A reporter from China Securities Journal recently investigated and learned that the second batch of products from pilot institutions of pension wealth management products is under intensive preparation and is expected to be released in the near future after the approval of the regulatory authorities.
According to data from China Wealth Management Network, as of July 26, a total of 31 pension wealth management products have been registered and filed in the whole market, of which 27 products have disclosed net values, all of which are greater than 1, and operate steadily.
system optimization
Since the beginning of this year, the pilot areas and institutions of pension wealth management products have ushered in expansion, and institutions such as Agricultural Bank of China Wealth Management, China Post Wealth Management, and Industrial Bank Wealth Management have become the second batch of pilot institutions.
The reporter was informed that at present, many companies are conducting system debugging for pension wealth management products, and some institutions are ready. The products are expected to be released in early August after obtaining the approval from the regulatory authorities.
Talking about the preparation experience of pension wealth management products, a person from a state-owned bank wealth management company told reporters that unlike other bank wealth management products, pension wealth management products are managed by third parties. Therefore, in the preparation of products, the company paid a lot in the early stage of the selection of custodian institutions. energy.
Industry insiders introduced to reporters that since pension wealth management has set up a smoothing fund mechanism, the construction of this mechanism and the related system transformation are also key links in pension wealth management preparations.
The so-called smoothing fund mechanism means that the risk reserve is first accrued according to a certain proportion of the product management fee income, and then a certain proportion of excess returns are included in the income smoothing fund, so as to deal with the situation that the risk reserve cannot cover the loss of the product, similar to in "double insurance".
This mechanism also guarantees the stability of the net value of pension wealth management products to a certain extent.
"How much exceeds the performance comparison benchmark, how much is withdrawn, and how much is replenished, these all need to be measured by the system. After the extraction, replenishment and provision are completed, the system needs to evaluate the product. There are many processes involved. Higher requirements." said a relevant person from a state-owned bank wealth management company.
Public information shows that in June this year, China Post Wealth Management held a tender for the optimization and transformation of pension wealth management-related systems. First, the third-party custody interface docking, involving TA transactions, online transfer instructions, valuation reconciliation, and I9 valuation impairment. Interface, etc.; Second, the smoothing fund special account setting, account setting, withdrawal, reimbursement and other clearing and allocation, valuation and accounting functions transformation; third, regulatory reporting, information disclosure and other related functions transformation.
CNCB Wealth Management also held a tender in June this year for the construction of four functions including the income smoothing fund for pension wealth management products.
Product operation is stable
The pilot program of pension wealth management products will start in September 2021, and the first batch of products will be released in December 2021.
According to data from China Wealth Management.com, as of July 26, 31 pension wealth management products have been registered and filed in the whole market, of which 27 products have disclosed net values, all of which are greater than 1, and operate steadily.
A few days ago, Everbright Wealth Management disclosed the second quarterly reports of several of its pension wealth management products.
The report shows that in the second quarter of this year, the net value of Yixiang Sunshine pension wealth management product Orange 2026 Phase 1 increased by 1.96%, the net value of Yixiang Sunshine pension wealth management product Orange 2027 Phase 1 increased by 1.97%, and the net value of Yixiang Sunshine pension wealth management product Orange 2028 increased by 1.85%. %.
As of the end of the second quarter, these three products have achieved yields of 3.09%, 3.18%, and 2.33% respectively, all reaching the performance benchmark.
Regarding the investment value of pension wealth management products, industry insiders believe that for investors, the performance comparison benchmark of pension wealth management products is usually more than 5% annualized, which can better meet the needs of pension wealth planning.
However, it should be noted that the investment period of pension wealth management products is 5 years, and some products are 10 years, which requires investors to make time planning.
Recently, Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission, said at a series of press conferences on the theme of "This Decade in China" that by the end of May 2022, the subscription amount of pension wealth management products exceeded 60 billion yuan.
Looking forward to the development trend of pension wealth management products, industry insiders said that with the implementation of the personal pension system, pension wealth management products will become an important pension wealth management tool for residents.
In addition, there is huge room for innovation in pension wealth management products in terms of transaction methods, application and redemption, and dividend setting.