On the same day, the CSRC issued the Interim Provisions on the Management of Personal Pension Investment and Public Offering of Securities Investment Funds (hereinafter referred to as the Interim Provisions), which clarified the principles and requirements of fund managers to carry out personal pension investment fund business and related product standards.
Relevant persons of Huaxia Fund told the reporter of China Business News that by the end of 20021,there were more than 700 million fund investors in China, an increase of 17 times compared with a decade ago. In the aspect of pension management, Public Offering of Fund is the wealth management institution that best meets the requirements of pension operation. It can give full play to the long-term capital attribute of pension and the obvious advantages of equity investment, and also provide rich underlying products and tools for pension asset allocation.
Deferred preferential treatment of personal income tax
It is reported that the individual pension system refers to the system of government policy support, individual voluntary participation, market-oriented operation and supplementary functions of pension insurance.
"In short, the state gives preferential income tax support and encourages individuals to carry out self-storage pension policies. The conditions for participation are relatively clear and simple. As long as you participate in the basic old-age insurance for urban workers or the basic old-age insurance for urban and rural residents, you can participate in the personal old-age insurance system. " Relevant persons of Huaxia Fund pointed out that there are two ways to participate: one is unit withholding and pre-tax deduction. Second, through the personal income tax APP, a special tax deduction method similar to the current medical expenses for supporting the elderly and serious illness is adopted to declare and realize pre-tax deduction.
"The investment income in the investment stage is not subject to personal income tax, but in the process of receiving it, the personal pension received is subject to personal income tax at 3% alone. It is worth noting that this is already the lowest tax rate of personal income tax, which is far lower than the tax rate of the previous tax extension commercial endowment insurance pilot stage. " The above-mentioned person pointed out.
According to the Measures, products that can be invested in personal pension include savings deposits, wealth management products, commercial pension insurance, Public Offering of Fund and other financial products. Personal pension products can be divided into three categories: first, security products, mainly commercial pension insurance products; Second, savings, mainly special savings for the aged; The third category is investment, including wealth management products and Public Offering of Fund.
Zhang Chuhui, a researcher at Puyi Standard, believes that compared with other asset management products, bank wealth management products have three advantages: low risk, relatively stable income and low threshold.
"In terms of risk, judging from the current wealth management products for the elderly, most of the wealth management products are R2 (medium and low risk) fixed-income products, which is in line with the conservative risk preferences of elderly wealth management customers; In terms of income, the issued pension wealth management products adopt multiple risk protection mechanisms, such as the establishment of pension wealth management product income smoothing fund, the establishment of pension risk reserve and provision for impairment. To ensure the safety of investment and the relative stability of income to the maximum extent; On the threshold, the currently issued pension wealth management product 1 yuan has no subscription fee and subscription fee, and the management fee, custody fee and redemption fee are also lower, which is more inclusive than other asset management products. " Zhang Chuhui said.
Regarding the difference between pension financing products and pension target funds that investors are more concerned about, Liao Zhiming's team analyzed that from the perspective of product types, pension financing is mainly fixed-income products, and pension target funds are all mixed FOF products; From the operation mode, the old-age financial management is mainly closed products, and the old-age target funds are all open; From the perspective of risk level, low-risk products are the main products of old-age wealth management, and medium-risk products are the main products of old-age target funds. From the perspective of term types, the wealth management products for the elderly are mainly five-year wealth management products, and the target funds for the elderly are mainly the shortest holding period 1 year.
Give consideration to long-term and stability.
As for the personal pension investment in Public Offering of Fund, relevant people suggest that the application of personal pension investment should be long-term, sustainable and steady. First of all, we should correctly evaluate our risk tolerance and try not to buy products that exceed our risk tolerance. Secondly, in investment, we should deeply understand the managers, fund managers and historical achievements of fund products and invest in products that conform to our own investment philosophy. Finally, make long-term investments and don't care too much about short-term fluctuations.
Regarding the specific investment process, the relevant person of Huaxia Fund introduced that the first is to determine the personal pension fund account. That is, you can open a personal pension fund account through a bank, or you can designate an existing bank account as a personal pension account through a personal pension product sales organization. For example, if you previously associated a bank account when investing in a fund, you can designate this account as an individual pension fund account.
Step 2: Pay the expenses to the fund account. The annual 10000 yuan can be deducted before tax and paid in one lump sum or in batches. It should be noted that once paid to this account, except for special circumstances such as going abroad or completely losing the ability to work, the funds in this account can only be closed until retirement, which is equivalent to locking the account for the purpose of providing for the elderly through tax incentives.
The third step is personal pension investment. That is, individuals choose their own products and investment amount according to their own risk preferences. There are many channels for investment, except the bank itself, which can be carried out through other personal pension product sales institutions. However, it is necessary to ensure that the funds are transferred from the personal pension fund account, and the funds will still return to the personal pension fund account after investment, so as to ensure the closed operation of the funds. For the uninvested funds in the personal pension fund account, the interest shall be calculated according to the deposit interest rate and interest-bearing method agreed between the commercial bank and the individual. Considering that the deposit interest is relatively low in the long run, we can make efficient use of this money by setting up a fixed investment fund.
The fourth step is the collection and payment of personal pension. First, the conditions for receiving a pension have reached retirement age. If you are not in a hurry to receive it after meeting the conditions for receiving it, you can continue to invest in personal pensions. Two, collection can be divided into one-time collection and installment collection, according to a fixed number of months or a fixed amount of collection to the end of the collection. Third, it must be transferred to the social security card when it is collected, which is completed by the bank through docking with the human society information platform. Fourth, only the actual part is taxed, and the part invested in the personal pension account but not transferred to the social security card account is not taxed.
"entering the market" through public offering of funds
In April, 2022, the China Securities Regulatory Commission issued the Opinions on Accelerating the High-quality Development of Public Offering of Fund Industries, proposing to develop fund products suitable for long-term investment of individual pensions, and do a good job in implementing the Public Offering of Fund policy for investment of individual pensions.
On June 24th, "Detailed Plan for Personal Pension Investment of Public Offering Funds-Interim Provisions (Draft for Comment)" came into being. Subsequently, the regulatory authorities further revised and improved the rules according to the situation of soliciting opinions. 1October 4th, 165438+ The Interim Provisions was officially released, with 7 chapters and 35 articles in total.
The Interim Provisions clarify three aspects: first, the general principles and basic requirements for fund managers, fund sales organizations and other institutions to carry out public fund personal pension investment, as well as the responsibilities of the fund industry platform; The second is to clarify the standards of fund products that individual pensions can invest in, and stipulate the investment management and risk management responsibilities of fund managers; The third is to clarify the exhibition conditions of fund sales institutions, and stipulate the responsibilities of fund sales institutions such as information prompt, account service, publicity and promotion, appropriate management and investor education.
The "Interim Provisions" pointed out that special arrangements can be made in the redemption mechanism and fund conversion of individual pension funds, including dividend reinvestment, regular dividends, regular payments and fixed redemption. According to the pension investment demand and capital use demand of investors in different life cycle stages, make full information disclosure.
"Personal pensions are long-term, so the gradual implementation of relevant supporting systems will play a positive role in further guiding long-term funds to enter the market." Harvest fund related sources said.
Zhang Ziyan, FOF fund manager of Guo Fu Wangxin Steady Pension Fund, said that as a long-term fund, personal pension entered the market through Public Offering of Fund, which promoted the sustained and healthy development of the capital market and the virtuous circle of maintaining and increasing the value of pension. With the help of the individual pension policy, Public Offering of Fund industry is expected to develop to a new level, better play the role of inclusive finance, serve the real economy and promote prosperity.
"As a professional asset management institution, Public Offering of Fund has a mature investment and research concept and a complete product line, which has obvious advantages in asset security and operational transparency. It is an important participant in domestic pension investment management. " The above-mentioned harvest fund related person pointed out.