Insurance, funds, and banks are all deploying pension finance. What impact will it have on the people?
Xinhua News Agency, Beijing, November 10th, title: Insurance, funds, and banks are all deploying pension finance. What impact will it have on the people?
Xinhua News Agency "Xinhua Viewpoint" reporters Tan Moxiao, Zhang Qianqian, Wang Shujuan, Liu Hui
Recently, pension financial products represented by pension financing have become a hot spot of social concern.
In September, the China Banking and Insurance Regulatory Commission selected "four institutions in four places" for pilot projects.
A spokesperson for the China Banking and Insurance Regulatory Commission recently revealed that the pilot financial management products for the elderly may meet with consumers in November.
In addition to banks, insurance, funds, etc. have also deployed and launched diversified pension financial products.
my country's pension insurance system includes three pillars-basic pension insurance, enterprise annuity, occupational annuity, personal pension system and market-oriented personal commercial pension financial business.
As a strong support for the third-pillar pension insurance, the demand for pension finance is huge, and the market potential cannot be ignored. What impact will its reform and exploration have on the people's pension?
Pension finance continues to lay out to improve the level of protection urgently needs to be done
The results of the seventh national census showed that the population of our country is 264 million aged 60 and above.
It is expected that this number will exceed 300 million during the "14th Five-Year Plan" period.
my country will enter a moderately aging stage from mild aging.
The important question for old-age care is where does the money come from?
Experts said that the basic pension insurance as the first pillar is mainly to guarantee the basic needs of retirement; the enterprise annuity in the second pillar is only provided by some companies, and the level of protection must be improved; the third pillar of pension financial products is urgently needed.
In recent years, the fund industry and the insurance industry have successively launched some pension financial products, and pension financial products from the banking industry are "on the way."
The pension target fund is one of the "stewards" of people's pension funds.
As early as 2018, the first batch of pension target funds was approved for issuance.
The pension target funds currently on sale in the market can be divided into two categories: target date type, which takes the investor’s retirement date as the target, and allocates investment according to the risk tolerance of different life stages; target risk type, that is, the equity is set according to specific risk preferences The allocation ratio of class assets and non-equity assets.
The insurance industry is also actively deploying.
The China Banking and Insurance Regulatory Commission decided that starting from June 1 this year, pilots of exclusive commercial endowment insurance will be launched in Zhejiang Province (including Ningbo City) and Chongqing City.
"Exclusive commercial pension insurance products are personal pension annuity insurance products, which are managed by account and are divided into two stages: accumulation period and receipt period." The person in charge of the relevant department of the China Banking and Insurance Regulatory Commission said that the accumulation period adopts the "guaranteed + floating" income model. , Insurance companies should provide consumers with more than one investment portfolio with different risk preferences.
In other words, the insurance company will determine a guaranteed interest rate to ensure the basic income.
If the actual investment income of the insurance company is high, then the "floating" part can be reflected.
Consumers can receive pensions only when they are 60 years old, and the receiving period is not less than 10 years.
Of course, consumers can also choose to receive for life until death, but the premiums paid will be different.
"Online insurance, flexible payment, and the accumulation period can also share the investment income of the insurance company, which is in line with the need to invest in advance and protect future pension life." Ms. Fan from a well-known foreign company said when insuring exclusive commercial pension insurance products .
In September of this year, a pilot program of financial management products for the banking industry came into being.
The China Banking and Insurance Regulatory Commission selected “four institutions in four locations” to conduct pilot projects, namely, ICBC Wealth Management in Wuhan and Chengdu, CCB Wealth Management and China Merchants Bank Wealth Management in Shenzhen, and Everbright Wealth Management in Qingdao to carry out pilot projects of pension wealth management products.
At the press conference of the State Council Information Office held a few days ago, Wang Chaodi, the spokesperson of the China Banking and Insurance Regulatory Commission, revealed that the pilot financial management products for the elderly may meet with consumers in November.
"Through in-depth understanding of customer needs, reasonable allocation of large-scale assets, and a safe grasp of credit risks, pension financing can play a greater role in the pension field." Zhang Xuyang, chairman of Everbright Wealth Management, introduced that the initial investment amount for pension financing is 1 The total investment of the same customer in 4 institutions cannot exceed 3 million yuan.
At the same time, the optimal fee rate will be implemented, transparent information disclosure will be provided, and investors' post-investment experience will be optimized.
What is the difference between the pension financial products promoted by supervision and ordinary financial products?
Zeng Gang, deputy director of the National Finance and Development Laboratory, said that in the past, some institutions have made many products with the name of "elderly care", but they are not the third pillar products in the true sense. Belongs to pension financial products".
So, what is the difference between the pension financial products promoted by the regulatory authorities and ordinary financial products?
The reporter learned that compared with ordinary wealth management products, the features of the retirement wealth management products that will be unveiled are mainly long-term, stable, and inclusive.
"The closed period of pension financial products is longer than ordinary financial products, at least 5 years, and liquidity support is opened for special needs such as serious illnesses, and investors are encouraged to start pension planning from a young age and accumulate in advance." Zhang Xuyang said, On the investment side, it is embodied as long-term investment. The manager can ensure that the investment strategy is more stable and the asset allocation is more stable, so as to obtain a better return on investment, and truly match the life cycle of the investor with the long-term pension needs.
“The risk management mechanism for pension wealth management is more complete and strict, focusing on areas that are in line with national strategies and industrial policies to provide long-term financing support for economic and social development.” said Zhou Maohua, an analyst at the Financial Market Department of China Everbright Bank. It is smaller than other financial products.
Since the approval of the first batch of pension target funds for listing, after more than three years, my country's pension target fund market has continued to expand.
"At present, my country's pension target fund operates in the form of FOF, which is the form of funds in the fund." Zheng Zheng, director of the asset allocation department of China Asset Management, said that this is to improve the certainty of obtaining excess returns through diversified investment and professional asset allocation. It coincides with pension investment.
At present, the exclusive commercial endowment insurance pilot is steadily advancing, and more and more people are joining the “taste of the new” team to add a guarantee for the endowment.
According to industry insiders, compared with ordinary annuity insurance, exclusive commercial pension insurance reflects the essence of pension and has stronger and more flexible value-added features. The insured can choose different investment portfolios according to their own risk preferences.
At the same time, the product supports the investment portfolio conversion function, and the insured can adjust the allocation of the investment portfolio in time when factors such as age and economic conditions affect risk preference.
The policy industry is working hard to manage the pension funds of the people, which is good for flexible employment and emerging employment groups
With the further release of society's demand for pension financial products, the third pillar has great market potential.
Zhang Xuyang believes that pension finance is not only aimed at the elderly, it is not "the elderly only need to purchase financial products for the elderly", nor are they planning for retirement only after they have retired.
Bank wealth management companies have the responsibility to educate investors, the earlier the retirement planning, the better.
"My job income is not very stable, and I often worry about future pension issues, but now these pension products are complicated, professional, and a bit expensive, and it's too difficult to choose." A courier brother told reporters that if there could be more It is better to buy products that are more convenient and cost-effective.
"Tax policy is a huge lever for leveraging the third pillar market." Zheng Bingwen, director of the World Social Security Research Center of the Chinese Academy of Social Sciences, believes that through fiscal and tax incentives, long-term professional investment and other mechanisms, it is conducive to lower coverage for the first and second pillars. The platform economy of flexible employment groups and emerging professional workers establish pension plans.
He suggested that various groups should be encouraged to participate through measures such as designing easy-to-understand product terms, increasing tax incentives, and simplifying tax deduction procedures.
Song Jiawang, director of fixed income investment at TEDA Manulife Fund, said that financial institutions can be considered flexible to encourage innovation, so that financial institutions have more investment allocation and risk management tools, and create more stable long-term performance.
"Elderly financial products should become an important part of the elderly care industry." Zeng Gang said that while providing risk protection and stable returns, elderly financial products can provide investors with some elderly care services, such as rehabilitation, treatment, etc. .
The industry insiders stated that it is necessary to comprehensively consider product design experience, risk control capabilities, investment management level, etc., and set certain entry thresholds and normative standards for various market participants and qualified products of the third-pillar pension insurance.
Resolutely clean up short-term financial products that do not meet the standards with the word "old age".