Chinanews.com, August 1st (China-Singapore Finance and Economics reporter Li Jinlei) There is a new move for old-age care, and the pilot of specific old-age savings is coming!

Four major banks and five cities pilot pension savings

  Recently, the China Banking and Insurance Regulatory Commission and the People's Bank of China jointly issued the "Notice on Carrying out the Pilot Work of Specific Pension Savings". Xi'an and Qingdao have carried out pilot projects for specific retirement savings.

  The trial period is tentatively set for one year.

During the pilot phase, the total scale of the specific pension savings business of a single pilot bank is limited to RMB 10 billion.

  Why choose the five cities and the four major banks for the pilot?

Dong Ximiao, chief researcher of China Merchants Union Finance, told Zhongxin Finance that the pilot was carried out in five cities, Hefei, Guangzhou, Chengdu, Xi'an and Qingdao. The pilot cities covered East China, South China, Southwest China and Northwest China, which will help to understand and master the pilot program. Demands of savers in different regions for retirement savings.

The four large-scale banking institutions have many outlets, rich online and offline service channels, and a large customer base. The four large-scale banks are the first to carry out the pilot project of pension savings, which will help better meet the needs of residents for pension savings and maximize the convenience of more Residents handle retirement savings business.

Data map.

Photo by Zhang Yun

How is it different from previous savings deposits?

  Specific retirement savings products include three types: lump-sum deposit, lump-sum deposit and lump-sum withdrawal, and lump-sum deposit and zero-withdrawal. The product term is divided into four grades: 5 years, 10 years, 15 years and 20 years, and the product interest rate is slightly higher than that of large banks for five years The quoted interest rate of the term deposit.

Depositors can deposit a maximum of RMB 500,000 in the principal of specific pension savings products in a single pilot bank.

  Dong Ximiao analyzed that, compared with general savings deposits, specific pension savings products have three characteristics: longer term, more varieties, and higher interest rates.

  The first is the long term, with a total of 4 term types, the minimum is 5 years and the maximum is 20 years, which is suitable for the purpose of long-term pension; the second is the variety, including three types of lump-sum deposit and withdrawal, partial deposit and withdrawal, and lump-sum deposit and zero-withdrawal. The demand of different depositors; once again, the interest rate is high, slightly higher than the listed interest rate of the 5-year time deposit of large banks, and a higher interest rate is locked in the downward cycle of interest rates, and tax incentives may be enjoyed in the future.

Depositors are limited to 500,000 yuan per person in a single pilot bank, which will allow more depositors to participate in the retirement savings pilot.

What is the practical significance and role?

  The China Banking and Insurance Regulatory Commission and the People's Bank of China have decided to carry out the pilot program of specific pension savings, in order to continue to promote the reform of pension finance, enrich the supply of third-pillar pension financial products, and further meet the diversified pension needs of the people.

  Dong Ximiao said that my country has entered an aging society, but at present, the development of my country's multi-level old-age security system is insufficient and unbalanced. It is highly dependent on the first pillar, namely basic old-age insurance, and the second pillar, enterprise annuities and occupational annuities, develop slowly. , the third pillar is the commercial old-age security has just started.

Therefore, accelerating the innovation of financial products in the field of pensions and giving play to the supplementary role of the third pillar of pension security will better provide diversified financial services in the pension field, and thus make my country's pension security system more complete.

  In Dong Ximiao's view, the pilot project of specific pension savings based on my country's public savings preferences to innovate products and services will help to further enrich the supply of pension financial products, and synergize with pension wealth management products, pension insurance products and pension fund products. Well meet the public's demand for the third pillar pension security.

Is it worth buying?

More suitable for residents with low risk appetite

  The person in charge of the relevant department of the China Banking and Insurance Regulatory Commission has previously introduced that the specific pension savings business takes into account both inclusiveness and pension, the product has a long term, stable income, and guaranteed principal and interest, which can meet the pension needs of residents with low risk preference.

  Zeng Gang, director of the Shanghai Finance and Development Laboratory, told the media that the people's pension needs are diversified, which means that there must be differences in the risks and returns of pension financial products.

Certain pension savings products are obviously more suitable for customer groups with lower risk appetite.

Another potential advantage of this product is that, if purchased with funds from an individual pension fund account, it can enjoy preferential national tax policies.

  Dong Ximiao suggested that from the perspective of the product itself, it is suitable for those groups with low risk appetite, low liquidity requirements, and the pursuit of fixed income, which is more in line with the long-term pension needs of residents.

In the next step, we should further enrich old-age savings products and optimize the term structure.

Some temporary liquidity support measures can also be taken, such as providing partial early withdrawal and deposit certificate pledge services in case of illness of depositors, so as to better meet the diversified needs of users.

  It is reported that in the next step, the China Banking and Insurance Regulatory Commission and the People's Bank of China will closely track the pilot situation of specific pension savings, strengthen supervision and management, ensure the safe and steady development of the pilot program, and effectively safeguard the legitimate rights and interests of consumers.

At the same time, timely summarize and evaluate the pilot situation, study and promote the pilot experience in a timely manner, and promote the construction of a multi-level and multi-pillar pension insurance system for commercial banks to better serve.

(Finish)