Our reporter Chang Xiaoyu
The personal pension business is ready to go. On November 18, the China Securities Regulatory Commission released the first batch of personal pension fund directory and personal pension fund sales organization directory, including 129 pension target funds and 37 fund sales organizations. The subsequent two directories will continue to be released regularly and adjusted dynamically.
The “Securities Daily” reporter learned from the industry that all preparations for the shortlisted institutions have been completed, and it is expected that the personal pension fund business will be officially launched this week at the earliest (need to wait for the release of the notice on the opening of the bank’s pension business). Purchase Y shares of the pension target fund in the directory through the personal pension fund account.
The shortlisted fund companies are ready for preparation
According to the list of the first batch of personal pension funds, a total of 129 pension target funds under 40 fund managers, including E Fund, China Universal Fund, ICBC Credit Suisse Fund, Harvest Fund, Wanjia Fund, and Bank of China Fund, were selected.
Among them, all 8 pension FOF products under China Universal Fund are listed. China Universal Fund believes that the speed with which the list was officially announced this time shows that the regulatory authorities attach great importance to the development of personal pension funds.
The seven pension target funds managed by E Fund were also included. According to E Fund, pension target funds can be divided into pension target date funds and pension target risk funds. There are 50 pension target date funds in the first batch of lists, which can cover people with expected retirement dates from 2025 to 2050; pension target risk funds There are 79 stocks in total, and the target risk levels are conservative, steady, balanced/balanced, and positive. In the first batch of lists, the largest number are stable pension target funds, with a total of 58. The proportion of pension funds with target risk levels investing in equity assets does not exceed 30%.
It is reported that in order to cooperate with the personal pension fund business that will be launched soon, China Universal Fund is actively preparing in terms of systems, products, investment research, investment education, marketing, etc.; Harvest Fund is renewing the pension area; In terms of investment and research strength, Huaan Fund has made sufficient preparations; in addition, Huaan Fund has self-developed the function of “pension calculator” to provide customers with reasonable investment advice for planning pension investment; and Yinhua Fund’s direct sales platform has also completed the personal pension business. Related preparations.
Some fund managers also disclosed the “planning map” to the “Securities Daily” reporter. ICBC Credit Suisse Fund stated that in the future, it will continue to strengthen investment capacity building, improve product layout, provide professional companionship, and improve holding experience. According to Yinhua Fund, it will continue to supplement and extend the product chain, and provide more and more suitable products and services to investors.
Previously, the China Securities Regulatory Commission announced the “Interim Regulations on the Management of Publicly Offered Securities Investment Funds for Personal Pension Investment” (hereinafter referred to as the “Interim Regulations”), which clarified the standards for fund products that individual pensions can invest in, that is, “the size of the funds at the end of the last four quarters is not Pension target funds that are less than 50 million yuan or not less than 200 million yuan at the end of the previous quarter.”
In the future, the China Securities Regulatory Commission will sum up experience in a timely manner and gradually include other funds suitable for the long-term investment needs of personal pensions in due course.
At the same time, the “Interim Regulations” require that “individual pension funds should set up a separate share category for personal pension investment fund business.” Therefore, if the funds entering the personal pension fund account want to purchase personal pension public offering fund products, they must apply for Y shares. According to relevant regulations, sales service fees are not allowed for this share category, and sales fees such as subscription restrictions and subscription fees can be exempted (except fees that should be charged by law and included in fund assets), and certain rate discounts are implemented for management fees and custody fees.
The person in charge of related business of Wanjia Fund believes that the personal pension business has a distinct inclusive nature, and the reduction of the Y share rate fully reflects the policy idea of benefiting the people, and it is also a specific measure for personal pensions to practice common prosperity.
Since November 11, a number of fund managers have successively issued announcements to increase the Y share of their pension FOFs. Up to now, more than 100 pension target funds have added Y shares.
The sales organization deploys the basic work of software and hardware
With the release of the directory, the agency sales of personal pension funds have also officially started. The first batch of 16 commercial banks, 14 securities companies, including China Galaxy Securities, China Merchants Securities, Guosen Securities, and Huatai Securities, were included in the directory of personal pension fund sales agencies. And 7 independent fund sales agencies including Yingmi Fund and Xueqiu Fund, totaling 37.
According to the person in charge of related business of China Galaxy Securities, the company has completed the system design, team formation, system construction and joint debugging and testing work, and has opened the appointment function in some cities in accordance with regulatory requirements; Start with contacting with business partners and partners, and make every effort to do a good job in business preparations; Huatai Securities ZhangLe Fortune Path App has launched the “Pension Finance Zone” to provide services such as appointments. The relevant person in charge of China Merchants Securities said that the online work of related businesses is in full swing.
In addition to securities companies, preparations for independent fund sales agencies have also been completed. According to Yingmi Fund, the company has made sufficient preparations for the development of personal pension business in many aspects such as system development, pension planning services, pension investment, pension product sales, and investment consulting services.
The “Interim Regulations” put forward higher requirements on the operating status, financial indicators, corporate governance, internal control mechanism, and compliance management of individual pension fund sales agencies. For example, sales agencies need to meet the requirement that the holding scale of stock funds and mixed funds at the end of the last four quarters is not less than 20 billion yuan, of which the holding scale of individual investors is not less than 5 billion yuan.
According to the arrangement of the Ministry of Human Resources and Social Security on the publicity of the directory, in the subsequent directory update process, the information platform of the Ministry of Human Resources and Social Security and the China Settlement Fund Industry Platform will be connected through the system to update and release the directory of individual pension fund products and fund sales agencies in real time; the China Securities Regulatory Commission and The directory published on the website of the Asset Management Association of China is updated at specific points every quarter.
Before the CSRC updates the directory every quarter, newly added personal pension funds and fund sales agencies that meet the requirements of the “Interim Regulations” can participate in the personal pension investment fund business after being included in the Ministry of Human Resources and Social Security and the China Settlement Platform.