Securities Times reporter Zhan Chen

　　On November 4, the pension system, which is closely related to everyone, ushered in major progress.

The five ministries and commissions jointly issued the "Implementation Measures for Individual Pensions" (hereinafter referred to as the "Implementation Measures"). "Interim Provisions") was officially released for implementation.

The "Implementation Measures" and the "Interim Regulations" clarify the specific regulations on the operation process of personal pensions, tax collection and management requirements, and investment in public fund business, marking the official landing of personal pension investment in public offerings.

　　A number of public offering institutions commented that the development and improvement of the personal pension system will, on the one hand, help cope with the pressure of an aging population and supplement long-term and stable pension funds, and on the other hand, will benefit the long-term healthy development of the capital market.

　　Private pension investment public offering

　　The "Interim Regulations" are related to the pension funds of 1.4 billion people, and mainly specify the following three aspects: First, clarify the general principles and basic requirements for fund managers and fund sales agencies to carry out personal pension investment fund business; Second, Clarify the standard requirements for fund products that individual pension funds can invest in, and stipulate the investment management and risk management responsibilities of fund managers; third, clarify the requirements for the business development conditions of fund sales agencies, and provide information reminders, account services, and publicity for fund sales agencies. The responsibilities of promotion, suitability management, investor education, etc. shall be stipulated.

　　Regarding the types of investable funds, the "Interim Regulations" pointed out that in the first year of trial implementation, priority should be given to including pension target funds with a scale of no less than 50 million yuan in the past four quarters or a scale of no less than 200 million yuan at the end of the previous quarter.

After it is fully rolled out, it will gradually include stock funds, hybrid funds, bond funds, FOF and other funds stipulated by the China Securities Regulatory Commission with stable investment styles, clear investment strategies, sound operation and compliance and suitable for long-term investment of personal pensions. The SFC is determined and published quarterly.

　　In terms of preferential rates, the fund shares invested in individual pension accounts shall not be charged sales service fees, sales fees such as subscription restrictions and subscription fees can be exempted, and certain rate concessions shall be implemented for management fees and custody fees.

HFT Fund said that there are two ways to enjoy tax deductions, which will greatly facilitate participants to purchase personal pensions.

The first method is withholding and prepayment in the current year, which is similar to the previous pilots of individual tax-deferred commercial endowment insurance in Shanghai, Fujian and other places. Participants provide relevant vouchers to the withholding unit; For income from labor service remunerations that have been prepaid for individual income tax, the payment can be deducted within the limit according to the actual withholding and prepayment in the current year or in the final settlement of the following year.

　　It is worth mentioning that the regulator will implement directory management of individual pension funds and fund sales institutions, update them on the official website, fund industry platform, information platform, etc. at the end of each quarter, and will remove products or institutions that do not meet the regulations from time to time.

GF Fund believes that this move reflects the real-time and continuous supervision mechanism of the regulators for personal pension products, and plays an escort role in continuously ensuring the pension investment needs of the majority of investors.

　　China Europe Fund stated that the "Interim Regulations" comprehensively and clearly explained the principle of "investor interests first", "asset security, operational stability, long-term investment and service convenience" in the future fund industry in the personal pension investment fund business. ” and other basic requirements and business development rules for various businesses are the general action plan for the fund industry to develop personal pension investment fund business in the future, which will help fund managers in investment strategy formulation, product layout, portfolio operation management, customer service, etc. In the process, we follow corresponding norms and provide high-quality funds and services for personal pension business.

As one of the important components of the asset management industry, public funds should give full play to their endowments in long-term investment and professional advisory services, and actively shoulder the historical responsibility in the personal pension business.

　　Increase the replacement rate of residents' pensions

　　Harvest Fund stated that the continuous introduction of relevant systems and regulations around the third pillar of personal pensions has put forward higher standards and requirements for promoting and regulating personal pension investment, especially for public funds to do a good job in pension investment management and related services. The development of personal pension in my country is of great significance.

At the same time, personal pensions are long-term, so the gradual implementation of relevant supporting systems will have a positive effect on further guiding long-term funds into the market.

　　The old-age security system in modern society is mainly composed of three pillars: the national basic old-age plan, the employer's supplementary old-age plan, and the individual supplementary old-age plan.

The scope of individual pension participants includes "workers participating in the basic pension insurance for urban employees or basic pension insurance for urban and rural residents within China", covering a population of 1.05 billion.

According to the prediction of the number of individual pension participants, the annual payment amount per capita, and the annual value-added rate, the cumulative amount of individual pension in the next 10 years will reach 1 trillion to 3 trillion yuan.

Personal pension will increase the source of residents' pension income, become a long-term stable and new fund of a certain scale in my country's pension security system, and improve the pension replacement rate.

　　The basic features of the personal pension system are state tax support, individual voluntary participation, and market-oriented operation.

Individual pension participants can enjoy the preferential tax deferral of individual income tax. No tax is temporarily levied during the payment and investment stages. During the collection stage, individual pension income is levied at the lowest tax rate of 3%.

In addition, the implementation time of the tax deferral policy is January 1, 2022, which is consistent with the implementation of the personal pension system to ensure that participants can pay the 2022 personal pension within this year and enjoy preferential tax policies.

　　China Universal Fund said that accelerating the development of personal pensions is not only a national plan to actively respond to the aging of the population, improve the level of national pension benefits, and benefit the lives of hundreds of millions of people, but also optimize the structure of the capital market and promote the sustainable and healthy development of my country's economy. important help.

As the core policy document of my country's personal pension system, the release of the "Implementation Measures" has laid a substantial policy cornerstone for the development of my country's personal pension system and has become another milestone in the history of my country's pension development.

　　Capital market ushered in new "long money"

　　At a critical point in my country's economic transformation and upgrading, the business of personal pension investment in public funds will become a new type of long-term and stable source of funds for the direct financing system in the capital market, which is conducive to serving the national innovation-driven strategy and better serving the development of the real economy. An interactive mechanism conducive to the healthy development of pensions and capital markets.

　　Lin Guohuai, director of the FOF Investment and Engineering Department of Industrial Securities Global Fund, believes that from the perspective of making money, pension funds have long-term attributes, which solves a pain point that has plagued the fund industry for a long time. People's profit experience is poor.

The pension-targeted FOF products have the opportunity to make Jimin truly appreciate the charm of long-term investment and the value of professional investment, and obtain tangible returns from it.

　　Lu Jingchang of Huaan Fund said that as one of the representative products of the third pillar, the Pension Target Fund (FOF) will help China's pension security system in three ways: First, it will ease the pressure on the first pillar and promote the construction of a multi-level pension system.

At present, the trend of population aging in my country is irreversible, and it will gradually become the country with the largest aging population and the fastest aging speed in the world.

The first pillar of my country's pensions is responsible for the main pension responsibility, and the construction of a multi-level pension security system has a long way to go; the second is to promote the transformation and upgrading of residents' wealth structure.

In my country, some residents have not yet formed the concept of retirement savings and retirement investment. The family financial asset structure relies on bank deposits, stocks or real estate. The emergence of pension target funds is expected to promote the transformation of family financial management models. The third is to promote the development of the financial industry for the elderly.

Aging finance will be the core engine of China's elderly care industry, and China will also become the world's largest elderly care financial market in the future.

　　While personal pensions bring development opportunities to the fund industry, they also put forward high-quality development requirements for the fund industry.

China Europe Fund believes that fund managers should do at least two things: First, personal pension investment is large and has a long investment cycle, which is related to the well-being of the people.

Fund companies need to establish a long-term fundamental investment concept and form a process-oriented, scientific and professional large-capital investment management system, so as to ensure the investment ability to continuously and stably export the personal pension business.

In addition, as a "manufacturer" in the asset management ecosystem, fund companies need to do a good job in product supply and provide investors with a wealth of optional products to meet individualized pension investment needs.

Second, fund companies also need to pay attention to investors' profit experience.

In this link, fund companies need to collaborate with investment consultants, channels, and media to provide investors with investment consultants and accompanying services, and fundamentally improve the return on investment that investors can obtain by improving the adaptability of supply and demand. Realize the goal of increasing residents' property income and promoting common prosperity.