The two ends of the supply and demand to make strong expansion for personal pension accounts




Like most countries in the world,热点新闻 my country has also implemented a three -dimensional society that uses basic pension insurance as the "first pillar", professional annuity and corporate annuity as the "second pillar", and personal pension as the "third pillar". The guarantee system, and due to the high pressure of financial supply faced by the "first pillar", and the narrow coverage of the "second pillar", in recent years, my country has particularly paid special attention to the construction of the "third pillar", especially the pilot as of now the pilot just one year old for a year. The personal pension account system carries more expectations of policy innovation and the elderly. The problems exposed in the process of promotion have aroused high and widespread attention. The way to seek cracking in a faster and more effective way has become a stronger. Social consensus.

The increasing "third pillar"

The initial personal pension was completely carried out in a spontaneous manner, mainly including two parts: bank pension savings and commercial pension insurance.Lord, so it is not possible to cover the pension life cycle and play the role of pension guarantee; in recent years, the guidance of accelerating the introduction of the "third pillar" policy has been accelerated. The market has appeared in the market.For new lineups such as the fund, the driving institutions of various pensions and the use of policies to empower full competition, making the "third pillar" gradually improve and improve in the system.

In terms of pension savings,Since November last year, the four major state -owned commercial banks in China, Agriculture, Industry, and Jianxian have carried out a one -year -old pilot pilot of four cities such as Guangzhou. Customers who are 35 years old can deposit the upper limit of the pilot bank of a single house.The 500,000 yuan specific pension savings products are selected for the four grades of 5 years, 10 years, 15 years, and 20 years.The total business scale is limited to less than 10 billion yuan. As of now, 465 specific pension savings deposits developed by the four major banks have reached 33.6 billion yuan.

In terms of pension financial management,According to the "Interim Measures for the Management of Personal Pension Business Management of Commercial Banks and Wealth Management Companies", the first batch of personal pension wealth management products came out in February this year. At present, a total of 14 commercial banks sell personal pension wealth management products, nearly 150,000 investorsThe information platform account of the personal pension wealth management product industry is opened, and 19 pension wealth management products available for the choice of pension are nearly 1 billion yuan.

In terms of endowment insurance,It mainly includes three categories: traditional pension gold insurance, tax extension commercial pension insurance, and exclusive commercial pension insurance. Traditional pension gold insurance is an autonomous commercial pension insurance. Users can receive different life -cycle pension after the insurance contract agrees to expire after the insurance contract is expired.Annuity, the latter two are policy business endowment insurance. Among them, tax delayed and retirement insurance supports insureds to purchase delayed commercial pension insurance for a duty -free amount of 12,000 yuan per year.Except for the return of commercial pension insurance higher than the return of bank deposits and wealth management products, insurance companies can entrust commercial banks and third -party payment institutions outside the traditional channels to carry out marketing. The current premium scale exceeds 8.1 billion yuan, and the corresponding number of products is 95Essence

In terms of pension fund,In addition to the nearly 190 pension target funds that the fund company has issued, since the CSRC released the "Interim Provisions on the Management of the Business Management of Personal Pension Investment Public Investment Fund", the newly established personal pension fund products have reached 171, Accounting for about 47%of the number of pension target funds in the market, the total scale of fund management is nearly 70 billion yuan, and the average scale of a single product exceeds 400 million yuan.

In terms of total amount, there are currently 750 personal pension products in my country. One of the pension financial product systems covering the life cycle of pension, staggered periods and long -term, and diverse categories are initially formed. At the end of the pension insurance and pension funds, the entire series dock the personal pension account, which highlights the uniform and coordinated characteristics of my country's personal pension insurance management system.According to the "Personal Pension Implementation Measures", financial products incorporated into the personal pension account, participants can enjoy the annual limit of 12,000 yuan in tax reductions after purchasing.

The constraints and shortcomings of the supply side

Commercial banks, wealth management companies, insurance companies, and public funds constitute the four head supply and service entities of personal pension account system.Insurance products focus on risk guarantee, asset allocation tend to be long -term investment, value investment and stable investment. Fund products focus on investment appreciation and possible return. Compared with the previous three, it has greater volatility.Such the theoretical design and character function distribution indeed attracted the expansion of personal pension products in one year, but despite this, some short -term problems and possible long -term development obstacles are worthy of attention.

On the surface, the number of products selected in the personal pension account is indeed a lot, but the structural problems are extremely prominent.On the one hand, about 75%of the solid -income products composed of savings deposits and commercial insurance, about 25%of equity products, and 79%of solid -income products in pension wealth management products, which leads to a single pension product structure and homogeneous homogeneity.On the other hand, a large number of pension insurance products and pension wealth management products have not been included in the list of personal pension account products. Among them, only 5 qualified wealth management companies have issued personal pension wealth management products, while insurance companies have moreMany members are still waiting outside, which limits the space for product diversification; at the same time, the market volume of personal pension wealth management and pension funds is small.The latter's net asset value exceeds 100 million yuan in products, and the scale effect and the ability to control market risks are weak.

Theoretically, personal pension products must highlight the core characteristics of pension guarantee, but also must also acknowledge that the client's account income status not only directly affects the continuous enthusiasm of existing participants, but also indirectly affects the expansion effect of the expansion of the incremental market for personal pensions.EssenceAs of now, although personal pension wealth management products have generally recorded positive returns, the product proportion of products with a rate of more than 3%accounts for only 21%, and most of them are lower than the product benchmark yield; especially for personal pension funds, almost the entire line of severe losses, nearby, near the entire line, near the entire line, near the entire line, near the entire line.Since the establishment of Jiucheng products, the average losses of the partial stock hybrid funds have exceeded 10%, which is affected. The average annualized return rate is only 0.85%of the personal pension fund.This situation is easier to strengthen the equity tendency of the supply of personal pension products, thereby further suppressing the diversity of product innovation.

Due to the initial stage of the personal pension account system construction, the service cognition and capabilities of financial institutions such as banks, insurance, and funds are currently in the stage of product creation and sales.It is far from the value -added services such as medical and care in the state of non -Jiankang. The corresponding tracking service awareness is also very lacking; on the other hand, the management and supervision of the personal pension system are not in place. At presentMany institutions participate in management and operations, and their respective interests and information asymmetry can easily lead to poor coordination and communication between each other. At the same time, the division of labor and collaboration between regulatory agencies may lead to gaps in supervision, overlapping regulatory supervision, and supervision.Conflict and other issues.

The suppression and sluggishness of the demand side

The latest statistics from the Ministry of Human Resources and Social Security, as of the end of June this year, the number of personal pension accounts for 36 pension accounts in 36 pilot cities (regions) across the country, with an account investment of about 10 million, and the total amount of funds invested was about 20 billion yuan.Compared with the number of participants in the country's basic pension insurance of 1.06 billion people, the proportion of participating in personal pension accounts accounts for only 0.4%. At the same time, the number of account payments accounts for only 25.8%of the account opening.Farly from the annual payment limit of 12,000 yuan.It can be seen that opening an account is not very enthusiastic, the payment is not very active, and the proportion of payment ratio is not high.Embarrassing reality.

The reason why the personal pension account is weaker than expected is a downturn. In addition to the inadequate product supply and dislocation of supply and demand, first of all, the public has a limited awareness of personal pensions and a lack of participation.

A considerable number of crowds are blocked from the threshold of policy and become a major constraints that are difficult to grow quickly in personal pension accounts.On the one hand, in accordance with regulations, the personal pension account must participate in basic pension insurance, but many flexible employees have not purchased basic pension insurance. In recent years, many unemployed people have withdrawn from basic endowment insurance.The qualifications for pension accounts; on the other hand, according to the taxation point of 5,000 yuan/month, only 75 million people in China have monthly income to meet the tax exemption requirements for purchasing personal pensions.Low -income people cannot enjoy policy dividends at all, and psychologically form a automatic abandonment mechanism.

The supply and demand at both ends empower to force

In a certain sense, the slow explanation of the advancement of personal pension account system has existing incremental space that can be expanded. It also represents policy leverage and has a broadly leverage room. The first is to encourage more pension financeProduct innovation and rich product supply, while increasing the degree of service differentiation with demand docking.In addition to developing pension products covering different life cycles for different people and different ages, it is also necessary to create a product line that can reflect the gradient and income of different risks. At the same time, financial institutions need to explore services with pension financial products and health, long -term care and other services.Connect the multi -assignment form, build a variety of and comprehensive solutions, build an ecological model combining products and industries on this basis, extend the value chain of the nursing products, and create a fuller value -added service.

The size of the personal pension account as quickly as possible is not only what the policy goals are needed, but also the inevitability of the demonstration effect of continuously amplifying results.On the one hand, it can optimize the tax exemption mechanism. Participants of personal pension accounts not only pay for tax exemption and investment links, but can reduce the tax payment rate or all tax exemption. At least they can consider reducing the tax payment ratio of low -income people; on the other hand, on the other hand,, You can issue special government bonds, which are specially used to support loan discounts for the purchase of basic pension insurance for disadvantaged groups, and use the same way to guide them to open a personal pension account; in addition, support the transfer of funds of the "second pillar" account to "No. 1" to "No. 1"The three pillars "and converted into personal pensions, and at the same time encouraged the transfer of personal tax (25%duty -free at the time of receipt) in the annuity to use it to purchase personal pension products;The elastic punishment mechanism, that is, when the receiver is urgently needed to issue advance payment costs, it can be met by tax penalties or cash deduction. This will not only enhance the flexibility of the management of stock accounts, but also generate a certain degree of incremental attraction.

Aiming at the reality of the increasingly sensitive investment income of the participants in the investment income of personal pension products, it is very urgent to build a benign interaction between pension and the capital market. It can even be said that there is no long -term stable and money -making bond market and stocks.The market is difficult to make product investors form a pleasant experience and optimistic expectations, and in the end, it is impossible to make personal pension accounts increase. To this end, we must optimize the number of corporate IPOs and increase the illegal punishment of listing and declaration of listed companies.Enhance the exit intensity of listed companies, and at the same time amplify the degree of accountability and punishment of intermediary agencies, so that more high -quality companies form value docking and development resonance with pensions; in addition, based on the long -term and safety characteristics of pension funds, they canProperly eliminate the assessment cycle of product and institutional investment performance, and at the same time relax the scope of investment in personal pensions appropriately, and increase the investment ratio of equity products.

In addition, comprehensive follow -up and strengthening the popularization of personal pension financial education and knowledge should be considered a very important basic project.

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