever
In September this year, after 80s, Xu Xin spent 200,000 yuan to buy a pilot pension wealth management product. She works in Beijing. At the end of last year, she paid attention to the issuance of the first batch of wealth management products for the aged. Because Beijing was not a pilot city at that time, she could not buy it.
Since March this year, the pilot areas of pension financial products have been expanded to ten cities including Beijing, Shenyang, Changchun, Shanghai, Wuhan, Guangzhou, Chongqing, Chengdu, Qingdao and Shenzhen, and the number of pilot institutions has also increased to ten financial companies, namely ICBC, China Merchants Bank, China Everbright, China Construction Bank, Agricultural Bank of China, China Post, Bank of China, Bank of Communications, Xingyin and CITIC.
After many comparisons and consultation with the bank account manager, Xu Xin bought the pension financial products of a financial subsidiary of a joint-stock bank online. For Xu Xin, after the fluctuation of the capital market in the first half of the year, she paid more attention to the stability of wealth management products. She bought a closed-end net worth wealth management product with low risk level in R2, with a term of five years and a performance benchmark of 5.5% ~ 7.5%. "Compared with other wealth management products, the performance benchmark is higher and there are policy blessings, which are the main reasons for my choice."
2. Relatively stable, but not "guaranteed capital and interest"
Before the pilot pension financial products, there were already pension-themed financial products on the market. Yif Wang, chief analyst of the financial industry of Everbright Securities Research Institute, and others said in a recent study that there is no substantial difference between the previous pension theme financing and ordinary bank financing, except that the investment period has been lengthened, the product name has the word "pension", and the risk level is relatively low, which is still far from the long-term, inclusive and normative requirements needed to truly realize the pension function.
In contrast, the pilot pension financing has the characteristics of old-age care and universal benefit in product design and management rate.
In terms of term design, the pilot pension financing is mostly a five-year closed product. As the only foreign-funded pension financing pilot institution, BlackRock Jianxin Finance has issued 1 product, raising nearly 10.6 billion yuan, and this is the only product with a term of10 year. In addition to BlackRock Jianxin Wealth Management, Everbright Wealth Management also issued 6-year pension wealth management products. Other products are 5-year, which is long-term compared with ordinary wealth management products with the longest term of 3 years.
The risk of pilot pension financing is generally low. Of the 48 wealth management products issued at present, only two are R3 medium and high risk, and the rest are R2 medium and low risk. In terms of asset allocation, fixed income is generally the main category, and equity assets are mostly below 20%. The financial subsidiary has also set up risk management measures such as income smoothing fund and risk reserve.
In addition, most of the pilot pension financing products are purchased from 1 yuan, and the inclusiveness of pension financing is mainly reflected in the rate. On the whole, only a few products charge sales fees and redemption fees, and the custody fees and fixed management fees are lower than those of ordinary wealth management products. At the same time, in order to meet the needs of investors for funds under special circumstances, special terms are set for products. Those who suffer from serious diseases and provide proof materials may apply for early redemption.
3. Helping the third pillar of old-age care
The introduction of the pilot policy of pension financial management is closely related to the acceleration of an aging society and the reform of the pension system. According to the different sources of pension, China's pension system is divided into three pillars: the first pillar of government-led public pension, the second pillar of enterprise-led occupational pension and the third pillar of individual-led.
For a long time, China's pension system has been based on the first pillar, and by the end of 2020, the population has reached 998 million. However, with the arrival of an aging society, the disadvantages of the first pillar "dominance" gradually appear. Yao Yudong, chief economist of Dacheng Fund, believes that the replacement rate of the first pillar will gradually decrease in the future. To achieve the target replacement rate, the coverage rate of the second pillar is small, and the insufficient part can only be supplemented by the third pillar.
4. Test the long-term ability of bank financing
"The homogeneity of bank wealth management products is serious, and the competitiveness of banks and their wealth management companies is reflected in brand characteristics, product systems and marketing systems." Yu, a researcher at Puyi Standard, believes that banks and wealth management companies should establish strategic development directions and differentiated development routes.
A major feature of the pension financing pilot is robustness. In terms of system design, all pension financial products have established risk management and control mechanisms such as smoothing fund and risk reserve. According to the product specification, if the cumulative net growth rate exceeds the lower limit of the performance comparison benchmark during the product operation cycle, a part will be collected as the income smoothing fund. When the annualized rate of return of the product is lower than the lower limit of the performance comparison benchmark, the smoothing fund makes up for the product. "The requirements for smoothing fund risk reserve are very strict, which is the bottom of the product to a certain extent." Chen Yan said.
5. What are the advantages of pension wealth management products?
1, the risk is relatively low: the risk of wealth management products for the elderly sold by most banks is relatively low, and there is basically no principal loss. After all, the main function of such wealth management products is to provide for the aged. Everyone bought this product when they were children. As long as you meet the corresponding requirements, you can get a pension and provide some basic protection for your old age.
2. Higher returns: Many wealth management products for the aged have higher returns. If the income of an old-age wealth management product is not high, it will lose the significance of everyone buying old-age wealth management products. Different products have different benefits, so you can know in advance.