Recently, the Ministry of Finance website information shows that the Ministry of Finance, the State Administration of Taxation, the Ministry of People's Insurance, the China Banking Insurance Regulatory Commission, and the five commissions of the China Securities Regulatory Commission jointly issued a paper on the development of personal tax deferred commercial pensions.InsuranceThe "Pilot Notice" (referred to as "Notice") marks the official start of the Third Pillar of Personal Pension, which has been brewing for many years. This is a major progress in China's personal pension system.
"The first step is to fill a gap. Before China's third-pillar personal pension was blank, the point of the "Notice" was to introduce public funds into pension funds. This is the common demand of individuals and capital, and to a certain extent, it also promotes families. The role of financial transformation." Professor Hu Jichen of China University of Political Science and Law expressed to the First Financial.
First Financial understands that the "Notice" is not an insurance policy, insurance, funds,bankOther financial institutions can participate in the industry; public funds and China Clearing, under the guidance of the China Securities Regulatory Commission, adhere to the account system guidance and carry out preparations in an orderly manner. One year later, they will be included in public funds and the Zhongdeng platform will be used.
"Published "notice" means that the public fund is equivalent toInsurance ProductsYou can participate in a market body for personal tax-deferred retirement accounts. Policy is equal to insurance. "A veteran public fund pensions personage told reporters.
One year preparation time
The "Notice" clarifies the uniqueness of the "personal business pension fund account". The special account is bound with the resident identity card. Similar to the current social security card, it means that the account was formally implemented as the carrier for the third pillar of personal pension.
“The practice of the United States is to give individuals the freedom to choose their rights. Tax incentives are given to accounts. They can be used to invest in insurance or to invest in funds.” said the pension fund official of the veteran public fund.
He told CBN that relative to products, the account system refers to the proposed commercial pension account, and part of the payroll in the account can be used for tax exemption, that is, the tax is based on the account level.
“In this account, funds can enjoy tax deferrals, and the choice of products for the account has little effect on taxation. If funds are put directly on products, the taxation of products will be very troublesome. However, under the account system, regardless of purchases, How much is the product quantity, sooner or later, the time required to apply for redemption, only need to calculate according to the account. The fund is an optional type of pension products for the account, but it does not rule out investing in other products.” The pension sector further concluded.
At the same time, the "Notice" clarified the scope of investment in the account. During the pilot period, commercial endowment insurance products will be launched first. After the pilot ends, the public funds and other products will be included in the investment scope of individual commercial pension accounts.
This means that the "Notice" left the fund industry with one year's preparation time.
A fund industry association told reporters that the "notice" means that after the end of the pilot year, public funds can also be used as a market entity to participate in tax deferred commercial pension insurance.
“The residents’ investment philosophy has reached a point of transition. It should be a transition from saving old-age pensions to investing pensions. In the long run, it is difficult for banks to outperform inflation alone, and only equity products can outperform inflation.” Hu Jizheng said .
As of the end of 2017, public funds were entrusted with the management of various types of pensions exceeding 1.47 trillion yuan. The social security fund's annual average rate of return since 2001 was 8.37%, and the annual average rate of return of enterprise annuities since 2007 was 7.57%. Public funds, as one of the main managers of social security funds, enterprise annuities and basic pensions, have made important contributions to the preservation and appreciation of pension products.
With the introduction of the “Guidelines for Pension Investment Security Funds (Trial)”, people in the industry have greater expectations for the development of pension funds in public pension funds.
Pension FOF is a hotly contested place
At the beginning of March this year, the China Securities Regulatory Commission launched the "Guidelines for the FCF Fund for the Elderly" and the product declaration for the FFO fund that has recently started accepting pensions. This shows that the fund industry has stepped up preparations for various basic tasks.
"We are working hard to step up reporting (pension) products and strive to be the first to launch." A large public offering in Shenzhenfund companyAccording to people.
Recently, the China Securities Regulatory Commission formally disclosed the list of 41 pension target funds. The list shows that the 41 funds belong to 21 fund companies. According to industry sources, as more and more pension products are established and put into operation in the future, the pension target fund as a long-term stable investment product will reduce market volatility and lead the market to be robust. Investment style will play an important role.
“From the perspective of the FOF business preparations that we are currently in contact with, most of the investment teams include multiple investment managers, each with asset allocation experience and fund investment experience, to manage the FOF funds in coordination with each other. If the FOF fund is a transitional stage, The old-age FOF is the battleground of the military. After all, each team hopes to become a team that manages long-term funding and multi-strategy configuration, said Yingmi Wealth Liu Wenhong.
From the reporting of more than 100 public float funds to 41 target pension funds, each fund company attaches great importance to the FOF business and actively prepares for product design and investment teams.
In the opinion of Liu Wenhong, from the feedback of the first batch of six FOFs, the greatest challenge encountered was that no suitable investment targets had been met and no special features of the FOF strategy were available in the areas of long-term investment and asset allocation. general. Pension funds, on the other hand, are products that are very similar to the road. Similar to the 2050, the target has clear investment requirements. The target date fund has a clear investment strategy and can exert its own advantages.
In the current list of 41 old-age target funds submitted by 21 fund companies, the target date and target risks are basically halved. The target date of the reported fund is targeted at the post-70s and the 80s. The 2035 is a relatively multi-company report. The product with the latest target deadline is 2050, and the service investor should belong to 90.
Among them, the target risk pension product is basically based on a stable type. Compared with conservative and active type, the minimum required period for holding such products should be 3 years.
“The target risk fund and the target date fund are very mature abroad, and have also proved to be effective pension investment tools. We also refer to foreign experience and believe that we can play a better role in the country.” The above-mentioned old public fund pension section The person said.
Hu Jichen told reporters that the target date of pensions stipulates the expiration time of earnings, and that the time period is very long; the pension target risk is more focused on earnings, and has different risk-reward levels.
"Aiming at people with different characteristics, and all of them are long-term investments, they are suitable for China's national pensions," he said.