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| Figure Worm Creative / Photo courtesy of Peili Rui / Watchmaking |
Securities Times reporter Pei Lirui
Trainee reporter Yu Shipeng
The prelude to the era of personal pensions is beginning, and various preparations and business details are also being implemented at an accelerated pace.
On November 11, 23 fund companies including E Fund, Hua Xia, Bank of Communications Schroders, Wells Fargo, China Universal, GF, etc. successively issued announcements to increase the exclusive Y share of personal pensions for some of their pension target funds, and conduct management fees and The custodian fee is 50% off, which reduces the investment cost of the investor’s personal pension.
According to the statistics of the Securities Times reporter, the first batch of 40 fund products was selected, and one or two products of each fund company were selected. The industry expects that the list of personal pension funds will be further expanded in the future, and investors can make long-term investments through fixed investment to accumulate personal pensions.
People in the fund industry believe that the rapid implementation of personal pension investment in public fund products will not only bring new business increments to the public fund industry, but also is expected to promote the rapid growth of the scale of personal pension wealth management in my country. Looking further, long-term funds such as personal pensions and social security funds are similar. By introducing incremental and stable funds, more sources of living water can be brought to the capital market.
The first batch of 40 individual pensions
Fund product release
On November 11, E Fund, Hua Xia, Bank of Communications Schroders, Fuguo, China Universal, GF, Harvest, CEIBS, Bosera, Nanfang, Wanjia, Huaan, China Merchants, Yinhua, Penghua, ICBC Credit Suisse, Invesco Great Wall, 23 fund companies, including Tianhong, CCB, Dacheng, Bank of China, Huashang, Minsheng Jiayin Fund, etc., issued announcements, adding exclusive Y shares for individual pensions to some of their pension target funds, and revising the fund contracts and custody agreements. According to the statistics of the Securities Times reporter, the first batch of fund products has a total of 40 products.
For example, as of the end of September 2022, the total scale of pension FOF funds of Bank of Communications Schroders Fund exceeded 16.4 billion yuan, ranking first in the market. The first batch of individual pension fund products were released. The pension FOF under Bank of Communications Schroders Fund and the three-year holding FOF of Bank of Communications Schroder pension target date of 2035 are among them. Among them, the pension fund established on May 30, 2019. In more than 3 years of operation, Anxiang Steady Pension FOF has achieved an annualized income of 4.80%, and has become a pension FOF fund of tens of billions of dollars.
From the perspective of the types of approved products, each fund company also has its own characteristics. For example, E Fund Fund has added two products of Class Y shares, namely a target date fund to hold FOF in 2043 for three years and a target risk fund E Fund Huizhi Steady Pension to hold FOF for one year; China AMC has two targets The date fund products were selected, namely Huaxia Pension 2040 Three Years and Huaxia Pension 2045 Three Years; Wanjia Fund selected two target risk products, namely FOF and Wanjia Juyou Steady Pension FOF.
E Fund Manager Wang Ling said that the launch of the Y-class share means that the pension FOF has opened a new era of serving personal pensions. Pension financial needs.
At the same time, in accordance with the requirements of the “Interim Provisions on the Management of the Publicly Offered Securities Investment Fund Business of Individual Pension Investment”, each fund company also offers a 50% discount on the management fee and custody fee for the exclusive Y share after its establishment, and it is planned that no sales service fee will be charged. , in order to reduce the investment cost of investors’ personal pension.
For example, China Universal Pension will implement a preferential rate of 0.40% and 0.1% for management fees and custodian fees for the Y-type shares of the three-year mixed holding (FOF) in 2030, and China Universal Pension will hold the mixed (FOF) five years in 2050. The management fee and custody fee of the Class Y share are subject to preferential rates of 0.45% and 0.075% respectively, which are 50% off compared to the ordinary Class A share.
“The launch of Class Y shares is of great significance. As a category of fund shares only subscribed for by individual pension customers, the core feature of Class Y shares is the implementation of preferential rates for management fees and custody fees, and the management fee for the first batch of Class Y shares. The custodian rate will be discounted by 50% on the basis of the original Class A shares”, a relevant person of China Universal Fund said, “The launch of Class Y shares highlights the important mission and responsibility of the public fund industry to serve the overall situation of my country’s pension security. take responsibility.”
Bank of Communications Schroders Fund stated that, based on the background of the era of promoting common prosperity, the company actively responded to the policy guidance of the state to benefit the people, added Y-type fund shares to the company’s pension funds, and paid management fees and custody fees for the new shares. The implementation of a 50% discount on the rate effectively stimulates the willingness to participate in personal pensions, and fully demonstrates the company’s original intention of financial services for the people.
personal pension
The scale of wealth management is expected to grow significantly
In fact, public funds have always been the main force in my country’s pension investment management. These past experiences, in the context of personal pensions, will help to increase the size of the stable long-term funds and investment success rate of public offerings.
In terms of past experience, China Asset Management told the Securities Times reporter that at present, 16 of the 18 domestic entrusted investment managers of the national social security fund are public funds, and 14 of the 21 investment managers of the first pillar basic funds are public funds ( accounting for more than 66%), 11 of the 22 investment managers of annuity funds are public funds. As of the end of 2021, the total amount of pension funds entrusted to manage by fund companies exceeded 3.9 trillion yuan, accounting for nearly 60%. “According to public statistics, public funds have helped the national social security fund, basic pension fund, and enterprise annuity to achieve average annual investment returns of 8.3%, 6.5%, and 7.2% respectively since their establishment.”
How much business increment can the personal pension business bring to public funds? China Merchants Fund stated that this needs to be further evaluated in combination with the pace of subsequent policy implementation and the actual pilot effect. But overall, there should be opportunities in two directions: one is the increase in the sales scale of products within the 12,000 yuan policy pilot quota, and the other is the pension target fund that has been invested in personal pensions due to the increased social attention to personal pensions. Increment of feature products. “In absolute terms, the latter is likely to be more significant and larger.”
Chuangjin Hexin Fund told reporters that according to forecasts, the scale of personal pension wealth management may reach 12 trillion yuan by 2035. “We estimate the ratio of pension wealth management 30%, pension savings 25%, pension target fund 20%, personal pension insurance 10%, and other 15%. , there is about a 25-fold growth space in the next 10 years.”
The capital market ushered in more sources of living water
Looking further, long-term funds such as personal pensions and social security funds are similar, which not only bring business space to individual industries such as public funds, but also bring more sources of living water to the capital market by introducing incremental and stable funds.
Bosera Fund believes that there are mature cases in which personal pensions bring more “source of living water” to the capital market. For example, from the perspective of overseas practice, personal pensions can ease the pressure on public pension expenditures, meet the diversified pension needs of the people, and can concentrate long-term stable funds of the general public, becoming an important source of funds for long-term investment and value investment in the capital market. Promote the high-quality and healthy development of the capital market.
Specifically in China, Bosera Fund said that according to the “China Pension Third Pillar Research Report” released by the China Insurance Industry Association in 2021, in the next 5 to 10 years, my country will have 8 trillion to 10 trillion yuan. Yuan pension shortfall. The huge pension scale is expected to bring more stable incremental funds to the stock market, thereby promoting the high-quality and healthy development of the capital market and the public fund industry.
“Personal pension investment in public funds may bring a batch of stable and high-quality long-term funds, which is conducive to the expansion of the capital market, and at the same time, it is also conducive to improving the status quo of the excessive proportion of individual investors and high volatility risks in my country’s capital market. , to promote the healthy development of the capital market.” Li Zhan, chief economist of China Merchants Fund Research Department, told reporters that on the one hand, my country has a huge population base and is about to enter an aging society. The development of commercial pension financial products will help supplement social pension funds; On the one hand, pension funds pursue mid-to-long-term stable returns, and at the same time give full play to the advantages of public funds in equity investment. The combination of the two can form a virtuous circle of capital market and pension appreciation for common development. Return to Sohu, see more
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