Securities Times reporter Yu Shipeng
Everything is ready, and the "actual combat" of personal pensions has started.
As of November 28, in addition to exclusive wealth management products, three types of exclusive personal pension products (hereinafter referred to as "three types of products"), including public funds, pension insurance, and specific pension savings, have been listed for sale.
In addition to the abundance of products, an urgent question arises - how to choose elderly care products?
Choose the one with the highest rate of return, or the one with the cheapest rate?
In fact, choosing the right one is the best answer.
Judging from what the reporter of the Securities Times learned, most investors' understanding of pension products basically stays at the level of "how high is the rate of return".
In fact, pension investment is a long-term process, which is related to the quality of life of old people in the future.
To measure the quality of pension products, we should not only look at the level of past investment returns, but also whether the pension products can provide sustainable and stable cash flow in a specific period in the future.
Although the future is uncertain, through product structure analysis and horizontal comparison, it is still possible to form a basic judgment on the "retirement quality" of related products, and to select products that are transparent, understandable, and easy to operate, and then improve Allocation efficiency of personal pension assets.
Pension FOF has the largest number
The average annualized return is about 7%
FOF (fund of funds) products have only been around for 5 years since their launch in 2017, and the time for pension FOF is even shorter.
Even so, in recent years, such products have remained unabated in the field of elderly care, and there is a tendency to catch up from behind.
Up to now, the first batch of personal pension investment funds has as many as 129, which is the largest number of personal pension products.
Specifically, the 129 funds are all created by adding Y shares to the stock pension FOF. Investors purchase Y-type fund shares through personal pension fund accounts to participate in the personal pension investment fund business.
According to the requirements of personal pension accounts, the relevant funds and assets of personal pension investment funds will be closed, and funds such as fund share purchase and redemption will be circulated in personal pension accounts.
The pension characteristics of FOF are reflected in the risk constraints on investment assets. There are generally two aspects: one is to set the target risk (also can be said to be the expected return), and dynamically allocate asset weights according to the risk level of various assets in the portfolio, so that The fund can achieve relatively stable performance in different environments; the second is to focus on a certain time point in the future to design the risk-return ratio of the fund portfolio.
For example, the information of a pension FOF product with a target date of 2040 shows that as the investor's life cycle continues and the target date approaches, the proportion of equity asset investment in the fund portfolio will gradually decrease, and the fund's investment style will change from "aggressive" to "aggressive". ” to “stable” and then to “conservative.”
In terms of classification, among the 129 personal pension funds, there are 50 funds with pension target dates, and 79 pension target risk funds.
Among the 79 pension target risk funds, there are 59 stable pension FOFs (0-30% of equity assets), 18 balanced pension FOFs (30%-60% of equity assets), and only 2 active pension FOFs.
According to Wind data, as of November 27, the scale of pension FOF funds in the whole market is about 200 billion yuan.
From the perspective of the past three years, among the 37 target risk FOFs with performance data, 36 have achieved positive returns, with an average annualized rate of return of about 5%, and the highest rate of return is close to 9%; 41 target dates with performance data All FOFs have achieved positive returns, with an average annualized rate of return of about 7%, the highest rate of return exceeding 13%, and the lowest rate of more than 1.5%.
The pension insurance structure is the most complex
Guaranteed income up to 3%
Compared with pension FOF, the rate of return of pension insurance is slightly lower, but it has guaranteed income and non-investment guarantee funds, and its competitiveness is also more prominent.
Pension insurance is the product with the most complicated structure among the four types of pension products. The first batch of 7 individual pension insurance products are all exclusive commercial pension insurance products, mainly endowment insurance, especially annuity insurance.
The so-called annuity insurance refers to an insurance product in which the policyholder pays a certain premium regularly in advance and receives a refund at a later time. It is a classic insurance product that is partial to investment and has some protection functions.
In terms of investment, this type of product follows the "guaranteed + floating" model, that is, two types of investment portfolios, "stable" and "aggressive", are set up under the master account, and investors can choose the capital ratio of the two types of portfolios.
When selecting products, the guaranteed interest rate and the actual settlement interest rate are the key objects of attention.
Among them, the guaranteed interest rate is the minimum guaranteed income level written into the insurance contract (reflecting the actuarial model pricing ability of each insurance company), and the actual settlement interest rate is the realized investment return rate (reflecting the investment ability of each insurance company).
Among the 7 products, Taiping Shengshi Fuxiang Jinsheng has the highest guaranteed interest rate. The guaranteed interest rate of the "stable" portfolio of this product reaches 3%, and the guaranteed interest rate of the "aggressive" portfolio is 0.55%; followed by PICC Life Insurance Fushou Niannian , the "stable" portfolio and the "aggressive" portfolio guarantee interest rates are 3% and 0.5% respectively; 0%.
In addition, 4 of the 7 products have been in operation for more than one year, and their actual settlement interest rates in 2021 have also exceeded their respective guaranteed interest rates.
For example, the actual settlement interest rates of Taikang Zhenxiang's "stable" portfolio and "aggressive" portfolio in 2021 are 6% and 6.1% respectively; , 5.3%; the actual settlement rates of the two combinations of China Life Xinxiangbao are 4% and 5% respectively.
In addition to intuitive investment returns, the above products also provide corresponding guarantee funds for specific scenarios, such as China Life Xinxiangbao, PICC Life Insurance Fushou Niannian has disability care insurance, Taiping Life Suisui Jinsheng provides total disability insurance, Taiping Shengshi Fuxiang Jinsheng provides disability care and disability insurance.
But on the other hand, these products also have thresholds such as insurance requirements (such as China Life Xinxiangbao requires the insured to be in good health) and receipt conditions (such as receipt before the age of 60, but you can choose to receive for life or for a fixed period) and other thresholds constraint.
Specific retirement savings for a broad audience
Annualized interest rate up to 4%
Compared with the above two types of products, specific pension savings and pension wealth management products have a simple structure, anchored at the risk-free interest rate, and with banks and bank wealth management subsidiaries as issuers, these products have the widest coverage among the four types of pension products. audience base.
According to the "Notice on Launching Specific Pension Savings Pilot Work" issued in July this year, the four major banks of Industry, Agriculture, China, and Construction have carried out specific pension savings pilots in Guangzhou, Qingdao, Hefei, Xi'an, and Chengdu. The total scale of the bank's specific pension savings business is limited to 10 billion yuan, and the deposit principal limit of depositors' specific pension savings products in a single pilot bank is 500,000 yuan.
A reporter from the Securities Times was informed that since late November, relevant banks have issued specific pension savings products.
Judging from the relevant information, this type of product includes three types of lump sum deposit and withdrawal, zero deposit and lump sum withdrawal, and lump sum deposit and zero withdrawal, covering four periods of 5 years, 10 years, 15 years, and 20 years.
From the perspective of deposit yield, the interest rate of related products has increased compared with the risk-free interest rate.
For example, the annual interest rate of a bank's current 5-year lump sum deposit and withdrawal is 2.65%, and the annual interest rate of the 5-year specific retirement savings product issued by the bank is 4% in Guangzhou, Xi'an, and Chengdu. The annual interest rate for lump-sum deposit and withdrawal products in Hefei and Qingdao is 3.5%.
In addition, as an exclusive pension product, this type of product has age restrictions on investors, such as 35 years old to handle, and 55 years old to handle maturity withdrawals.
In addition, according to the arrangement of the China Banking and Insurance Regulatory Commission, personal pension wealth management products include pension wealth management products, as well as other wealth management products with stable investment styles, mature investment strategies, and sound operation compliance, which are suitable for long-term investment or liquidity management needs of personal pensions.
The China Banking and Insurance Regulatory Commission has announced that 11 institutions including ICBC Wealth Management have been approved to start personal pension business. Although the list of wealth management products exclusive to personal pensions has not been released, the operation of existing general pension wealth management products can be used as an investment reference.
According to the statistics of Puyi Standard, as of November 9, 2022, 10 wealth management institutions have issued a total of 49 pension wealth management products (excluding sub-shares). The total initial fundraising scale of the products is as high as 94.901 billion yuan.
In terms of income, the average annualized rate of return of all pension wealth management products in the third quarter of 2022 is 4.48%.
However, due to the stock market volatility since the fourth quarter, as of now, the average annualized rate of return of pension wealth management products in the fourth quarter has dropped to about 2.55%.
Pension investment is extraordinary
Personal risk appetite is key
In a nutshell, the three types of products have their own characteristics and are the main force to enrich the supply of the personal pension market.
Specifically, pension FOF investment income is the most significant, and the average annualized return rate of 7% also confirms the leading edge of public funds in market investment research; although the investment return rate of pension insurance is only about 4% to 5%. , but in the context of the continued decline in risk-free interest rates and the sharp fluctuations in the equity market, it can be regarded as a very good return.
Moreover, insurance funds are naturally stable, and are closer to pension demands.
Superimposing non-investment functions such as death compensation and disability care, the pension function of insurance products will appear more comprehensive; specific pension savings and pension wealth management products that anchor risk-free interest rates, although they do not have obvious profit advantages, but their product structure Simple and clear, with a broad audience base, it can better attract the attention of groups who lack basic financial knowledge and have concentrated elderly care demands.
It should be pointed out that although the investment rate of return is an important dimension for choosing pension products, the volatility risk behind the rate of return cannot be ignored.
The principle of risk-return ratio is still effective in pension investment, and the choice of pension products should still be based on personal risk preference as the first starting point.
Pension investment is different from general investment. What it pursues is not high returns, but stable and sustainable returns.
From the perspective of the life cycle, the ability of social people to generate income is strongest in middle age and prime age, but as people grow older and their ability to generate income declines, the level of human consumption expenditure may not necessarily decline. situation increases.
Therefore, social people's retirement appeal is not the current short-term investment return, but a reasonable inter-temporal mismatch of funds in the early stage, so that they can obtain sustainable and stable cash flow after retirement in the future.
Therefore, the standard for measuring the pros and cons of various pension products is actually the overall efficiency of the pension products in handling the intertemporal allocation of funds.
This efficiency is not only reflected in the rate of return, but also in the essential "time dimension". The product even extends the storage dimension to 20 years.
Recently, some investors expressed their confusion to a reporter from the Securities Times—these pension products are not new products and can be bought on the market, so why buy them through personal pension accounts?
In fact, the establishment of an exclusive personal pension account is, firstly, to conduct necessary closed management of funds, and secondly, to provide exclusive tax benefits, which is equivalent to a discount compensation for personal closed funds.
For example, in the payment link, according to relevant regulations, the personal pension account has a tax preference of 12,000 yuan per year.
In other words, 12,000 yuan of income per year can be exempted from tax.