What is the development of the individual pension system for one year and how to promote it in the future? Let's look at expert analysis



In November 2022,实时新闻 as an important system design of the "third pillar" of the old-age insurance system, the personal pension system was formally implemented. Over the past year, as of September, 93 institutions have launched 695 pension products, of which 161 are individual pension funds.

Over the past year, how has this policy, which concerns thousands of families and the whole society, progressed? How to treat the performance and development of individual pension funds in the past year?

Liu Xiao, global fund manager of Xingzheng, and Wang Ling, fund manager of E Fund, answered these questions to interface journalists and expressed their views and suggestions.

Both Liu Xiao and Wang Ling said that in the past year, the personal pension system worked smoothly and orderly, and achieved the desired results.

Wang Ling pointed out that according to the data released by the national social insurance public service platform, as of November 24, there were 745 personal pension products, including 162 fund products, 465 savings products, 99 insurance products and 19 wealth management products, which provided rich product choices for ordinary people's personal pension investment; As far as individual pension funds are concerned, the number of products with a holding period of three or five years has increased significantly, showing a trend of encouraging long-term investment.

Liu Xiao pointed out that the pension investment products expanded rapidly and the number of accounts opened increased steadily. In November 2022, the first batch of pension FOF-Y shares were established. By the end of Q3 in 2023, 161 pension FOFs had issued Y shares and included them in individual pension accounts. According to the statistics of the Ministry of Human Resources and Social Security, by the end of Q2, 2023, the number of individual pension account holders was about 40.3 million.

In terms of enhancing investors' willingness to participate, Liu Xiao pointed out: First, it is necessary to further enhance the product strength of pension products and give customers a good sense of experience and gain; Second, it is necessary to strengthen the exploration of various types of pension products and improve the layout of innovative products to meet the pension needs of different customers; The third is to promote more effective investor education companion services, so that investors can understand the pension wealth planning, and then configure appropriate pension products.

Regarding the current phenomenon of "hot investment in opening an account" and "low willingness to pay" in personal pensions, Wang Ling said that as a participating institution of personal pensions, it is necessary to continuously improve the investment and research capabilities, improve the ability and level of serving medium and long-term funds, and give back to customers with long-term stable income; We must also continue to improve the layout of product lines, provide more diversified product choices for people with different risk preferences and ages, and meet the needs of the public for pension investment; At the same time, we should do a good job in investor education and personal pension publicity, popularize pension knowledge to the public, enhance their awareness of pension, and help them better understand the personal pension system.

Since November last year, the A-share market has continued to fluctuate. In this regard, Liu Xiao said that at present, the penetration of the Y share of pension target funds is mainly based on A-share stocks and domestic bond investment, so for many investors who are new to fund investment, the market fluctuation in the past two years is a bit large, which may affect the confidence of some investors and the motivation for reinvestment. In the short term, the prices of stocks and bonds will fluctuate with the influence of multiple factors such as economic operation, investor sentiment, domestic and foreign policies and international environment, which will also make the net value of Y share of pension fund fluctuate to a certain extent.

However, in the long run, Liu Xiao believes that FOF, as an investment product, is very suitable for pension investment. In the long run, stocks represent the ownership certificates of listed companies and bonds represent the borrowing costs of enterprises, which represent the two most competitive investment directions in an economy; The fund is a portfolio constructed by selecting the best from these most competitive varieties, and FOF is the final combination form formed through a series of collocation such as fund selection and asset allocation. The Y share of the pension fund operated in the form of FOF has a competitive return on investment and a long-term effect of risk diversification.

At present, personal pension is still in the pilot stage. For the follow-up "pilot to routine", Liu Xiao gave two suggestions.

First, I hope that enterprise annuity and individual pension can be "interconnected". Specifically, the first is to increase the transfer mechanism between enterprise annuity and personal pension, and to open up the domestic enterprise annuity account and personal pension account, so that individuals can apply for transferring their funds in enterprise annuity to personal pension account. The second is the merger of enterprise annuity and individual pension tax premium. At present, the coverage of enterprise annuity in China is low and it is difficult to upgrade. It is suggested that the upper limit of individual pension account can be dynamically adjusted according to the specific conditions of participants (currently, it is 12 thousand per person per year). If the enterprise/unit where the individual works has no annuity construction, this part of the tax preferential amount can be merged into the individual pension account.

Second, I hope to improve the "convenience" of investors through mechanism optimization. At present, the domestic personal pension account is completely paid by the staff. Reference can be made to the default investment choice (QDIA) system in the United States, that is, employers can invest their employees' pensions in selected products without liability, and a "default payment system" can also be set up in China. Employers can deposit 1000 yuan in their wages into individual pension accounts on behalf of employees every month on the premise of seeking employees' consent.

In addition, Wang Ling pointed out that personal pension investment is cross-life cycle wealth management. Asset management institutions participating in individual pension should provide long-term companionship to individual pension customers with professional teams, products and services, and change from the product-centered marketing service model to the customer/account-centered consulting service model.

To guide investors to form a scientific concept of pension financing, Wang Ling said that personal pension investment is different from ordinary financial management. It is a long-term systematic project, which requires inter-cycle asset allocation and income certainty. When building a pension allocation combination, residents should first make clear the goal and determine the required capital level according to the ideal pension life; Secondly, we should try to avoid tail risks, such as transferring the risk of serious illness and longevity by configuring insurance; Then allocate assets according to the target amount, and strive to pursue higher returns on the basis of maintaining stability.

Wang Ling pointed out: "No matter which personal pension product investors choose, they need to comprehensively consider personal needs, investment objectives, risk tolerance and other factors, make rational judgments and make careful decisions, and the one that suits them is the best."

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