Insurance, funds and banks have laid out pension finance one after another. What impact will it have on the people？
Xinhua News Agency, Beijing, November 10th Question: Insurance, funds and banks have laid out pension finance one after another. What impact will it have on the people?
Xinhua News Agency "Xinhua Viewpoint" reporters Tan Xiaoxiao, Zhang Qian Qian, Wang Shujuan and Liu Hui
Recently, pension financial products represented by pension financing have become a hot spot of social concern. In September, China Banking and Insurance Regulatory Commission selected "four institutions in four places" for the pilot project. A spokesman for China Banking and Insurance Regulatory Commission recently revealed that the pilot product of pension financing may meet with consumers in November. In addition to banks, insurance, funds, etc. have also been laid out, and diversified pension financial products have been launched.
China’s endowment insurance system includes three pillars — — Basic pension insurance, enterprise annuity, occupational annuity, personal pension system and market-oriented personal commercial pension financial business. As a strong support of the third pillar of pension insurance, the demand for pension finance is huge, and the market potential cannot be ignored. What impact will its reform and exploration bring to the people’s pension?
The continuous layout of pension finance and the improvement of security level need to be exerted urgently.
The results of the seventh national census show that the population aged 60 and over in China is 264 million. It is estimated that this figure will exceed 300 million during the 14 th Five-Year Plan period. China will enter the stage of moderate aging from mild aging.
The important question of providing for the aged is where does the money come from? Experts said that the basic old-age insurance as the first pillar is mainly to protect the basic needs of retirement; The enterprise annuity in the second pillar is only provided by some enterprises, and the level of protection should be improved; The third pillar of pension financial products needs urgent efforts.
In recent years, the fund industry and the insurance industry have successively launched some pension financial products, and the pension financial products from the banking industry are "on the way".
Pension target fund is one of the "stewards" of ordinary people’s pension money. As early as 2018, the first batch of pension target funds were approved for issuance. At present, the pension target funds on sale in the market can be divided into two categories: target date type, which aims at the retirement date of investors and allocates investment according to the risk tolerance of different life stages; Target risk type, that is, the allocation ratio of equity assets and non-equity assets is set according to specific risk preference.
The insurance industry is also actively deployed. China Banking and Insurance Regulatory Commission has decided to launch a pilot program of exclusive commercial endowment insurance in Zhejiang Province (including Ningbo City) and Chongqing City from June 1st this year. "Exclusive commercial pension insurance products belong to personal pension annuity insurance products, which are managed by account and divided into two stages: accumulation period and collection period." The person in charge of the relevant departments in China Banking and Insurance Regulatory Commission said that during the accumulation period, the income model of "guarantee+floating" should be adopted, and insurance companies should provide consumers with more than one investment portfolio with different risk preferences.
In other words, the insurance company will set a guaranteed interest rate to ensure the basic income. If the actual investment income of the insurance company is high, then the "floating" part can be reflected. Consumers can only receive pensions when they reach the age of 60, and the receiving period is not less than 10 years. Of course, consumers can also choose to receive it for life until they die, but the premium paid will be different.
"Online insurance and payment are flexible, and the investment income of insurance companies can be shared during the accumulation period, which is in line with the need to invest in advance and protect the future pension life." Ms. Fan from a well-known foreign company said when insuring exclusive commercial endowment insurance products.
In September this year, the pilot of banking pension financial products came into being. China Banking and Insurance Regulatory Commission chose "four institutions in four places" to carry out the pilot project, namely, ICBC Wealth Management in Wuhan and Chengdu, CCB Wealth Management and CMB Wealth Management in Shenzhen, and Everbright Wealth Management in Qingdao. At the press conference of the State Council Office held a few days ago, Wang Chaodi, a spokesperson for China Banking and Insurance Regulatory Commission, revealed that the pilot product of pension financing may meet with consumers in November.
"Through in-depth understanding of customer needs, rational allocation of large-scale assets, and prudent grasp of credit risks, pension financing can play a greater role in the field of pension." Zhang Xuyang, Chairman of Everbright Financial Management, introduced that the initial investment for pension financing is 1 yuan, and the total investment of the same customer in four institutions should not exceed 3 million yuan. At the same time, it will implement the optimal rate, provide transparent information disclosure and optimize the investor’s post-investment experience.
What is the difference between the pension financial products promoted by supervision and ordinary financial products?
Ceng Gang, deputy director of the National Finance and Development Laboratory, said that in the past, some institutions made many products with the name of "providing for the aged", which were not the third pillar products in the true sense. Pension ’ The name belongs to the pension financial product. "
Then, what is the difference between the pension financial products promoted by the regulatory authorities and ordinary financial products?
The reporter learned that compared with ordinary wealth management products, the characteristics of the upcoming pension wealth management products are mainly reflected in long-term, steady and inclusive.
"The closure period of pension wealth management products is longer than that of ordinary wealth management products, at least 5 years, and liquidity support has been opened for special needs such as serious illness, encouraging investors to start pension planning from a young age and accumulate in advance." Zhang Xuyang said that on the investment side, it is reflected in long-term investment, and managers can ensure that the investment strategy is more stable and the asset allocation is more stable, so as to obtain a better return on investment and truly match the investor’s life cycle with the long-term pension needs.
"The risk management mechanism of pension financing is more sound and strict, focusing on areas that are in line with national strategies and industrial policies, and providing long-term financing support for economic and social development." Zhou Maohua, an analyst in the financial market department of China Everbright Bank, said that the income volatility of pension wealth management products is smaller than other wealth management products.
Since the first batch of pension target funds were approved for listing, after more than three years, the market scale of China’s pension target funds has continued to expand. "At present, China’s pension target fund operates in the form of FOF, that is, the fund in the fund." Zheng Zheng, director of asset allocation department of Huaxia Fund, said that this is to improve the certainty of obtaining excess returns through decentralized investment and specialized asset allocation, which coincides with pension investment.
At present, the pilot of exclusive commercial endowment insurance is progressing steadily, and more and more people join the team of "tasting the new" to add a guarantee for the aged.
According to industry insiders, compared with ordinary annuity insurance, exclusive commercial endowment insurance embodies the essence of providing for the aged and has stronger and more flexible value-added characteristics, and the insured can choose different investment portfolios according to their own risk preferences. At the same time, the product supports portfolio conversion function, and the insured can adjust the portfolio allocation in time when factors such as age and economic conditions affect risk appetite.
It is good for flexible employment and emerging employment groups to make concerted efforts to manage the people’s pension money.
With the further release of social demand for pension financial products, the third pillar market has great potential.
Zhang Xuyang believes that pension finance is not only aimed at the elderly, it is not that "old people need to buy pension financial products", and it is not that they plan for retirement after retirement. Bank wealth management companies have the responsibility to educate investors, and the earlier the pension planning, the better.
"My income from this job is not very stable, and I often worry about the future pension problem, but now these pension products are complicated, professional and a little expensive, so it is too difficult to choose." A courier brother told reporters that it would be nice if there were more products that were convenient to buy and cost-effective.
"Tax policy is a huge lever to incite the third pillar market." Zheng Bingwen, director of the World Social Security Research Center of China Academy of Social Sciences, believes that the mechanisms such as fiscal and tax incentives and long-term specialized investment are conducive to the establishment of pension plans for flexible employment groups and emerging professional workers with low coverage of the first and second pillars.
He suggested that various groups should be encouraged to participate by designing easy-to-understand product terms, increasing tax incentives, and simplifying tax deduction procedures.
Song Jiawang, director of fixed income investment of TEDA Manulife Fund, said that financial institutions can be given some flexibility to encourage innovation, so that financial institutions can have more investment allocation and risk management tools to create more stable long-term performance.
"Pension financial products should become an important part of the pension industry." Ceng Gang said that while providing risk protection and steady income, pension financial products can provide investors with some pension services, such as rehabilitation and treatment.
Insiders said that we should comprehensively consider product design experience, risk control ability and investment management level, and set certain entry thresholds and standards for various market participants and qualified products of the third pillar pension insurance. Resolutely clean up short-term financial products that do not meet the standards with the words "pension".