Securities Times reporter Sun Lulu and intern Tang Ying

　　The pilot project of pension wealth management products has only lasted for more than 9 months, and the subscription scale has exceeded 60 billion. The situation of “selling and short-sale” has occurred frequently, which also reflects the broad demand of the pension financial market from the side.

　　The "Semi-annual Report on China's Banking Wealth Management Market (2022)" recently released by the Banking Wealth Management Registration and Custody Center shows that since the pilot program of pension wealth management products, all work has progressed smoothly.

In September 2021, the pilot program of pension wealth management products was officially launched; in February this year, the scope of the pilot program was expanded to "ten places and ten institutions".

As of the end of June 2022, 27 pension wealth management products have been successfully launched, and 231,000 investors have subscribed for more than 60 billion yuan.

Pension wealth management products are gradually becoming an important part of the third pillar pension.

　　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"), formally proposing the individual pension system, which marks the further improvement of the third pillar system of my country's pension system.

Many industry insiders interviewed believe that population aging is not only a social issue, but also an important long-term issue for individuals and financial institutions.

At present, the personal pension system is still in the early stage of development. Financial institutions should increase their own capacity building and enrich the supply of financial investment products in the personal pension system. At the same time, individuals, especially young people, should increase their awareness of pension savings and make pension investment plans in advance.

　size of personal pension

　　will spiral upwards

　　Since the release of the "Opinions" in April, in order to promote the implementation of the personal pension system as soon as possible, supporting policies and measures have been intensively prepared.

Li Zhong, deputy minister of the Ministry of Human Resources and Social Security, previously revealed that some cities will be selected for a one-year trial, and then summarized and promoted.

At the same time, financial regulatory authorities are also formulating management measures for various types of financial institutions to carry out personal pension business, clarifying rules for capital accounts and management requirements for related financial products.

In addition, Chengdu has recently been identified as the leading city for individual pensions in Sichuan Province.

The gradual implementation of the personal pension account system also indicates that the scale of personal pensions will "set sail" to increase.

　　Recently, at the theme seminar on "Actively Develop Individual Pensions and Build a New Pillar of the Pension System" jointly organized by the 21st Century Financial Research Institute and the Insurance and Economic Development Research Center of the Chinese Academy of Social Sciences, Director of the Insurance and Economic Development Research Center of the Chinese Academy of Social Sciences Guo Jinlong said that an important institutional change in the "Opinions" is to change the personal pension system from a product system to an individual account system. In the future, the development scale of personal pension accounts will have a lot of room for growth.

The establishment of the personal pension system will greatly promote the reform of my country's wealth management business, and will directly change the format of wealth management.

From the perspective of products, banks, funds, insurance and other institutions have their own characteristics. In the future, who can occupy more shares or advantages in the market with the products of these institutions depends on the asset investment management capabilities of these institutions, account management capabilities and customers. service capability.

　　"As for the forecast of future scale, many different institutions have done analysis. Basically, they believe that the scale of personal pension accounts will reach trillions in the next five years, and some institutions even predict that it will reach several trillions." Guo Jinlong said .

　　The future of personal pensions has broad prospects and has become a consensus in the industry.

Wu Jinmei, vice president of Bank of China Wealth Management, told reporters that the company, as the second batch of pilot institutions for pension wealth management products, recently launched the first pension wealth management product. The initial fundraising target was nearly 3 billion yuan, but it took less than two weeks. The scale of fundraising in time is as high as 6 billion.

It can be seen from this that customers have a great demand for pension-type financial wealth management products.

　　However, despite the huge space for development, the journey may not be smooth.

Chen Na, director of the pension operation planning department of Harvest Fund, said that in the long run, the growth space of personal pensions is very broad, but the whole process may be a long-term spiral development.

The formation of the personal pension business will take a long time, and it requires the joint efforts of regulatory authorities, market institutions and investors. Especially for fund companies, it is necessary to take a long-term perspective and prepare for a long-term slow climb.

　　In addition, from the perspective of international practice, opening up the second and third pillars of pensions represented by enterprise annuities may be a major reform direction in the future, which will also provide institutional guarantees for the expansion of the scale of individual pensions.

Pan Dong, general manager of Everbright Financial Management, pointed out at the Summer Summit of the China Wealth Management 50 Forum recently that the current second pillar of pension in my country has only 6% population coverage. The pressure is relatively high. If the account system of enterprise annuity and personal pension is opened, and it is connected to the information platform of the Ministry of Human Resources and Social Security, it will significantly increase the willingness of employers to participate.

Especially for corporate employers with flexible employment, they can use a relatively flexible contribution ratio to transfer pensions into their employees’ personal pension accounts, and at the same time enjoy the tax incentives of the two pillars, which will inject new “water sources” into the entire pension system.

　Taking into account stable income

　　Diverse product selection

　　Although the market is currently flooded with various financial investment products with the theme of pensions, such as bank wealth management, funds, and insurance, from the investment side, the problem of homogeneity of the assets invested by the products is prominent.

With the implementation of individual pension accounts, how various financial institutions can take advantage of their respective endowments and enrich the supply of pension financial products is a common issue faced by the entire asset management industry.

　　Taking the United States as an example, individuals have great autonomy in choosing pension financial products, and financial institutions will also provide products with rich investment portfolios.

The second pillar account represented by 401K can usually only invest in funds and cannot invest in stocks alone. Some companies will allow 401K accounts to invest in the company's stocks.

However, the investment scope of the third pillar account represented by IRA is much wider. Basically, stocks, bonds, funds and other financial products can be invested in, and the account owner can choose the investment portfolio by himself or hire an investment consultant to conduct the account. manage.

　　Chen Na believes that at present, my country has tried cross-financial product forms such as bank wealth management, funds, insurance, and savings deposits in the supply of pension financial products. It is recommended that relevant financial regulatory authorities issue corresponding policies and regulations for investment consulting services for personal pension accounts. , to break down barriers between product choices, for example, allowing financial institutions to provide comprehensive investment advisory services across products for individual pension accounts.

　　However, like two sides of the coin, although the individual pension system in the United States gives individuals greater product choices, the risks are often higher when there are more choices.

The amount of money in individual retirement accounts in the United States largely depends on the individual's ability to invest.

If U.S. stocks rise sharply, the size of U.S. pension accounts will rise, but once U.S. financial markets plummet, those accounts will suffer.

For example, at the beginning of the outbreak of the new crown epidemic in 2020, the US financial market fluctuated greatly, and the S&P 500 index fell to the lowest point of 2237.40. At that time, relevant data showed that the average balance of 401K accounts fell by 19%.

　　For the establishment of personal pension system in my country, how to take into account the stability of income and the diversity of product supply is an important aspect that needs to be explored.

Pan Dong said that from the company's practical experience in pension financing, in order to obtain sustainable and stable investment returns, several guiding principles have been formulated at the strategic level, including absolute return orientation and emphasis on risk management.

Classify assets at the tactical level, pursue low volatility of returns, seek flexible equity asset returns on the basis of guaranteeing absolute returns, and do a good job of taking profit and stop loss.

　　Young people should be early

　　Planning for retirement investment

　　With the accelerated aging of the population, early retirement planning is increasingly important for individuals.

Many experts have called for young people to plan their retirement funds in advance and develop healthy consumption and saving habits.

　　Zhang Shaobai, general manager of China Life Pension Insurance Guizhou Center, believes that the current national pension planning awareness is relatively lacking. Young people should plan pension wealth management in advance, and have the awareness of pension from the first salary.

　　"It is the young people who really need pensions in the future, not the wealthy old people." Zhang Shaobai said.

　　Cong Li, chief representative of Fidelity International Beijing Representative Office, said that young people in some developed countries have the awareness of making regular investment and savings for future retirement when they first entered the workplace. This is the result of long-term investor education.

　　Wang Lei (pseudonym), who works in an Internet company in California, told reporters that at the beginning of his career, he will deposit a certain percentage of his annual salary into his personal pension IRA account every year, and he has been investing continuously for nearly 10 years.

"I started working at the age of 25 with an annual salary of $50,000 in the first year, and since then I have deposited 10% of the first year salary (about $5,009) into my IRA account every year, and the current average annualized income is nearly 7%."

　　According to Wang Lei, the main driving force that attracted him to start investing in personal pension accounts at the beginning of his work came from the tax incentives such as deferred tax on the deposit interest, dividends and investment income income tax in the IRA account.

　　my country's personal pension account system also draws on the international experience of tax incentives. The "Opinions" clarifies that the upper limit for participants to pay personal pensions is 12,000 yuan per year. At the same time, the state formulates preferential tax policies to encourage qualified personnel to participate in personal pensions. pension system and receive personal pensions in accordance with regulations.

However, Pan Dong said that at present, the tax preferential coverage of personal pensions in my country is extremely limited, and some low-income groups cannot meet the standard of paying personal income tax.

Therefore, in addition to tax advantages, the personal pension system should be considered in an overall manner, and the support of supporting policies should be increased.

　　Wang Xiangnan, deputy director of the Insurance and Economic Development Research Center of the Chinese Academy of Social Sciences, suggested that more support should be given to low-income people, such as cash subsidies, when the payment amount of the participant's pension account reaches a certain percentage (such as 4%) of personal income. , the government gives a fixed amount of subsidies.