The number of account openings exceeded 40 million, even exceeding the number of enterprise annuity participantsThere are as many as 745 products to choose from, and deposits, insurance, and financial management are in full bloomThe post-80s and post-90s generations have become the main force ......This is a report card handed over on the first anniversary of the "opening of the floodgates" of personal pensions. As the "third pillar" of the pension insurance system, the personal pension system was officially implemented on November 25, 2022, and 36 cities and regions including Guangzhou, Beijing, Shanghai, Xi'an, and Chengdu took the lead in launching it.
At the same time, a number of industry experts said that in the future, the total amount of personal pension assets still has a lot of room for growth, and can continue to break through in terms of popular science publicity, product design and pension planning services.
The number and scale of varieties of deposit products are the first.
From emerging to entering thousands of households, it has been more than a year since the implementation of personal pensions.
Personal pension refers to the system of policy support, individual voluntary participation, market-oriented operation, and the realization of the supplementary function of pension insurance. There are three main benefits: on the basis of the basic pension insurance, you can add another accumulation, and you can have an extra income after retirement;It can help individuals rationally plan pension funds;You can enjoy the tax deduction of individual income tax, enjoy the preferential policy of special deduction of individual income tax in the payment link, and pay the tax at a low rate of 3% in the collection link.
According to the reporter's understanding, in the early stage of the pilot, various banks have done their best to encourage the opening of accounts with preferential activities such as cash red envelopes and instant discounts, setting off a round of account opening boom, and then turning into a state of steady growth. As of the end of June this year, the number of people opening personal pension accounts in 36 pilot cities and regions across the country reached 40.3 million, doubling compared with 19.54 million at the end of 2022.
Among them, the latest data from the Guangdong Provincial Department of Human Resources and Social Security shows that as of the end of October 2023, more than 6 million personal pension accounts have been opened in the leading areas of the personal pension system in Guangdong Province (provincial, Guangzhou, and Shenzhen), ranking among the top in the country.
From the perspective of pilot banks, 23 banks have been approved to open personal pension accounts, including 6 large state-owned banks, 12 joint-stock banks and 5 urban commercial banks. At the same time, the list of products continues to expand, and commercial banks, bank wealth management companies, commercial insurance companies, public companies, companies and independent sales agencies have poured into the "pension finance" track.
At present, there are a total of 745 products suitable for personal pension investment. Among them, there are 465 savings products, mainly fixed deposits, which are "dominant" in terms of quantity and scaleThere are 162 pension products, mainly with one-year and three-year holding periods, followed by the scale;There are 99 commercial pension insurance products, and it is worth noting that in September this year, the supervision clearly connected the pilot business of tax extension pension insurance with the personal pension system, and the product scale may usher in new opportunities after the changeThere are 19 types of bank wealth management products, with a small number of approved institutions and a small number of them, mainly wealth management subsidiaries of large state-owned commercial banks, which still need to be further developed.
Each of the four types of products has its own merits, and the rate of return naturally varies. Wang Peng, an associate researcher at the Beijing Academy of Social Sciences, said in an interview with reporters, "Savings focus on safety and stability, and the yield of specific pension savings deposit products is slightly higher than the listed interest rate of ordinary deposits."The rate of return on wealth management is generally higher than that of savings, and the risk resistance is stronger than that of **, and positive returns have been achieved since its establishmentThe income of insurance is both capital preservation and flexibility, and at the same time has the function of risk protection;**The product has a higher return cap, but is subject to higher investment risk. Investors are advised to weigh their own risk tolerance and investment objectives when choosing. ”
The proportion of post-80s and post-90s purchases has gradually increased.
Some people may be curious, who is more willing to take care of their "small retirement treasury" in advance?
Recently, the industry's first "Insight Report on Investor Behavior on the First Anniversary of Personal Pensions" (hereinafter referred to as the "Insight Report") released by Huaxia ** pointed out that in terms of age distribution, the proportion of young and middle-aged people born in the post-80s and post-90s in the stage of depositing funds and purchasing products has gradually increased, and the total proportion of the purchase stage has reached 68%, showing a stronger willingness to invest. The post-95 and post-00 young people do not account for a high proportion of personal pension investment, but it is gratifying that some people have begun to act.
In terms of income distribution, people with a monthly income of more than 12,000 yuan focus on the problem of "pension anxiety", and the proportion from account opening to purchase is on the risePeople with a monthly income of 8,000 yuan to 12,000 yuan have gradually decreased the proportion of deposits and purchases after opening an account, and they are relatively cautious in participating. In terms of marriage and childbearing status, whether it is in the account opening, deposit or purchase stage, married and childbearing people have become the main participant, accounting for % and 94% respectivelyCompared with single, in love, married and childless people, they are more motivated to plan ahead.
The motivation for opening an account is also very interesting. "The expectation of future appreciation of personal pensions" is the main reason why 77% of investors choose to open an account, and 68% of investors "hope to have more security in the future".In addition, more than 40% of investors are attracted by tax incentives and participation incentives to open accounts.
In addition to the "hot" account opening, the reporter noticed that from the latest data from the Ministry of Human Resources and Social Security, as of the end of March 2023, a total of 18.2 billion yuan has been paid for personal pensions, and the per capita payment amount is 2,022 yuan, a distance of 1There is still a gap between the upper limit of the annual personal pension amount of 20,000 yuan. Why is that?According to the analysis of the survey results, the lack of awareness of personal pensions is the most important reason why investors do not deposit funds, and the proportion exceeds half of themIn addition, more than forty percent have not paid because of the short time since the introduction of personal pensions.
Of course, when it comes to the buying phase, investors are more deliberate. Miss Luo from Guangzhou is a member of last year's "Taste the Soup", since the account opened for two consecutive years to pay 12,000 yuan, she did not "put all the eggs in one basket", but bought financial management and ** products respectively. Miss Lin, also from Guangzhou, is "stable and happy", and in April this year, she chose a lump sum deposit and withdrawal (pension exclusive) savings product in the opening bank, with a deposit period of five years and an annual interest rate of 305%。In contrast, the bank's five-year fixed deposit has a maximum annual interest rate of 225%。
Correspondingly, the "Insight Report" mentions that investors make multiple allocations and single investments account for about half each. It is worth noting that product income is the main consideration when they buy pension products, followed by stability, investment scope and redemption flexibility. Among them, nearly seventy percent of investors expect the return of personal pension products to be 3% to 8%, and nearly three percent of investors even hope that the annualized rate of return will reach more than 8%.
Experts suggest that there is still room for optimization in tax incentives and product access.
Recently, the first financial work conference proposed to do a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance, among which pension finance is the first time to enter the national strategic level. So, as a "new thing" for the elderly, how should the personal pension "continue to play music and dance", and attract both attention and money
The product income is less than expected, the product pool is small, etc., which may affect the account opening of investors, while the small variety of products, the introduction is not clear, and the attraction is not enough to affect the purchase of products. In this regard, Wang Peng said, "from the existing pension wealth reserves and scale expectations, the future of total personal pension assets still have a lot of room for growth, in this process, it is necessary to further strengthen publicity and education, enhance the awareness of personal pension reserves, and provide more high-quality pension financial products and convenient product portfolios to meet the expectations and demands of investors, in order to allow more audiences to participate in the development of personal pensions." ”
Professor Feng Runhuan of the School of Economics and Management of Tsinghua University also mentioned to reporters that personal pensions have great development prospects, but the supply of products can be optimized. For example, insurance companies can cooperate with pension institutions across borders, or build their own pension communities, and explore innovative combination models of insurance products and high-quality health care services to meet more diversified and long-term pension needs.
Focusing on the system level, Dong Ximiao, chief researcher of Zhaolian, suggested that the next step can be to optimize and adjust the personal pension system. The financial and taxation departments and financial management departments should adopt more supportive policies in terms of tax incentives and product access. "For example, after the implementation of the tax deferral policy for personal pension products, the overall tax rate can be further reduced;For people with an annual income of less than 60,000 yuan, further measures should be taken on how to enjoy tax incentives through personal pension account investment. At the same time, the investment ceiling of the personal pension account can be appropriately adjusted, and the upper limit of 12,000 yuan can be adjusted to 24,000 yuan, so as to attract more investors. ”
At present, another feature of the personal pension account is that it is closed and the withdrawal conditions are relatively strict. "Whether participants are allowed to withdraw in advance in some special situations can also be studied in depth. Financial institutions, including commercial banks, insurance companies, and first-class companies, should launch more exclusive products that meet the needs of investors, especially banks should introduce more interbank products, so that investors have more choices, in order to improve their willingness to invest after opening an account. He added.
Text Reporter Huang Yinglin Figure Visual China.