China News Service, August 24 (Shi Ruigong Hongyu, China-Singapore Finance and Economics) With the approach of the "silver hair wave", my country's pension insurance system will face greater challenges.

In order to achieve the long-term sustainable development of the old-age insurance system, in April this year, the General Office of the State Council issued the "Opinions on Promoting the Development of Individual Pensions" (hereinafter referred to as the "Opinions"), and subsequently, relevant departments intensively issued a series of measures to improve pension finance policy document.

　　In this context, what changes will pensions have in the future?

How to choose personal pension investment?

At the 2022 Summer Summit of the China Wealth Management 50 Forum held recently, a number of experts conducted in-depth discussions on the above issues.

Why develop the third pillar of pensions?

　　In terms of institutional design, my country's multi-level pension insurance system consists of "three pillars". The first pillar is basic pension insurance, which covers more than 1 billion people and provides basic pension insurance; The establishment of units and their employees; the third pillar includes personal pensions, etc., which are only paid by individuals and can purchase financial products that meet the regulations.

　　Ye Haisheng, chairman of the National Pension Insurance Company, introduced that in 2021, the accumulated balance of the first pillar of pensions in my country will be 6.4 trillion yuan, accounting for 47.76% of the total pension scale, the second pillar of pensions will account for 32.84%, and other pensions such as social security funds will account for 19.40%. During the same period, the first pillar of the US pension accounted for only 6.78%, and the second and third pillars accounted for 54.13% and 39.09% respectively.

　　According to Ye Haisheng's analysis, the income growth of the basic pension insurance, the first pillar of my country's pension system, has slowed down and the scale of expenditure has continued to expand.

The pension structure (the first, second and third pillars) is not reasonable. At the same time, China's total savings rate has grown steadily. Although it has declined after 2012, it is still one of the countries with the highest savings rate in the world. The three-pillar pension will have a very positive impact on my country's pension and asset management industries.

Pension finance ushered in a period of opportunity

　　Pan Dong, general manager of Everbright Financial Management, believes that 2022 may become the first year of the outbreak of the third pillar of pensions.

The "Opinions" clarified that the individual pension system shall be implemented with an individual account system, and participants shall open accounts in commercial banks that meet the requirements.

"The account system has effectively solved the problem of blockage of demand-side channels in the development of the third pillar of the old-age care system in the past. Through the product system, channels, services, and technology of the largest commercial bank in China's financial system, it has entered thousands of households, reaching the largest number of households in China. needs groups.”

　　In addition, the "Opinions" propose that personal pensions can be used to purchase financial products such as bank wealth management, savings deposits, commercial pension insurance, and public funds that meet the regulations.

Pan Dong believes that the implementation of the "Opinions" means that a very meaningful step has been taken in the marketization of pension investment management, and professional people have been introduced to do professional things.

　　Xu Yong, general manager of China Merchants Fund, believes that the pension management of financial institutions has gone through the 1.0 era of entrusted investment by social security and basic pensions, and the 2.0 era of investment by annuity funds. The asset management industry has truly entered the era of pension management 3.0. Provides financial solutions for the entire life cycle with planning as the core.

　　In Xu Yong's view, at present, individual pension investment institutions have different capabilities. For individuals, they can always find corresponding institutions to meet part of their needs. For example, the main advantage of commercial banks lies in service and consulting, and fund companies It lies in the consulting and investment links, and the ability of pension financial planning is currently the most scarce ability among all individual pension participants.

How to choose personal pension investment?

　　According to Zeng Beichuan, President of PICC Assets, the products currently in the third pillar of my country’s pension system mainly include pension target funds, pension wealth management products, deferred commercial pension insurance, and exclusive commercial pension insurance. Among them, the first two products account for the third The proportion of pillars is as high as 99%, the closed period of both types of products is less than 5 years, and the pursuit of higher returns reflects a strong investment attribute.

　　He mentioned, "For a long time, our residents' asset allocation has been mainly based on housing and deposits. The concept of raising children to protect the elderly and saving for pensions is deeply rooted. We are used to treating financial products other than deposits as investments. Therefore, when purchasing pension products , pay more attention to investment income, and now pension products also have this trend, whoever has the highest investment return is good, but it just ignores that the pension stage focuses on the word 'guarantee'."

　　Zeng Beichuan believes that at present, the supply of old-age products in my country and the consumption concept of old-age customers are still in the process of cultivating, and the groups who choose fund companies, bank wealth managers, and insurance companies to invest in old-age care have different demands. They are "guarantee type", "guarantee type" and "insurance type". In this regard, from the demands of individual customers and the resource endowments and comparative advantages of these three types of institutions, there should be more diversity in product innovation in the future. change.

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