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The 2 trillion annuity market is getting more and more shaped.

March 14, 2019 05:21
Author: Eagle Deng Jing Liu Yuan
source: Securities Times
edit:Eastern Fortune Network

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[2 trillion annuity market is gradually taking shape. There are many defeats in the industry and repeated oaths.] As the new force of the second pillar of the old-age security system, the enrollment and investment operation of the occupational annuity fund is advancing rapidly. Up to now, the central state organs and institutions and nine provinces, municipalities and autonomous regions have completed the bidding for the occupational annuity trustee. It is expected that most provinces, municipalities and autonomous regions will complete the occupational annuity trustee's choice at the end of the second quarter of this year, and complete the occupational annuity operation system preparation by the end of this year. jobs. (Securities Times)

A new force as the second pillar of the old-age security system, occupational annuityfundThe entrusted tendering and investment operations are progressing rapidly.

Up to now, the central state organs and institutions and nine provinces, municipalities and autonomous regions have completed the bidding for the occupational annuity trustee. It is expected that most provinces, municipalities and autonomous regions will complete the occupational annuity trustee's choice at the end of the second quarter of this year, and complete the occupational annuity operation system preparation by the end of this year. jobs.

It is foreseeable that this year will be a crucial period for all types of institutions to compete for occupational annuity business, pension insurance companies, funds,BrokerBanks, etc. are all actively taking action and hope to share a piece of it. It is predicted that the scale of the occupational annuity fund is expected to break by one trillion yuan after five years. This is expected to push the current enterprise annuity of 1.4 trillion yuan out of the bottleneck of incremental development. A large annuity market of more than 2 trillion yuan is taking shape.

Repeated battles

Since the second half of 2018, Zhang Li (pseudonym), who works for a pension insurance company, has been communicating throughout the country, hoping to get a share of the occupational annuity market.

"Of course, we must actively bid." A company person with the qualification of a trustee said that despite the recent repeated defeats, the company must actively pursue the occupational annuity investment business.

This is just a microcosm of the agency's competition for the occupational annuity market. As the new force of the second pillar of the old-age security system, the occupational annuity has become the main battlefield of many financial institutions this year.

A number of pension insurance companies told the Securities Times that speeding up the occupational annuity layout is one of the most important tasks at present. The occupational annuity not only covers nearly 40 million people, but its development will also promote the enterprise annuity out of the platform period to a certain extent, which is very important for the development of the second pillar and the improvement of the entire pension security system.

A middle-aged person in a pension insurance company said that compared with the enterprise annuity, the competitive pressure of the occupational annuity business is even greater. The central government and each province have their own co-ordination and bidding, and various funds and pension insurance companies are preparing for the early stage.

For example, Ping An Annuity Insurance began preparations for various occupational annuities as early as the beginning of 2015. The reporter learned that the company's current preparations for key areas of occupational annuity operations such as operational system construction, operational process specifications and operational simulation testing are in place.

Institutions that do not have an annuity-trusted business qualification are in a position to compete in their own qualifications. The above-mentioned company with a qualification of a trustee said that it is constantlySocial securityAt the same time as the department communicates, it also communicates with the trustee to obtain eligibility for investment.

Enterprise annuity and occupational annuity are important components of the second pillar of China's multi-level pension insurance system. Among them, the enterprise annuity has been developed for more than ten years, the scale is 1.4 trillion yuan, and the annuity increment has entered the development bottleneck. The occupational annuity is in its infancy, China Merchants Securities last NovemberResearch reportIt shows that the amount of funds accumulated in the actual accounts of the occupational annuity fund is about 750 billion yuan. Because of its mandatory nature, the industry expects the size of the occupational annuity to reach trillions after five years of launch, and will quickly exceed the corporate annuity.

The “trustee” role is the most critical

In the occupational annuity fund custody and investment management model, there are mainly four types of participating institutions, namely, the principal, the trustee, the custodian and the investment manager. The entrusted, custody and investment management institutions involved are selected among the institutions with the corresponding enterprise annuity management qualifications.

According to senior annuity people, in general, occupational annuities involve not only many qualified people, but also a long and complicated operation process. To put it simply, it is roughly: the central state government pension insurance management center (referred to as the “central protection center”) and the social security agencies of the local people's social security bureaus determine the rules for fund collection, and the financial funds according to the corresponding standards and the number of personnel participating in the plan. Assigned to the Social Security Center, clarify how much money is in each person's account, and then give details to the trustee; the trustee then allocates strategic assets, issues instructions to the trustee and custodian, and the funds enter the investment households opened by the custodian in the custodian bank. After that, the investment manager receives the order of the trustee before investing in the operation, and the custodian supervises the accounting.

However, unlike the enterprise annuity, the investment manager mode is different. In the occupational annuity operation management, the role of “trustee” is the most critical. The occupational annuity is co-ordinated by the Central Insurance Center and the provincial social and social departments. The Central Insurance Center and the local occupational annuity funds are divided into several plans, and one annuity plan corresponds to one trustee.

An industry insider told reporters that the trustee is determined by the local bidding method, but the choice of the custodian bank and the investment manager is in fact adhering to some arrangements in the annuity management of the Interim Measures for the Management of Occupational Pension Funds. The trustee selects, supervises and replaces the custodian and investment manager according to the needs of the human society department. At present, it is basically authorized by the human and social department to handle and operate the trustee.

The relevant person in charge of another pension insurance company said that the occupational annuity will establish multiple plans. After each trustee is assigned a plan quota, he will select multiple investment managers to conduct investment operations, so that there will be dozens of occupational annuities in one place. Portfolio. The actual investment income difference of different investment portfolios may be very large each year. As the agent, the local social security department and the social security center mainly assess the trustee, so the trustee is the core of the occupational annuity business and must be entrusted to the occupational annuity. Plan to take responsibility.

The reporter learned that some organizations regret that they do not have the qualification of an annuity trustee. This means that the company has limited space to participate in the large business of occupational annuity, or that it has a weak sense of existence.

In contrast, in the enterprise annuity business, although there are also trustees, whoever chooses to be an investment manager generally needs the client or the principal to directly select or confirm. The trustee’s right to speak and control the investee’s choice is relatively small, directlyPerformanceResponsible is the investment manager, so the investment manager is relatively more important.

Insurance institution is entrustedMain force

The Securities Times reporter learned that the central state organs and institutions, Xinjiang, Shandong, Henan, etc. have completed the bidding of professional annuity trustees and investment managers, Shanghai, Liaoning, Fujian, Anhui, Hubei, Shaanxi, etc. Six provinces and municipalities have completed the selection of professional annuity trustees. At present, the provinces and municipalities that have completed the bidding of the trustee are carrying out the selection of the custodian bank and the investment manager.

At present, there are 13 institutions with the qualification of enterprise annuity trustees. Among the professional annuity trustees in various places, 11 institutions including China Life Pension, Ping An Pension, Taikang Pension, Yangtze River Pension, Taiping Pension, Jianxin Pension Management, ICBC, China Merchants Bank, Bank of China, Agricultural Bank, and People's Maintenance have obtained The trustee seat, CITIC Trust obtained the qualification of the Liaoning Province occupational annuity candidate trustee, Huabao Trust has not appeared in the trustee seat.

Among the trustees, the pension insurance company has outstanding performance. At present, a total of 7 institutions have won the qualifications of the central and 9-year occupational annuity trustees, including China Life Pension, Ping An Pension, Taikang Pension, Changjiang Pension, Taiping Pension, 5 pension insurance companies, and Jianxin Pension Management Company, Industrial and Commercial Bank Two banking institutions, insurance institutions accounted for more than 70%.

According to industry analysts, this has something to do with the long-term pension of the pension insurance company in the enterprise annuity market. For example, China Life Insurance and Ping An Pension are entrusted to manage the enterprise's annuity assets exceeding RMB 220 billion, accounting for 56% of the total assets of the enterprise annuity.

However, some people with pension insurance told reporters that it seems that the tenderee's bidding and selection criteria are relatively loose. A province generally chooses 7 to 9 institutions as trustees. After the actual operation, the distribution of contributions will be carried out in accordance with the mechanism of fair assessment. Therefore, successful selection is a starting point rather than an end, and competition has just begun.

A single qualification institution has a tacit understanding

According to an interview with the Securities Times reporter, since many organizations have more than two qualifications among trustees, investment managers and custodians, everyone has reached a certain tacit agreement with each other.

In the case of having the qualifications of the trustee and the investee, if A wins the bidder of a professional annuity, and chooses B as the trustee, B will also choose A as the trustee when entrusted with the occupational annuity plan. . In this way, everyone supports each other.

However, this approach is not suitable forfund companyAn institution with a single business qualification, such as a brokerage. Currently, fund companies only have investment manager qualifications. Among the 22 investment managers of enterprise annuity, there are 11 fund companies and 2 securities companies. Therefore, the role of the two in the occupational annuity will only be the investment manager.

"fundCompany investmentThe management annuity has a long time, has more than ten years of history, and has relatively rich experience. Especially in the equity market, it has advantages over other types of investment managers, and it also has historical performance reference. An industry insider said that fund companies are more competitive in investment management.

For newly qualified institutions that do not have sufficient historical performance, to obtain investment management, they must bring more resources that they can mobilize, or cooperate with the trustee for more business, or reach more levels. Mutual benefit, to participate in the competition.

According to the statistics of the Securities Times reporter, at present, 22 enterprise annuity investment managers have obtained certain qualifications for occupational annuity investors, but the amount obtained is different. In the central and three provinces where the results have been announced, most of the investment managers have obtained the qualifications of all four occupational annuity investors, but some institutions have obtained one to three regional annuity investment managers.

In terms of investment style, the industry expects that the overall occupational annuity asset allocation style will be more conservative than the enterprise annuity. On the one hand, it is absolute income orientation, on the other hand, it needs to perform performance ranking, so the competition pressure of the investment manager is not small.

On the scale of entering the market, some insiders analyzed that because of the role of occupational annuities and other pensions, mainly providing long-term pension funds, stable income is the most important, so the actual investment in stock assets is estimated to be 5% to 10%.

(Article source: Securities Times)

                                (Editor: DF407)


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