Intensive release of supporting rules for the third pillar of personal pensions
Personal pension investment public fund business officially launched
□ Our reporter Zhou Fenmian
After basic endowment insurance, enterprise or occupational annuities constitute the first and second pillars of my country's endowment insurance, the third-pillar endowment insurance system formed by voluntary investment of individual pensions in financial products has now gradually moved from system construction to implementation. .
On April 8 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"), clarifying that individual pensioners can choose to purchase financial products that meet the regulations, and form a top-level design for the development of individual pensions. .
According to the "Opinions", on June 24, the China Securities Regulatory Commission announced the "Interim Provisions on the Management of the Public Offering of Securities Investment Funds for Individual Pension Investment (Draft for Comment)" (hereinafter referred to as the "Interim Provisions"). The "Interim Regulations" will be released on November 4, and it will come into force on the date of announcement.
Adhere to the principle of sound safety
Personal pension investment in public funds, should first find out who can participate in this investment.
On November 4, the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Administration of Taxation, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission jointly issued the "Implementation Measures for Individual Pensions" (hereinafter referred to as the "Implementation Measures").
Liu Xiaoyu, a senior partner at Bank of China Law Firm, said that the "Implementation Measures" stipulate that the participants of individual pensions should be workers who have participated in the basic pension insurance for urban employees or the basic pension insurance for urban and rural residents in China.
A professor of economic law at Northwest University of Political Science and Law strongly analyzed that those who participate in personal pension investment are workers with basic pension insurance in my country, that is, those who enjoy the first and second pillars of pension insurance. As of the end of 2021, the number of participants has exceeded 1.03 billion people.
Moreover, to participate in personal pension investment, the principle of voluntary.
Those who participate in personal pension investment enjoy various tax incentives in the purchase link and the redemption link, and the investment products are closed.
The "Interim Provisions" consists of 7 chapters and 35 articles.
Including general rules, basic requirements, product management, sales management, fund industry platform, supervision and management and supplementary regulations.
The "Interim Regulations" require that fund managers, fund custodians, fund sales agencies, etc. to carry out personal pension investment fund business shall adhere to the principle of giving priority to the interests of investors, and implement asset security, operational stability, long-term investment, and convenient service. Basic requirements such as sex.
Specifically, fund managers and fund sales agencies are required to establish a long-term assessment mechanism, and the assessment cycle for individual pension investment fund business product performance and personnel performance shall not be shorter than 5 years.
Fund evaluation agencies shall adhere to the principle of long-term evaluation, the performance evaluation period shall not be shorter than 5 years, shall not use a single indicator for ranking or evaluation, and shall not conduct short-term income and scale rankings.
The "Interim Regulations" put forward high standards and strict requirements for the main body of participating institutions.
Fund managers, fund custodians, and fund sales agencies are required to be equipped with professional teams, targeted and improved internal control and risk management mechanisms, to ensure closed-loop operation of funds, safe and independent assets, and to implement long-term assessment and long-term evaluation requirements.
Consolidate the responsibilities of each agency in each business link.
Pension target fund first
According to the provisions of the "Interim Measures", the types of fund products for personal pension investment include: pension target funds with a scale of not less than 50 million yuan at the end of the last 4 quarters or a scale of not less than 200 million yuan at the end of the previous quarter; stable investment styles, Equity funds, mixed funds, bond funds, funds within funds, and other funds specified by the CSRC with clear investment strategies, sound operation compliance and suitable for long-term personal pension investment.
The relevant person in charge of the CSRC said that the CSRC will carefully determine the participating institutions and products.
In terms of fund products, in the trial stage of the personal pension system, the eligible pension target funds are given priority.
In the follow-up, the experience will be summed up in a timely manner, and other funds suitable for the long-term investment needs of personal pensions will be gradually incorporated in a timely manner.
Liu Xiaoyu said that the concept of pension target funds originated from the "Guidelines for Pension Target Securities Investment Funds (Trial)" (hereinafter referred to as the "Guidelines") issued by the China Securities Regulatory Commission in February 2018.
The Guidelines clearly point out that pension target funds refer to publicly offered securities investment funds that aim to pursue long-term stable appreciation of pension assets, encourage investors to hold for a long time, adopt mature asset allocation strategies, and reasonably control the risk of portfolio fluctuations.
Su Bo, managing partner of Beijing Guantao Zhongmao Law Firm, said that the Guidelines encourage public fund companies that meet certain conditions to apply for raising pension target funds. The conditions include: the company has been established for two years; the corporate governance is sound and stable; the company has Strong asset management capabilities, with clear fund styles and stable performance. The average public fund management scale in the past three years is more than 20 billion yuan, or the funds under management have relatively low performance volatility and large scale; the company has strong investment, Research capabilities, and operational compliance and robustness.
After the release of the "Interim Regulations", the entry threshold for pension target funds has been adjusted from "the scale at the end of the last 4 quarters is not less than 50 million yuan" in the draft stage to "the scale at the end of the last 4 quarters is not less than 50 million yuan" Or a pension target fund with a scale of not less than 200 million yuan at the end of the previous quarter.
According to Liu Xiaoyu, as of the end of the third quarter of 2022, there are 116 pension target fund products that meet the "end of the last four quarters of not less than 50 million yuan", and meet the requirements of "the end of the last quarter is not less than 200 million yuan". There are 97. After removing the duplicate products, a total of 142 pension target funds meet the scale threshold, with a total scale of 92.7 billion yuan.
The above-mentioned "standard" pension target funds are distributed in a total of 46 fund companies, and 9 companies have 5 or more products.
Among them, China Asset Management has the largest number, with 9; China Universal Fund and China Southern Asset Management have 8, respectively, and Harvest Fund and E Fund have 7.
On the same day that the CSRC issued the "Interim Regulations", that is, on November 4, 15 pension target FOFs (funds of funds) were collectively approved.
The "Interim Regulations" also clarified that the protection of investors' rights and interests should be strengthened, and investor suitability management should be implemented; industry platform management should be implemented, and supervision and coordination with relevant ministries and commissions should be strengthened.
Continuous supervision of wealth management products
According to the "Opinions", individual pensions can also purchase qualified savings deposits, wealth management products, and commercial endowment insurance.
On November 4, the China Banking and Insurance Regulatory Commission also issued the "Interim Measures for the Administration of Personal Pension Business of Commercial Banks and Wealth Management Companies (Draft for Comment)" (hereinafter referred to as the "Draft for Comment") to solicit public opinions.
The "Draft for Comments" is also an important measure taken by the Party Central Committee and the State Council to regulate the development of the third pillar pension insurance policy and deployment.
The relevant person in charge of the China Banking and Insurance Regulatory Commission said that in the next step, the China Banking and Insurance Regulatory Commission will, in accordance with the regulations, comprehensively consider the main prudential supervision indicators of commercial banks and wealth management companies and other factors to determine the list of the first batch of institutions to open personal pension business, so as to effectively meet the diversified pension needs of the people. Help the healthy development of the third pillar pension insurance system.
The "Draft for Comments" consists of 6 chapters and 62 articles, and the main contents include: general provisions, personal pension business of commercial banks, personal pension business of wealth management companies, information reporting, supervision and management, and supplementary provisions.
The "Draft for Comments" clarifies that list-based management and continuous supervision of commercial banks, wealth management companies and wealth management products will be implemented.
It is worth noting that the "Implementation Measures" make specific provisions on the individual pension participation process, capital account management, institution and product management, information disclosure, supervision and management, etc.
It is clarified that participants participating in individual pensions should open individual pension accounts on the information platform through the national unified online service portal such as the national social insurance public service platform, the national human resources and social security government service platform, and then open an individual pension account on the information platform. Commercial banks open the only personal pension fund account.
These regulations all mean that from the promulgation of the "Opinions", the CSRC can take the lead in starting the development journey of personal pension investment in public funds.