Recently, the personal pension system ushered in the first anniversary of its launch. As an important part of China's multi-level pension security system, personal pensions are widely welcomed, and the number of account openings is rising. At the same time, the phenomenon of "hot account opening and cold payment" also plagues the sustainable development of personal pensions.
Since the implementation of the personal pension system, most financial institutions have responded positively, and the expansion of personal pension financial products has accelerated. According to the national social insurance public service platform, up to now, there have been 741 personal pension products, including 465 savings products, 162 ** products, 95 insurance products and 19 wealth management products. These four types of products are different in terms of investment period, investment target, risk appetite, etc.
However, compared with overseas mature markets, the total scale and investable types of personal pension products in China are still at a low level, and there is a homogeneity problem in the products, which cannot effectively meet the personalized preferences of investors. Especially in the first products, the allocation of equity assets is still insufficient, and the product types need to be further enriched.
According to the current regulations, unless there are special circumstances, the personal pension account needs to be received after retirement, so the personal pension is a typical long-term investment. In the past, equity assets generally have excellent returns among long-term investors, and can better meet the needs of maintaining and increasing the value of personal pension assets. Compared with savings, insurance and wealth management products, the public offering has a more mature investment and research system, a more flexible mechanism, and the ability to allocate equity assets is the core advantage of its participation in the personal pension business, which also means that the product should play a more important role in the appreciation of personal pension assets.
In order to make the public offering of ** products better help personal pension, in addition to the ** company to play a self-driving force, it is also necessary to optimize the relevant institutional arrangements. For example, at present, personal pension products are the use of FOF (** in **) model of pension objectives, previously for this type of ** part of the provisions have been unable to meet the current pension investment management needs, the future of the screening scope and standards for the sub ** should be appropriately adjusted, or can be public REITs (real estate investment trusts**) and other suitable for the pension attributes of the ** products into the scope of selection, so as to broaden the income of the pension target**. At the same time, products such as ETFs (exchange-traded**) can also be included in the investment catalogue of individual pension accounts in a timely manner, gradually enriching the supply of equity products. In addition, we can also consider introducing the first-class investment advisory system in a timely manner to help investors optimize their product selection according to their personal characteristics.
Of course, in order to really make the best products attract investors and play a role, the key is to let the investor's account make money and enhance the investor's sense of holding. On the one hand, the company should continue to strengthen its professional investment and research capabilities and enhance the flexibility of pension investment to obtain excess returnsContinue to innovate product design, and continuously optimize the product pedigree on the basis of the initial development results achieved by the pension goalUnder the premise of controllable risks, we will launch products with a large proportion of equity assets in a timely manner to better meet the diversified needs of investors, especially those who pursue high yields.
On the other hand, when the market is in a downturn, the company should also do a good job of "accompaniment" of investors. By strengthening investment education and publicity, we will help the public establish a correct concept of pension financial management, reduce the psychological pressure caused by market fluctuations, guide individual pension investors to make long-term investment and rational investment, improve the holding experience, and create a good market environment for the long-term and stable investment of personal pension products. (This article**: Economy** Author: Ma Chunyang).