Author: Cao Lu

  As an important part of the third pillar of the pension business, every key node in the promotion process of the personal pension business has attracted market attention.

  On November 28, the Y share of the personal pension fund was opened for subscription and fixed fixed investment business. Investors can open personal pension accounts and subscribe for pension target funds through various agency sales and direct sales agencies.

This means that the personal pension business of public funds has officially entered the substantive operation stage.

  Personal pension fund Y share refers to a type of fund share separately established by existing target pension funds for the personal pension investment fund business.

Investors will purchase Class Y fund shares through personal pension fund accounts and participate in the personal pension investment fund business.

  Interviewees in the industry believe that the launch of the personal pension system has officially sounded the clarion call for the development of the third pillar, which means that the personal pension system that has been in preparation for many years has finally been implemented, and it will make up for the end of my country's multi-level and multi-pillar pension insurance system. A piece of the jigsaw puzzle is a milestone in the development and improvement of my country's multi-level and multi-pillar endowment insurance system.

Personal pension investment funds have entered the practical stage

  On November 25, the list of leading cities for the personal pension system was officially announced. In Beijing, Shanghai, Guangzhou and other 36 share cities or regions, the national social insurance public service platform, the national human social security government service platform, and the electronic social security card "Handheld 12333APP" " and other national unified online service portals, or channels such as commercial banks to establish personal pension accounts, and open personal pension fund accounts through commercial banks.

After the two accounts are opened, you can pay to the fund account and purchase personal pension products.

  As soon as the news came out, the major institutions took action upon hearing the news.

The reporter noticed that China Construction Bank, China Merchants Bank and other first-listed banks for personal pension accounts have launched the account opening function of personal pension fund accounts, and some bank staff sent "guidelines for opening personal pension accounts" to customers; At the same time, GF Securities and many other securities companies have also launched a personal pension investment fund business area.

  "At present, the personal pension investment fund business area has been launched." A related person from GF Securities told reporters that after investors enter the personal pension investment fund business area, they will verify whether the customer has opened a personal pension account. And if there is a corresponding asset, it will display the details of the customer's assets, including the total amount, the amount of income, the rate of return, the product held, the transaction record, etc.

  If the investor has not opened an account, it is the first time to enter this page, and the investor education information will pop up to introduce the relevant personal pension system and the opening method to the customer.

This special area will display the full amount of personal pension funds sold by the company as an agency, and support investors to freely choose subscription and fixed investment.

  According to the reporter's understanding, many investors have already opened relevant accounts and deposited the first funds.

  In terms of public offering funds, dozens of fund companies such as Bank of Communications Schroeder Fund, GF Fund, Southern Fund, and Great Wall Fund have successively issued announcements stating that their personal pension funds will be launched on the direct sales platforms of major fund companies and on November 28. On the consignment sales platform, individual pension investors can start to handle the subscription of Y shares, regular fixed investment, conversion and transfer-in and other businesses.

  However, some fund companies are one step ahead.

According to China Merchants Fund's announcement, the company's first batch of personal pension fund Y shares has opened the application and redemption business on November 25.

"Friday (25th) some investors have already bought (pension fund Y share product)." A channel source told reporters.

  Why are various institutions able to announce the launch as soon as the business opens?

The reporter learned from a number of shortlisted fund companies and brokerage companies that after the publication of the list of personal pension funds, the brokerage companies and fund companies that cooperated with each other conducted in-depth research and analysis in terms of investment education promotion, product quality, and system research and development. And make full preparations for business landing.

  "We have already made preparations for the launch of the personal pension fund business. Everything is ready, and we can announce the launch as soon as the 'order' is issued." Before the Ministry of Human Resources and Social Security announced the launch of the personal pension system, Insiders of fund companies and securities companies told reporters.

  At present, many fund companies have launched related products on direct sales platforms and related agency sales platforms.

  For example, Dacheng Fund listed 18 sales agencies of Y-type fund shares in the announcement, including 9 banks including China CITIC Bank and China Guangfa Bank, 2 brokerages including Guotai Junan and Huatai Securities, and Teng’an Fund, Xueqiu, 7 sales platforms including Flush, Kenterui, and Yingmi.

  A person from Great Wall Fund also told the reporter, “The Y share of the company’s pension target fund has been distributed in 18 banks and brokerages including China Construction Bank, Bank of Communications, China Everbright Bank, Ping An Bank, Galaxy Securities, Guotai Junan, Tiantian Fund, Ant Fund, etc. and third-party channels will be launched, and more sales channels will be covered in the future.”

  In addition, Bosera Fund also stated that the company has completed the launch of the "Pension Zone" on its direct sales platform Bosera Fund APP and the personal version of the online trading system, which can support pension calculation, pension fund account binding, pension fund subscription, redemption, query, product and information display.

  On the other hand, some fund companies have used practical actions to help implement the system.

"The company has taken the lead in handling the opening of personal pension accounts and personal pension fund accounts in batches for all employees at the Bank of Communications, and realized the activation of capital accounts, fund deposits, and the addition of Y-share personal pension fund products under the investment company on the same day. Process work." Bank of Communications Schroeder Fund said.

  "The official landing of the personal pension business marks the improvement of my country's multi-level and multi-pillar pension insurance system. For the new opportunities brought by the large asset management industry, the public offering fund industry will also be full of confidence, seize opportunities, temper capabilities, and actively prepare for business development.

  "Top and large-scale public offering funds will have a first-mover advantage in the field of pension finance." A brokerage industry analyst told reporters that the development of personal pensions will be two-way empowered by the capital market, and the future development space is broad and predictable. What is surprising is that competition in the field of pension finance will be fierce, and public funds, commercial banks, wealth management companies, and insurance institutions will each show their talents.

 How do investors choose?

  The first batch of Y shares of personal pension funds was officially launched, which means that the personal pension business of public funds has officially entered the practical stage.

So, what fund products are there to choose from, and how should investors choose the pension products that suit them?

  Judging from the list of the first batch of personal pension funds, there are 129 pension target FOF products under 40 fund companies, including 50 pension target date funds and 79 pension target risk funds.

Judging from the products that have been included, it includes not only the stable, balanced, and active target risk strategies, but also products that provide investors with life-cycle pension solutions with target date strategies.

  "First of all, we must clarify our personal pension account goals." As the first batch of personal pension fund sales agencies, Guosen Securities told reporters that they should evaluate their risk tolerance, investment and financial needs, and choose products with corresponding target dates or risk levels .

Secondly, when choosing a fund company with strong overall strength, you can focus on the investment research strength, management experience, long-term performance and other dimensions of the fund company.

  Guosen Securities further stated, “The management of personal pensions is a long-term matter, and investment requires the coexistence of professionalism and rationality. Many individual investors do not have investment-related backgrounds and skills, and they may not have time to take care of their busy work and life. Institutions not only play the role of a sales platform, but also play an important role in wealth management services and full support here.”

  From a product point of view, Huashang Fund believes that if you have a clearer risk preference for yourself, pension target risk funds are a good choice. Investors can choose different risk levels (usually with different equity assets) according to their risk tolerance. center) fund.

  Pension target date funds are suitable for people who are uncertain about their risk preferences or do not want to take the initiative to adjust their risk preferences.

This type of fund allocates large categories of assets according to the glide curve, and gradually reduces the overall risk-return level of the fund as the target date approaches.

  "Generally speaking, when investors are young and middle-aged, their income grows faster, and there are more human capital with stronger fixed-income attributes. At this time, there are fewer pension assets, and investors have a higher tolerance for risky assets such as equity. Increase the allocation ratio of pension assets to risk assets." Huashang Fund believes that as the retirement date approaches, the growth rate of investors' income gradually declines, and the risk appetite accelerates. At this time, financial assets are also accumulated. investment strategy and reduce the allocation ratio of risky assets.

  As a fund share category that is only open to individual pension customers, in order to reduce investors’ personal pension investment costs, most of the Y-type fund shares enjoy a 50% discount on management fees and custody fees compared with the original fund shares.

"This can actually increase the after-fee income of investors. It may not be obvious in the short term, but it may accumulate considerable returns under the compound interest effect in the medium and long term." Sun Zhiyuan, general manager of the asset allocation department of Huashang Fund, said in an interview.

  Relevant people from Harvest Fund also believe that, on the one hand, this is one of the specific measures for public funds to better benefit investors. It is to further strengthen the inclusiveness of public funds in serving personal pensions while serving residents’ pension investment needs; On the one hand, discounting the rate can directly and effectively reduce the investment cost of investors participating in personal pension funds and optimize the investment experience.

  Up to now, the first batch of financial institutions to start personal pension business include 6 large state-owned commercial banks, 12 joint-stock banks, 5 city commercial banks, 11 wealth management companies, 14 securities companies, 7 independent fund sales agencies and 6 insurance company etc.

  There are "guidelines" to follow in the development of service personal pensions

  The reporter noticed that on the same day when the personal pension system was announced, the China Asset Management Association also issued the "Action Outline for the High-Quality Development of the Public Fund Industry Serving Personal Pensions" (hereinafter referred to as the "Outline") to guide the public fund industry to take the initiative and keep integrity Innovate and actively serve the high-quality development of personal pensions in my country.

  The content of the action outline mainly revolves around five aspects: first, improve political standing and fully understand the great significance of serving the pension security cause; second, take the people as the center and earnestly fulfill the duties and missions of the public offering fund industry; third, persevere in improving professional capabilities, To meet the long-term investment needs of pensions; fourth, continuously enrich the product supply to adapt to the diversified allocation of pensions; fifth, continue to optimize customer service and companionship, and guide the formation of scientific concepts of pension financial management.

  "Pensions are related to the well-being of the whole people. They are not only the livelihood of the common people, but also an important regulator to promote common prosperity." Regarding the release of the "Outline", Southern Asset Management stated that for the promotion of high-quality development of public funds serving individual pensions, It is of great significance to realize the common prosperity of the whole society, to rely on and provide for the elderly.

  GF Fund believes that at the critical moment when the public offering fund industry is making all-round preparations for serving personal pensions, the Association issued the "Outline", which proposed the starting point and focus of the high-quality development of the public offering fund industry serving personal pensions from five aspects and key points.

  "The "Outline" has pointed out the direction and put forward requirements for the high-quality development of individual pension services for the whole industry. It is conducive to promoting the industry to practice the people-centered development idea, based on the background of common prosperity, and giving full play to long-term investment management. With its professional advantages, it will earnestly shoulder the responsibility and mission of serving the development of individual pension funds.” GF Fund said.

  Relevant persons from Harvest Fund told reporters that the "Action Outline" further clarified the responsibilities, missions, and capability requirements of public offering funds and participating in the construction of personal pensions. Investment needs put forward clearer guidelines.

  Harvest Fund further analyzed, “The introduction of personal pensions is an inevitable development of the times. Against the background of aging, longevity, and continued decline in pension replacement rates, when personal pensions come to 'knock on the door', individual investors In other words, we should base ourselves on the present and plan ahead for a better retirement life in the future.”