Public recruitment** strong soldiers.
Welcome the "new chapter" of the personal pension system
China's ** newspaper reporter Lu Huijing.
The personal pension system is about to usher in another milestone moment.
Recently, the Ministry of Human Resources and Social Security announced that the personal pension system implemented in 36 cities and regions is currently running smoothly and has achieved positive results, and the next step will be to promote the full implementation of the personal pension system.
In the past year or so, the number of individual pension accounts has grown steadily, and the product has continued to expand. Up to now, the number of personal pension accounts has exceeded 50 million, and the number of products has increased to 740.
The public offering is also vigorously preparing for the full implementation of the personal pension system. A number of interviewed public fundraisers said that as the "main force" of the third pillar of the service pension, the industry will make efforts to strengthen the investment and research capabilities of pension finance, enrich the product line of pension funds, and build a multi-pillar pension financial ecology, and strive to meet the needs of residents for the elderly, and strive to make greater achievements in serving the national pension security.
The personal pension system is fully implemented
Enter the "countdown" phase.
The pilot of the personal pension system, which began to be implemented in November 2022, has been stable and far-reaching, and is about to enter a new stage of full implementation.
Recently, the Ministry of Human Resources and Social Security said that the personal pension system implemented in 36 cities and regions is currently running smoothly, and the first work has achieved positive results, and the next step will be to promote the full implementation of the personal pension system.
In the view of many industry insiders, the full implementation of the personal pension system has a far-reaching impact, and Zhang Ziyan, deputy director of multi-asset investment of Wells Fargo, said that the full implementation of the personal pension system means that more people will be included in the coverage of the personal pension system, or will further promote the expansion of the scale of the personal pension market.
From an overseas point of view, personal pension, as an important supplement, is an indispensable part of personal pension security. Comprehensively promoting the implementation of the personal pension system will open a new chapter in the third pillar of the domestic personal pension, so that the traditional Chinese culture of "the old have support, the old have dependence" has entered a new stage of institutional protection. Chuangjin Hexin ** analyzed and pointed out from the perspective of overseas market development.
The previous preliminary work has allowed residents in pilot cities or regions to have a better understanding of personal pensions, and the follow-up comprehensive promotion is expected to make the long-term investment concept more deeply rooted in the hearts of the people. For financial institutions, comprehensively promoting personal pensions will also help institutions have a more comprehensive understanding of the specific needs of residents investing in personal pensions, help improve financial products and services, and accumulate service experience; In addition, it is also conducive to improving the policy shortcomings and system design of the first department, and further optimizing the personal pension system. Sun Mengyi, manager of Huabao Stable Pension FOF, talked about his views from several aspects.
From the perspective of the impact on the personal pension market, the relevant people of the China Merchants ** pension business believe that it mainly lies in the short-term and long-term two levels: in the short term, the full implementation will bring far more than the population size of the pilot area of the account opening demand, the competition between the account opening banks will be more intensified, and it will also be good for the large banks with many outlets and sinking wide to further expand their market share, but due to the difference in average income in different regions, it is possible to further exacerbate the phenomenon of "opening more accounts and paying less" in the short term; In the long run, the full implementation will stimulate the attention of the whole society to the pension problem, and by opening an account, financial institutions will also increase the investment of resources in the field of large pension finance, around the personal pension account to carry out all kinds of old-age, age-appropriate products and services will be more abundant, driving the comprehensive construction of the ageing financial ecology.
In addition to the impact on the personal pension market itself, Dongfanghong Asset Management, Paipaiwang Wealth Management Partner Yao Xusheng and others believe that the impact of personal pension on the capital market cannot be ignored. In their view, personal pensions can not only meet the needs of residents to supplement the elderly, but also have the characteristics of long-term investment, which can bring sustained and stable incremental funds, provide financial support for the benign development of China's capital market, and form a mutually promoting effect with the capital market.
**The industry is actively preparing for war
Investment research, products, and education are multi-faceted.
With the implementation of the personal pension business, the public offering industry is also expected to take advantage of the full implementation of personal pension to reach a new level of development, and at the same time better play the role of inclusive finance, serving the real economy and promoting common prosperity.
The relevant person of China Merchants ** pension business emphasized that the personal pension business is the convergence point of inclusive finance and pension finance in the public offering ** business, and it is also the long-term stable force point in the future. Based on the long-term opportunities brought by the full implementation of the pension financial business, China Merchants believes that the company is mainly preparing in the following aspects at this stage:
The first is to strengthen the investment and research capabilities of the pension financial business, different from other asset management business, the investment management of the pension finance has its own characteristics, in the asset allocation, risk control, strategy design has its unique needs, in the past, the investment and research culture and ability of the public offering is more focused on the relative return as the goal, so from the mechanism and ability to make long-term preparations is the most important thing;
The second is to enrich the product line of large pension funds, at present, personal pensions are only included in the category of pension FOF, combined with domestic and foreign experience, with the development of capital markets and investment advisory services, absolute return products with different risk and return preferences, and ETF products with clear styles will also help the underlying allocation of personal pension accounts;
The third is to focus on building coverage.
One, two and three pillars of the pension financial ecology, the current development of China's pension three pillars is not balanced, with the development of personal pensions, will present a multi-wheel drive, mutual promotion of the development pattern, and the complete pension financial ecology in investor education, brand building, customer life cycle services and other aspects will bring a strong synergistic effect.
Fourth, strengthen the research on the connotation and development trend of the pension financial business, although many overseas markets have a lot of mature experience and practices in the field of ageing finance, including the development of personal pensions, but considering the actual situation in our country can not be rigidly copied in many businesses, we must combine the actual situation to explore the business model and products that are truly suitable for China's national conditions, in order to truly create value for investors.
Other ** companies have also talked about the current preparations in light of their own situations. HFT** said that it is currently actively communicating with the headquarters of various sales platforms about the launch of products, and working with cooperative institutions to carry out customer education and investor accompaniment, so as to strengthen investors' awareness and understanding of the pension system and pension products.
Wells Fargo** and Chuangjin Hexin** have made efforts to improve their product lines and promote investment and education. For example, Chuangjin Hexin has laid out pension products covering various categories of target risks, and at the same time, in view of the characteristics of the relatively long holding period of pension products, it is also establishing a companionship system for holders to accompany pension holders to "grow old slowly".
Zhang Ziyanbiao, deputy director of multi-asset investment of Wells Fargo, also revealed that in terms of specific planning in the future, on the one hand, in addition to the supporting services of the four pension products that have been launched, Wells Fargo will further enrich the product line of pension goals; On the other hand, it is to provide ordinary investors with pension knowledge popularization, investment education and companionship services close to personal pension life, and effectively provide investors with personalized pension financial solutions.
Huabao ** has also made full preparations in many aspects such as building an investment research team. It is understood that at present, Huabao has set up a special pension department responsible for the investment management of pension goals, built a scientific investment framework and a stable investment strategy, and built a risk control management system for the whole process, covering the whole process of pre-investment, investment and post-investment, strictly controlling product risks and maximum drawdowns, and is committed to bringing investors a good experience.
Personal pension ** income - 883%
The undervaluation stage welcomes the allocation opportunity
China** reporter Zhang Yanbei.
In the overall downturn in the equity market, the short-term performance of personal pensions has been significantly dragged down, and the yield of most products is not very good. However, as a highly diversified portfolio, this type of performance is more resilient.
Regarding the investment value of personal pensions, the industry believes that the current equity market valuation has reached a historical low, and the Y share with a higher proportion of equity allocation has ushered in a better allocation opportunity.
Personal pension ** income - 883%
The performance is relatively resistant.
The short-term performance of personal pensions** is not very good, and most products have failed to achieve positive returns since their inception.
Wind data shows that the first batch of pension target **y shares was established on November 11, 2022, with a total of 40, and as of February 2, the overall average rate of return was -997%, all products failed to achieve positive returns. However, considering the sharp fluctuations in the A** field since last year, as well as the average 25% decline in the mixed stock **, the personal pension ** still shows a certain degree of resistance.
If you look at it as a whole, as of February 2, all of the 180 Y shares** included in the statistics have an average yield of -883%。Among them, only 7 achieved positive returns, accounting for less than 4%. If only the products that have been established for more than one year so far, the best performance is Ping An Stable Pension for one year, with a total of **317%, Huaxia Conservative Pension Y, CEIBS Foresight Pension 2025 One Year Holding (FOF) Y, SPDB AXA Yi and Stable Pension One Year Y have also bucked the trend and achieved positive returns since their establishment.
However, there are also some personal pensions** that have performed poorly, with 8 products losing more than 20% since their inception, and the worst performing ones have a return of -25 since their inception91%。
In this regard, industry insiders from many leading companies such as Chuangjin Hexin, Haifutong, Industrial Securities Global, and HSBC Jinxin have said that in recent years, the volatility of risk assets has been relatively large, so personal pension products have brought an unsatisfactory experience to the holders in the short term.
Sun Mengyi, manager of Huabao Stable Pension FOF, said that the short-term performance of personal pension is not good, which is more related to the unsatisfactory performance since its establishment. ** It is inevitable that there will be fluctuations, and the personal pension Y share product has shown a good ability to resist risks compared with other products with higher weights.
The relevant person of China Merchants ** pension business believes that the core reason why the operating performance "looks" is not very good is the mismatch between the management strategy of the product and the level of investor education and investment advisory services. He pointed out that "our investor education level and investment advisory services have not yet fully enabled investors to view risk from a full life cycle perspective. To solve this problem, on the one hand, the design and investment of pension financial products should be adapted to the current level of investor education, and be closer to the current market and the development stage of investors in terms of strategy. ”
The value of asset allocation will increaseLay out Y shares on dips with the idea of regular investment.
At the current point in time, the industry firmly believes in the medium and long-term allocation value provided by low-valued equity assets, and is optimistic about the investment opportunities of Y shares.
HFT believes that in recent years, it has become more difficult for personal pensions to obtain income, which is a test for pensions, and will also enable managers to accelerate the overall asset allocation ability in investment, so as to further reflect the long-term investment value of products. Looking forward to the future, in a low-interest environment, the value of asset allocation will be greatly increased, and personal pension investment in the form of FOF will also reflect a higher investment value.
In the face of temporary losses, investors do not need to be overly worried. Yao Xusheng, a partner of Paipaiwang Wealth Management, pointed out, "First of all, personal pension** is a long-term investment, and the floating loss caused by short-term market fluctuations will not affect the long-term performance in the future. Secondly, when the pension ** loses, it is often a period when the market is at the bottom of the relatively low area, but it is a good investment opportunity. Finally, the risk control standard of the pension will be further improved in the future, which is conducive to reducing the fluctuation of net worth and achieving a more stable investment experience. ”
HSBC Jinxin** and Chuangjin Hexin** said that in the long run, a pension product with scientific strategic design and proper operation is still expected to help investors cross the bull and bear market and achieve the long-term goal of pension investment.
In the long run, the company represents the ownership certificate of the listed company, and the bond represents the borrowing cost of the enterprise, and they represent the two most competitive investment directions in an economy. The final combination form formed after a series of collocations such as asset allocation, so from this point of view, the pension target Y share operating in the form of FOF has a competitive investment rate of return and the long-term effect of risk diversification.
The views of Huang Jun, manager of the investment department of the Southern FOF, are also representative. He bluntly said that the current stage of undervaluation of equity is a good opportunity for regular investment in Y shares. In the current optional categories of personal pensions, the proportion of equity in the performance benchmark of Y share** is relatively high, while the proportion of pension savings and pension insurance is very low. According to historical experience, in the long run, the appreciation potential of equity assets is higher than that of fixed income assets, so the Y share is a category that can better increase the value of personal pension account investment in the long term.
When participants subscribe for Y shares again in the future, they can adopt the idea of regular investment, subscribe in batches at different times, smooth the cost, and cannot repeat the passivity of centralized subscription when the highest rise; If you really have to use the one-year quota for centralized subscription, you should also pay attention to the volatility of equity assets, remain cautious when market sentiment is high, and try to make a dip when equity is sluggish and undervalued, which may improve the holding experience. He suggested.
Investment, products, investment and education "all the way to force".
Enhance investors' sense of gain
China** newspaper reporter Fang Li.
At present, China's aging phenomenon is becoming more and more serious, and the development of personal pension business has broad prospects.
However, since the implementation of the personal pension system for more than a year, it is still facing problems such as more account opening and less investment, limited tax incentives, insufficient and diversified products, and performance that does not meet expectations. How to break the situation in the personal pension business in the future? Many industry insiders believe that it is necessary to make a fuss about improving investors' sense of gain.
Industry insiders believe that the key to breaking the situation in the personal pension business is to enhance the participation and trust of ordinary investors. We will make efforts to increase the participation rate of low- and middle-income people, strengthen the supply of personal pension products, strengthen investor education and extensive publicity, and work together with banks, investment advisory institutions and other asset management industries to win the long-term trust of customers, and then jointly contribute to the response to aging.
Enhance the enthusiasm of participation in multiple dimensions
From the pilot in some areas to the whole country, the current personal pension system needs to face the problem of how to enhance the enthusiasm of residents to pay personal pensions and invest in personal pension products. Since the pilot, although the popularity of investors to open accounts has continued to increase, the number and amount of payment are still low, which may be more related to tax incentives, payment limits, poor holding experience of pension products, insufficient product richness, and residents' awareness of pension needs to be strengthened. Sun Mengyi, manager of Huabao Stable Pension FOF, said.
Sun Mengyi said that therefore, in order to promote the rapid development of the personal pension market and the third pillar, first, in terms of preferential tax policies, it is recommended to increase the amount of contributions, increase tax incentives, and promote tax preferential resources to lower income groups, so as to improve the accuracy and flexibility of preferential tax policies; Second, in terms of the closed period of the product, measures such as moderate liberalization or collection of redemption fees for individuals who receive it in advance can be tried; Third, it is necessary to continue to strengthen the investment and education of the elderly, and you can also refer to the personal pension account and the first investment consulting business, or establish an integrated platform for investors to inquire about the situation of pension products with one click, and popularize the knowledge of pension.
He Zhe, director of the investment department of HSBC Jinxin** pension FOF, also proposed three major optimizations.
1. Consideration can be given to dynamically adjusting the upper limit of annual contributions, and giving differentiated preferential tax policies for different groups; Clause.
2. Optimize product supply, consider moderately open and selectable product types, and at the same time, in terms of product assessment, we should strengthen the assessment of long-term income stability while weakening the short-term performance ranking, so as to highlight the characteristics of "long-term, stable and value-added" for the elderly; Clause.
3. Consideration can be given to flexibly setting the conditions for withdrawing funds from the account, especially for the special circumstances of receiving payment funds in advance.
Haifutong** related people also said that the first is to use a variety of ways to improve the participation rate of low- and middle-income people and further realize the inclusiveness of personal pensions; The second is to strengthen the education and extensive publicity of investors, enhance the awareness of personal pensions, and pay attention to the comprehensive publicity of personal pension policies and personal pension products; the third is to strengthen the supply of personal pension products; Fourth, connect the second and third pillars in a timely manner and allow two-way transfer of funds. Enterprise annuities, occupational pensions and personal pension funds are all fully accumulated in personal accounts, and there is no qualitative obstacle to transfer and connectivity. Of course, China's two and three pillars of pension need to further do a solid basic research, the unification of the income tax system, and the construction of a unified information platform for enterprise annuity and occupational annuity.
Yao Xusheng, a partner of Paipaiwang Wealth Management, also said that the state can improve the relevant legal system from a policy perspective to provide legal support and guarantee for pension finance-related businesses such as pension asset management and pension industry investment and financing. In terms of financial institutions, pension products should be designed around customer needs, providing rich investment targets, customized products, and greater preferential rates. Financial institutions should provide differentiated products and continuous and effective investment advisory services according to the risk appetite, wealth accumulation, income and cash flow of customers of different ages and stages.
Enhance the owner experience
The development of personal pension business is closely related to investor trust, and the company needs to strive to enhance investors' sense of gain.
Investment education and companionship play a vital role and are the cornerstone of investors' trust in the best managers. Compared with large-scale, we pay more attention to the investment experience of individual investors, so we put the actual pension needs of investors in the first place on the investment side, product design side, and sales side, and dilute the short-term relative ranking assessment. Zhang Ziyan, deputy director of multi-asset investment of Wells Fargo, said.
Zhang Ziyan said that it is necessary to pay attention to strengthening the construction of the team's investment research system, improving investment and research capabilities, and using investment research to drive performance and performance to drive scale; Pay attention to the stability of the risk-return characteristics of FOF products, create a clear positioning of pension goals, and form a diversified product feature matrix; Clause.
Third, the pension FOF is destined to be a heavy holding, light initial launch of a type of products, investor participation rate is more important than the scale, from the investor pension financial education work, to explore effective customer portrait demand positioning methods, to provide investors with personalized pension financial solutions these three aspects, and effectively match the style characteristics of the pension target and the needs of pension financial management.
Societe Generale's global stakeholders share the same view. He believes that, first of all, for the pension of residents, it is crucial to obtain stable returns, which is related to the investment experience of every customer and the quality of life after retirement, so the pension business has put forward higher requirements for the company's investment management ability and risk control ability.
Secondly, the market cultivation of individual pension investment requires a relatively long cycle. At present, some investors have "cognitive misunderstandings" about pension investment, and the industry needs to make long-term preparations, cultivate and deepen the market, strengthen investor education, cultivate the people's correct understanding of the characteristics of pension investment and public offering, and patiently wait for the maturity of investors and the harvest period of the market.
Furthermore, unlike the general public offering, which focuses on new offerings, pension goals require continuous marketing, especially for regular investment. Because pension investment is a long-term plan throughout a person's life, it requires continuous and stable cash flow investment. This means that the company should put more emphasis on long-term investment in product design, and also need to link with channels on the sales side to promote a long-term and regular investment continuous marketing model.
Finally, personal pension investment also needs support at the policy level, such as trying to promote the second pillar can be partially transformed into the third pillar of the initiative, improving the coverage of the personal pension tax preferential policy, etc., through a complete institutional arrangement to better motivate the people to participate.
Judging from the development experience at home and abroad, both the personal pension business and the pension finance business are not short-term outbreak characteristics of the business, but need to be continuously invested and cultivated to jointly create a business ecology with long slopes and thick snow. "Merchants ** pension business related people, from the development of personal pension business, more is not to break the situation but to do the game.
The above-mentioned people said that we should not expect a special opportunity to explode rapidly in the short term, but should work with account opening banks, investment advisory institutions, and other colleagues in the asset management industry to build a scientific and rigorous and customer-oriented business ecology, so as to win the long-term trust of customers and jointly make a contribution to China's response to aging.
Edit: Captain's Review: Muyu.