165438 10 On 4 October, Ministry of Human Resources and Social Security, the Ministry of Finance, State Taxation Administration of The People's Republic of China, the China Banking Regulatory Commission and the China Securities Regulatory Commission jointly issued the Measures for the Implementation of Individual Pensions (hereinafter referred to as the Measures), which made specific provisions on the business management, enrollment process and information disclosure of individual pensions.
On the same day, the Ministry of Finance and State Taxation Administration of The People's Republic of China issued the Announcement on Individual Income Tax Policy for Individual Pensions, which clearly implemented the deferred preferential tax policy for individual pensions. Subsequently, around the personal pension investment, China Banking Regulatory Commission and China Securities Regulatory Commission respectively issued the Interim Provisions on Business Management of Commercial Banks, Wealth Management Companies and Public Offering Funds and other supporting documents.
The above-mentioned documents further refine the personal pension system, from clarifying the specific operation process of the personal pension system and the responsibilities of all participants to guiding relevant departments in terms of individual taxes and access standards for financial products. As the third pillar of providing for the aged, personal pension, as an important supplement to basic old-age insurance and enterprise annuity, further improves the living standard after retirement and makes the life of the elderly more secure and quality.
The current policy has been put in place. Next, who can buy? How to buy? How to invest personal pension in Public Offering of Fund? Do you have any related products? What is the historical rate of return? Quickly interpret a number of public offerings, and strive to make participants understand and operate well.
1. What is an individual pension? Who can attend?
The "Measures" clearly stipulate that individual pension refers to the system of government policy support, individual voluntary participation, market-oriented operation and supplementary pension insurance functions. Personal pension is based on personal account system, and the payment is entirely borne by the insured himself. Choose to buy savings deposits, wealth management products, commercial endowment insurance, Public Offering of Fund and other financial products. Those who meet the requirements shall be fully accumulated and enjoy preferential tax policies in accordance with relevant state regulations.
For the insured, the scope given in the above measures is that as long as they participate in the basic old-age insurance for urban workers or the basic old-age insurance for urban and rural residents, they can participate in individual pensions. In addition, the annual contribution limit of individual pension is10.2 million yuan, and the annual contribution of the insured shall not exceed the upper limit.
In this regard, Lin, director of the Global Fund Investment and Financial Engineering Department and director of the Pension Management Department, said that the development of the personal pension system will help to cope with the pressure of the aging population and supplement the long-term stable pension funds, on the other hand, it will also benefit the long-term healthy development of the capital market.
2. Do I need to open a new account to buy pension products?
The answer is yes, and you need two accounts
Participants first need to open personal pension accounts, and participants open personal pension accounts on the information platform through a unified online service portal or commercial banking channels; Secondly, participants need to open or designate their own unique personal pension fund account, which can be opened by a commercial bank or the original fund account.
It is worth noting that the individual pension account is unique and will not change once it is opened. Although there is only one individual pension fund account, it can be changed. The "Measures" clarify that the insured can change individual pension fund accounts between different commercial banks.
3. Which institutions can sell individual pension funds? What Public Offering of Fund products are available for investment?
The CSRC's Interim Provisions on the Management of Personal Pension Investment and Public Offering of Securities Investment Funds (hereinafter referred to as the Interim Provisions) points out that participating fund sales institutions should meet the requirement that the holding scale of stock funds and hybrid funds should not be less than 20 billion yuan at the end of the last four quarters, which emphasizes that the holding scale of individual investors should not be less than 5 billion yuan.
In fact, as early as the release of the "Draft for Comment", it was made clear that individual pension investment in Public Offering of Fund was to be included in the pension target fund first. This time, the scope of investable fund products has been expanded in the above interim provisions:
First, the fund products that individual pensions can invest in are pension target funds with a scale of not less than 50 million yuan at the end of the last four quarters or not less than 200 million yuan at the end of the last quarter;
Second, stock funds, hybrid funds, bond funds, funds in funds and other funds stipulated by the China Securities Regulatory Commission have stable investment style, clear investment strategy and stable and compliant operation, which are suitable for long-term investment of individual pensions;
In addition, we will sum up experience in time and gradually incorporate other funds suitable for the long-term investment needs of individual pensions.
In this regard, Huitianfu Fund said that this provision greatly expanded the range of Public Offering of Fund products that can be invested in individual pensions, and also provided professional institutions with richer basic assets to help investors diversify their pension accounts.
4. Are there any suitable products in Public Offering of Fund at present? What is the historical rate of return?
The fund industry public offering has launched the pension target fund on 20 18, and the product reserve is good.
At present, there are only 188 pension target funds with a total scale of 94.4 billion yuan. Among them, the target date fund17.7 billion yuan, the target risk fund 76.7 billion yuan, and the number of holders exceeded 2.93 million. By the end of September 2022, the average annualized rate of return of the pension target fund established for three years was 6.42%.
Harvest fund pointed out that as a professional asset management institution, Public Offering of Fund has a mature investment and research concept, a complete product line and rich experience in social security fund and enterprise annuity management. In addition, it has obvious advantages in asset security and operational transparency.
Data show that by the end of 20021,the total assets of the first pillar (basic endowment insurance) and the second pillar (enterprise annuity) in China were nearly 1 1 trillion yuan, and the total amount of various pensions entrusted by fund companies exceeded 3.9 trillion yuan, accounting for nearly 60%. Public Offering of Fund has helped the national social security fund, the basic old-age insurance fund and the enterprise annuity achieve an average annual return on investment of 8.3%, 6.5% and 7.2% respectively since their establishment.
5. What should I pay attention to when buying a personal pension?
The Measures clarify that the products that can be invested in personal pension include savings deposits, wealth management products, commercial endowment insurance, public offering funds and other financial products. However, the specific product list will be further clarified by the relevant financial regulatory authorities.
When individuals buy personal pensions, they must first make a good risk assessment and buy products that do not exceed their risk tolerance. The "Measures" require sales organizations of personal pension products to understand the risk preference, risk awareness and risk tolerance of participants in accordance with the principle of "sales appropriateness", give risk warnings, and may not actively introduce personal pension products beyond their risk tolerance to participants.
If participants buy different types of Public Offering of Fund, including steady appreciation and positive growth, the risk level is also different. Huaxia Fund said that for ordinary investors, it is necessary to grasp the relevant principles such as risk tolerance, age, financial investment knowledge and reserve literacy.
6. Can I change products halfway?
The Measures emphasize that participants independently decide the investment plan of individual pension fund accounts, including the investment varieties and investment amount of individual pension products. At the same time, under the premise of complying with regulatory rules and product contracts, individual pension product sales organizations should support participants in product conversion.
In this regard, Haifutong Fund believes that the above provisions fully protect the rights and interests of individuals and facilitate the investment conversion of individuals. The freedom of investment conversion is very important for individuals, because it takes a long time from participating in personal pension to receiving it. Individuals have different risk preferences at different ages, and the choice of personal pension products can be adjusted with the change of risk preferences.
7. What are the advantages of personal pension investment in Public Offering of Fund?
First of all, in terms of investment, Public Offering of Fund has greater advantages in providing for the aged. Xue Hai, chief investment officer of Morgan Asset Allocation and Pension Management Company, said that equity investment is the core source to realize investment income, and fund companies have obvious advantages in equity investment. Pension is a long-term systematic project, which tests the comprehensive strength of managers, especially the ability to allocate multiple assets. Public Offering of Fund has abundant basic assets, diversified investment strategies and a professional pension investment and business team, which can provide comprehensive pension investment solutions.
Secondly, in terms of fund sales, individual pension funds require a separate share, only for investors in individual pension accounts. This share does not charge sales service fee, and can be exempted from subscription restrictions and subscription fees. We can implement certain preferential rates for management fees and custody fees, and consider the accumulation of wealth before retirement, and adopt dividend reinvestment in the way of income distribution.
Guangfa Fund pointed out that this move embodies the industry concept of making profits for investors. In the future, fund managers will also make special arrangements for investment strategy, income distribution and redemption mechanism as required, so as to fully benefit investors and attract more people to accept and participate in the investment of individual pension funds.
Third, the implementation of deferred tax preferential policies for individual pensions. Lin pointed out that the payer will be deducted before tax according to the annual limit 12000 yuan, and the investment income will not be taxed for the time being, so the actual tax burden will be reduced from the previous 7.5% to 3%, and the investment in personal pension products will have the effect of reducing the tax rate.
8. What are the requirements for public offering funds?
According to China Merchants Fund, 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, based on its own financial technology strength and business characteristics, improve its own personal pension operation system and special fields.
CEIBS said that while personal pensions bring development opportunities to the fund industry, they also put forward requirements for the high-quality development of the fund industry. To manage investors' pension money well, from a big perspective, fund managers should do at least two things well: first, do a good job in products; Second, do a good job of service.
First, personal pension investment is large and the investment cycle is long, which is related to the well-being of the people. Fund companies need to establish a long-term fundamental investment concept, and then through a streamlined, scientific and professional large-capital investment management system, in order to ensure the continuous and stable investment ability of exporting personal pension business. In addition, fund companies, as "manufacturers" in the asset management ecology, need to do a good job in product supply and provide investors with a wealth of optional products to meet the personalized pension investment needs;
Second, in addition to the product side, fund companies also need to pay attention to the income experience of investors. In this link, fund companies need to cooperate with investment consultants, channels, media and other forces to provide investors with investment consulting and accompanying services. By improving the adaptability between supply and demand, investors can fundamentally improve the return on investment, eventually increase residents' property income and promote the realization of the goal of * * * driven by wealth.
Qianhai Open Source Fund also said that the development of Public Offering of Fund's personal pension investment business needs corresponding research and preparation from business management, talent reserve, strategic research and management practice, so as to build a full product line of pension products and provide investors with one-stop product investment services.
In addition, Jin Chuang He Xin Fund pointed out that multi-dimensional and multi-faceted cooperation with banks and other institutions will be strengthened in the future. At the strategic level, we will build and innovate a more perfect and richer financial product system for the aged, guided by the needs of the elderly for the aged. At the business level, we will accurately locate customers' needs, and comprehensively expand the service audience in the aspects of pension business knowledge dissemination, investor education, pension product purchase experience, pension product investment management, credit evaluation of basic assets of pension products, asset optimization, quality control services and customer operation services, so as to provide people with a richer, more suitable and more convenient package of comprehensive financial pension solutions.
9. What can Public Offering of Fund learn from overseas personal pension investment?
Bosera Fund Pension Business Center said that from overseas practice, personal pension can alleviate the pressure of public pension expenditure, meet people's diversified pension needs, concentrate people's long-term stable funds, and become an important source of funds for long-term investment and value investment in the capital market, and promote the high-quality and healthy development of the capital market.
Take American personal pension as an example. By the end of 20021,the assets of IRA, the third pillar of the United States, had reached 13.9 trillion US dollars, and the investment scale of * * * funds had reached 6.2 trillion US dollars, of which 59% was invested in domestic and foreign stock markets, and 19% was invested in hybrid funds, showing a distinct equity investment attribute. In addition, direct investment assets such as stocks, bonds and ETFs reached 6.4 trillion US dollars, accounting for 46%.
Huaxia Fund pointed out that the long-term return on investment in equity assets is the highest, and the investment in equity assets is precisely the core advantage of Public Offering of Fund. Therefore, in the aspect of pension management, Public Offering of Fund is the wealth management institution that best meets the requirements of pension operation, which can give full play to the long-term capital attribute of pension and the obvious advantages of equity investment, and also provide a wealth of underlying products and tools for pension asset allocation.
Regarding the prospect of the future pension market, Xue Hai said that from a global perspective, China's personal pension market has a broad prospect, but it is still in the early stage of development. The scale of personal pension in overseas developed markets is quite large, while that in China is less than 654.38+050 billion RMB. This also means that China's personal pension market has huge room for future development.
10, what is the significance of establishing an individual pension system?
In addition to easing the pressure of social security, many fund companies also pointed out that the construction of personal pension system has formed a benign interaction among the real economy, capital market and residents' pension, which has obvious strategic significance.
Southern fund said that the closed management of personal pension accounts can implement the concept of value investment, realize long-term investment with peace of mind, avoid the negative contribution brought by frequent redemption, help to resolve the industry pain point of "funds make money, but citizens don't make much money", and let investors better share the fruits of the long-term development and growth of China's economy, listed companies and capital market, and make better pension savings.
With the continuous, steady and orderly entry of personal pension into the market as a long-term allocation fund, it will help to curb the fluctuation of the equity market, realize the long cattle and slow cattle in the capital market, and then promote the increase of the proportion of direct financing in the national economy, and boost scientific and technological innovation and economic transformation.
China Merchants Fund believes that the framework of China's personal pension policy has gradually become clear and complete from the Opinions on Promoting the Development of Personal Pension issued by the General Office of the State Council to the current package of supporting policies. The implementation of the personal pension system will fill the last piece of China's multi-level and multi-pillar old-age insurance system, which indicates that the personal pension related to the national economy and people's livelihood has moved from the era of "whether it is available or not" to the stage of "whether it is strong or not".