Xinhua News Agency, Beijing, December 6th, title: What will the opening of the pilot financial management for the elderly bring to the people?
Xinhua News Agency "Xinhua Viewpoint" reporter
With a purchase price of 1 yuan, a low-to-medium risk level, and a maturity of more than 5 years, my country's first batch of pilot financial management products for the elderly was officially launched on the 6th.
The opening of the 40 billion yuan pension financial management pilot program means that Chinese residents can use pension financial management as a stable and safe tool to achieve wealth preservation and appreciation, and the channels for ordinary people to manage "old-age money" have been further expanded.
"At present, my country's population of 60 years and above has reached 264 million, and there is a huge demand for pension finance. Resident deposits in my country have exceeded 90 trillion yuan, and the financial assets that can be converted into long-term pension funds are very considerable." said Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission.
The industry believes that the pension financing pilot will explore a new path for the comprehensive development of pension finance.
Pension financial management pilot opens doors for residents to expand investment channels
With the accelerated aging of our country's population, the people's "old age anxiety" is increasing day by day.
Where does the "pension money" come from?
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.
The demand for personal commercial pension finance is huge, but the current product quantity is small and the scale is small, and urgent efforts are needed.
In recent years, some financial institutions have tried to launch financial products with the word "old age", but most of them do not have real pension functions, mainly short-term financial products and investment tools.
There are even some illegal financial institutions that carry out illegal fund-raising and financial fraud in the name of "old-age financial management".
To this end, the regulatory authorities have strengthened supervision and have continued to clean up financial products with the words "old age" that do not match their names since last year. At present, most financial institutions have removed related products.
While "blocking the side door", open the "front door".
The China Banking and Insurance Regulatory Commission combined with the national pension or financial reform pilot area, and selected "four institutions in four places" to carry out the pilot projects of pension wealth management products. ICBC Wealth Management in Wuhan and Chengdu, CCB Wealth Management and China Merchants Bank Wealth Management in Shenzhen, and Everbright Wealth Management in Qingdao. The term is one year.
The pilot opening has attracted a group of "early adopters".
48-year-old Ms. Luo came to the business department of CCB Shenzhen branch early on the 6th and bought three retirement wealth management products for herself and her family.
"This is the first batch of pension financial management pilot products implemented by the regulatory authorities. The products I bought are also low- and medium-risk. After the product runs for a year, dividends will be distributed every month, which can supplement daily expenses, which is very suitable for the elderly's needs of the people. "Ms. Luo said.
"In our country, the popularity of bank wealth management products is high, and the social trust is high. The parent bank of wealth management companies serves a wide range of personal customers, with business outlets all over the country, and a mature wealth management consultant team, which can effectively broaden the coverage of pension products. Said Dong Ximiao, chief researcher of China Merchants Union Finance.
What is the difference between pilot financial management products for the elderly and ordinary financial management products?
Before the launch of pilot products for pension financing, insurance and fund industries had taken the lead in entering the pension financial market, but the scale of the products was small, and some even experienced cold conditions.
What is the difference between the pilot financial management products for the elderly and ordinary financial management products launched this time?
The product period is more than 5 years, the low-to-medium risk level, the purchase price is 1 yuan, and the emergency early redemption is supported... The reporter learned that compared with ordinary financial management products, the pension financial management pilot product highlights the robustness, long-term nature, and inclusiveness. The attributes of pension is very obvious.
Investors are most concerned about the safety of funds when managing "pension money".
Robustness is the biggest feature of the pilot financial management products for the elderly.
The first batch of 4 products are mainly invested in fixed-income assets, mainly with medium and low risk levels.
"The design of pilot products pays more attention to the attributes of pensions, investment strategies and concepts are more robust, and the selection of investment targets is more prudent. At the same time, methods such as target date strategies, smoothing funds, risk reserves, and impairment reserves are introduced to reduce product net value fluctuations and enhance risk resistance. , To meet people's needs for a stable and safe pension." said Song Minjie, Director of the Asset Management Division I of the Innovation Department of the China Banking and Insurance Regulatory Commission.
Song Minjie also reminded that although the pension financing pilot product adopts a prudent investment strategy, it is essentially a financial product with certain risk attributes and needs to adhere to the basic principle of "sellers are responsible, buyers are responsible".
The common people need to consider factors such as their own risk tolerance, pension planning, capital liquidity arrangements, etc., and prudently choose the pension financial products that suit them.
Different from most wealth management products, the first batch of 4 old-age wealth management pilot products have a relatively long term, and the closed product term is 5 years.
Data show that the weighted average maturity of new closed-end products issued by bank wealth management in September was 357 days.
According to industry insiders, the 5-year investment period means that pilot products for pension financing have more cross-cycle investment space, and investors will also obtain relatively stable investment returns.
Compared with other bank wealth management products, pension wealth management has also set up an early redemption mechanism and a dividend mechanism. Due to special circumstances such as serious illness, you can apply for early redemption, which reflects humanistic care.
It is worth noting that, from the perspective of the rate of return, the performance comparison benchmark of the first batch of pension financial management products is generally higher than that of most current bank financial products, and most of them are above 5%.
According to industry insiders, there are currently fewer wealth management products with an annualized return rate of more than 5%, and most of them are private banking products with higher risk levels.
The pilot products of pension financial management are matched with higher performance benchmarks with lower risk levels, which shows the importance of financial management companies to pension financial management business.
The market demand is huge, and the financial management of the elderly needs to improve the products and systems to mature
The pilot project of financial management for the elderly was opened and welcomed by the people.
On the morning of the 6th, the reporter saw at the Fruit Lake Sub-branch of the Wuhan Branch of ICBC that customers inquired about purchases from time to time.
Account manager Chen Lina told reporters that before the official launch of the product, the bank's reservation amount was about 20 million yuan.
At present, the sales target of the pension financing pilot products is only for qualified individual investors holding local ID cards in the pilot areas, which makes investors in non-pilot areas the envy of them.
"Now many elderly people have money in their hands, and there is no place to invest. These pilot financial management products for the elderly are relatively stable and attractive. I really hope that the pilot can be extended to us." said Ms. Bi, a 63-year-old Dalian citizen.
Experts said that there is a huge demand in the elderly financial management market. In the next step, when conditions are ripe, the regulatory authorities can gradually expand the pilot areas and institutions to make them an important asset allocation direction for the majority of residents.
It is not a short-term effort to play a more important role in the financial sector for the elderly. It requires the efforts of institutions, the improvement of the system, and the maturity of investor concepts.
Improving product attractiveness is the core.
Taking into account safety and profitability is an important reason for the popularity of this pilot product.
It is understood that the pilot institutions have matched the products with high-quality assets and a strong management team.
But there are also investors who worry about whether the product can maintain such attractiveness if the pilot projects are rolled out and the scale is enlarged in the future.
Zhang Xuyang, chairman of Everbright Wealth Management, said that wealth management companies must improve their own capabilities and bring customers relatively stable income through investment technology and refined management.
Xiao Yuanqi said that the financial industry must practice hard work, improve pension management capabilities, enhance product attractiveness, and guide more and more people to make long-term pension reserves through the third pillar.
The development of financial management for the elderly is inseparable from the coordination and guarantee of policies.
Experts suggest that expediting the exploration of the establishment of a third-pillar pension insurance exclusive account system, and adopting preferential policies such as lowering the overall tax rate and deferring taxation for pension financial products to stimulate residents' motivation to participate.
"Promote the establishment of a personal pension system based on the account system, with closed accounts for collecting investment income and paying personal income tax, etc. Participants can independently choose to invest in financial products that meet the requirements during the account’s duration to maximize The convenience for residents to manage their personal accounts and the investment efficiency of their personal pension funds." said Xie Guowang, president of CCB Wealth Management.
Enhancing investor education is equally important.
"Old-age financial management is not only for the elderly. Investors must change their minds and plan for the elderly as soon as possible, so as to obtain stable long-term sustainable investment income through pension financial products." Zhang Xuyang said.
(Reporters Li Yanxia, Zhang Qianqian, Wu Yanting, Wang Xian, Deng Nan)