On November 25, the Ministry of Human Resources and Social Security announced the launch of the personal pension system. In 36 pioneer cities or regions including Beijing, Shanghai, Guangzhou, Xi'an, and Chengdu, the personal pension system can be purchased through the National Social Insurance Company Service Platform and the National Human Resources and Social Security Service.

Establish a personal pension account through national unified online service portals such as government service platforms, electronic social security card "12333 APP" or commercial banks.

The long-awaited list of the first batch of personal pension funds was announced on November 18. There are 129 pension FOF funds shortlisted, of which 50 are pension target date funds and 79 are pension target risk funds.

According to regulatory requirements, personal pension funds should meet the requirements of pension target funds with a scale of not less than 50 million yuan at the end of the last four quarters or a pension target fund with a scale of not less than 200 million yuan at the end of the previous quarter.

As of September 30, the number of publicly offered pension FOF fund products in my country reached 194 (combined shares). From this point of view, a relatively high proportion of pension FOF funds meet the requirements of personal pension funds, and most of them have also been included in personal pension funds. Pension system scope.

There are many optional funds for personal pensions, which meet the needs of people with different risk preferences and investment needs. However, for many people, many choices also mean that the difficulty of choosing has increased. After all, it is related to retirement and they are responsible for their own profits and losses. Investment behavior

Will be more cautious.

However, the reporter learned from interviews that when individuals choose personal pension funds, indicators such as the fund’s past performance and the investment research capabilities of the fund company are also powerful references.

The Tianxiang Investment Consulting Fund Evaluation Center told reporters that the reason why personal pension funds set up Y shares is mainly to distinguish personal pension accounts from shares purchased from other accounts. At the same time, Y shares can enjoy stronger fee discounts and dividend methods.

The default is dividend reinvestment, which encourages investors to invest in the long term. Although the Y share has the above differences with other shares, its investment management is consistent with other shares, so investors can make choices by referring to the long-term performance of other shares.

Personal pension fund rates are discounted to save holding costs. A list of 129 personal pension funds is disclosed, all of which are pension FOF funds. Unlike other funds, pension FOF funds aim to pursue the long-term stable appreciation of pension assets and encourage investors to invest in the long-term.

Holding strives to be stable by diversifying risks at the two levels of major asset classes and fund managers.

Although according to regulations, other types such as stock funds, hybrid funds, etc. can also be included in the scope of personal pension funds, the regulatory consideration is that during the trial phase of the system, qualified pension target funds will be included first, and experience will be summed up in a timely manner in the future.

Gradually include other funds suitable for the long-term investment needs of personal pension funds.

In addition, compared with the A/C shares of ordinary pension FOF funds, the Y share rates converted to personal pensions are lower, with most management rates between 0.3% and 0.5%.

Industry insider Zhang Quan (pseudonym) told reporters that personal pensions are long-term investments, and the monthly rates are discounted over the years, which still saves investors a lot of holding costs.

Taking the two products of China Asset Management with Y shares as an example, the annual management fee for China AMC Pension’s Class A fund shares holding mixed (FOF) shares in 2040 is 0.9%, and the annual management fee for Class Y fund shares is 0.9%.

It is only half of Class A, which is 0.45%; the annual management fee rate of Class A and Class C fund shares held by China Pension in 2045, which is mixed (FOF) for three years, is 0.9%, and the annual management fee rate of Class Y fund shares is 0.9%.

Then it is half, 0.45%.

In terms of custody fees, the Y-type fund shares of these two funds are only half of those of Class A and C, and the annual custody fee rates are both 0.1%.

The A/C shares of 6 funds have established returns exceeding 50%, and the returns in the past three years vary greatly. So, how should individuals choose personal pension funds? Historical performance may be one of the dimensions for reference.

Shell Finance found, according to Wind, that the A/C shares of the 129 shortlisted personal pension funds were mainly established between September 2018 and September 2022. The time span is large. As of the close of November 22, the returns since their establishment have exceeded

There are 6 funds that account for 50% (A/C shares are counted separately, the same below), which have basically been operating for 3 or 4 years. Among them, China Pension 2045 A has the highest return rate in three years, reaching 54.71%.

Judging from the returns in the past three years (as of November 22), all 65 funds with available data have achieved positive returns, but the yields are highly differentiated, with a difference of more than 40 points in returns. Therefore, for pension funds, such

For long-term investment, choosing the right product is obviously more important. After all, looking at the long-term dimension, the difference in income between the head and tail funds will be more obvious.

At present, supervision encourages investors to hold personal pension funds for the long term, and has made provisions on the assessment mechanism. For example, fund managers and fund sales agencies are required to establish a long-term assessment mechanism to evaluate personal pension investment fund business, product performance, and personnel.

The performance appraisal cycle shall not be shorter than 5 years.

Fund evaluation agencies shall adhere to the principle of long-term evaluation, and the performance evaluation period shall not be shorter than 5 years. They shall not use a single indicator for ranking or evaluation, and shall not conduct short-term income and scale rankings.