In terms of product design, pension products are similar, lacking diversity and innovation, which expands the distribution of pension products in quantity, but does not expand the market of pension products in terms of product diversity.
Most pension products are positioned as wealth management products. From the perspective of safety, the issued pension products are mainly low-risk. From the perspective of liquidity, the investment period of pension product design is generally long and the liquidity is poor, but. From the perspective of yield, the average performance benchmark of net-worth pension products is about 4.70%, which is slightly higher than the wealth management income of general banks. But for many investors who have pension investment plans, they are not satisfied with the demand that pension products only invest in pure debt and deposit products. They need to achieve richer asset allocation and get higher returns, and they can sacrifice liquidity for higher returns.
Meet the needs of residents' old-age savings
According to the data of the seventh national census, the population over 60 years old exceeds 260 million, accounting for 18.7%, and the process of population aging in China is accelerating. China has entered an aging society, but at present, the multi-level old-age security system in China has not been fully developed and balanced. Among them, the first pillar of the basic old-age insurance covers more than 654.38 billion people, but the pressure of payment is gradually increasing, and the burden on young people is too heavy; The number of second pillar enterprises and occupational annuities insured is less than 30 million, which is small in scale and narrow in coverage, and it is difficult to improve in the short term; The third pillar has just begun.
In order to alleviate the problems such as the first pillar pension, the third pillar pension needs to be improved and developed rapidly. Since last year, the third pillar policy of pension has been frequent, and financial products such as commercial pension insurance, pension financing and personal pension have been issued together. The development pattern of multi-agent participation, multi-product supply and meeting diversified needs is gradually taking shape.
The people's demand for old-age care is diversified, which means that the risks and benefits of old-age financial products are bound to be different. The newly launched specific old-age savings products are obviously more suitable for customers with low risk appetite. Another potential advantage of old-age savings is that if you buy it through an individual pension fund account, you can enjoy the preferential tax policies of the state.
As the name implies, there are two main points in pension savings: one is pension, and the other is savings, which has the characteristics of long-term, safety and stability. The person in charge of the relevant departments of the China Banking Regulatory Commission previously introduced that the specific pension savings business takes into account both inclusiveness and pension, with long product term, stable income and guaranteed principal and interest, which can meet the pension needs of low-risk preference residents.
China has always had a high public savings rate and a strong willingness to save. According to the data disclosed in the Survey Report on Pension Finance in China (202 1), more than half of the respondents are willing to choose bank deposits as a means of wealth accumulation. Based on this, providing products and services for old-age savings conforms to China's national conditions, and also helps to further enrich the supply of old-age financial products, which are complementary to products such as old-age wealth management, old-age insurance and pension funds.