On November 4, 2022, the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Administration of Taxation, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission jointly issued the “Personal Pension Implementation Measures”, which stipulated the personal pension participation process, capital account management, institution and product management. , information disclosure, supervision and management, etc.“Personal Pension Implementation Measures”The promulgation of the “Personal Pension” also marks the official arrival of the era of personal pensions!
However, some friends may still be wondering:
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1
What is a personal pension?
2
Why should the country vigorously develop personal pensions?
3
How to participate in personal pension?
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Big coffee please answer Jiang Min
Please answer the big names of Galaxy in this issue. We have invited Jiang Min, the fund manager of the Quantitative and FOF Investment Department of Galaxy Fund, to answer the above questions for you. Friends, come and watch~
Jiang Min
Fund Manager of Galaxy Fund FOF Management Department
Shanghai Jiaotong University Master
10 years of experience in the financial industry
Worked successively in HSBC Life Insurance Co., Ltd., Chinapacific oceanLife Insurance Co., Ltd., Bank of Communications Kanglian Life Insurance Co., Ltd., engaged in business analysts, account managers, asset allocation and entrusted management managers, etc., with 2 years of experience in insurance fund investment research and 5 years of experience in insurance fund investment, in 2019 Joined Galaxy Fund Management Co., Ltd. in July, engaged in investment and research-related work, and is currently a fund manager.
From July 2021, he will serve as the Fund of Fund (FOF) fund manager of Galaxy Yi Nian Steady Pension Target with a one-year holding period of hybrid funds. From August 2021, he will serve as the fund manager of Yinhe Yuening Stable Pension Fund (FOF) with a one-year holding period.
ask
What is a personal pension?
answer
When it comes to this issue, it is inevitable to mention my country’s pension system. At present, my country’s pension system is mainly composed of three pillars. The first pillar is the basic pension insurance, which is often referred to as social security and basic pension insurance. This is led and enforced by the government, and it is inclusive. Its role is to protect the basic retirement life.
The second pillar is enterprise/occupational annuity, which is a supplementary pension system voluntarily participated by enterprises, institutions and employees, and is not mandatory.
The third pillar is personal pension, that is, a personal pension savings plan based on personal wishes and a complete accumulation system.
On April 21, 2022, the General Office of the State Council issued the “Opinions on Promoting the Development of Personal Pensions”, marking the opening of a new chapter in my country’s third pillar of pensions. The “Opinions on Promoting the Development of Personal Pensions” pointed out that personal pensions implement a personal account system, and individuals who meet the conditions for participation are responsible for the contributions. Participants can use their paid personal pensions to purchase financial products in qualified financial institutions or sales channels entrusted by them in accordance with laws and regulations, and bear the corresponding risks by themselves, and the state has also formulated corresponding preferential tax policies.
ask
We already have basic pension insurance and enterprise annuity as pension guarantees, so why should the country vigorously develop individual pensions?
answer
In China’s current pension system, the first pillar of pensions represented by basic pension insurance and social security funds dominates, while the second pillar represented by enterprise annuities and occupational annuities plays a supplementary role.
However, according to the seventh national census data, the proportion of the population aged 60 and over reached 18.70%, of which the proportion of the population aged 65 and over reached 13.50%. They have increased by 5.44% and 4.63% respectively compared with the sixth census. As the proportion of my country’s elderly population continues to rise, the financial pressure brought by the first pillar of pensions is also increasing day by day, while enterprise annuities and occupational annuities have narrow coverage, Benefiting the limited population, so in order to cope with the increasingly serious population aging, it is imperative to develop personal pensions.
ask
How to invest in personal pension?
answer
First of all, you can establish a personal pension account through channels such as the National Social Insurance Public Service Platform, the National Human Resources and Social Security Government Service Platform, the electronic social security card “Handheld 12333APP” and other national unified online service portals or commercial banks, and open personal pension accounts through commercial banks. Pension fund account.
After the two accounts are opened, you can pay to the fund account and purchase personal pension products. Each person can pay up to 12,000 yuan per year.
In addition, products that can be purchased include savings deposits, wealth management products, commercial pension insurance, and public funds. It will be updated quarterly, and you can check and choose according to your investment situation and risk tolerance.
ask
Which types of public fund products can be invested in personal pension funds?
answer
People may hope to be more stable when investing money for retirement, but in recent years we can see that with the decline of interest rates and the breaking of new asset regulations, the benefits brought by the traditional concept of retirement investment may not be able to achieve Fight against inflation. As one of the financial products that can be invested in the third pillar of pension funds, the China Securities Regulatory Commission launched a professional pension public offering product in 2018 in response to the call of the country to develop and expand the third pillar of personal pension funds. This is the pension target fund , since these products are currently operating in the form of FOF, we also call it pension FOF.
risk warning:
The content of the company’s investment opinions is the result of the company’s research on the current securities market conditions, and does not constitute investment recommendations for any institution or individual. Galaxy Fund Management Co., Ltd. shall not be liable for any loss caused by anyone using all or part of such reports.
Investment is risky, and investment needs to be cautious. Public offering of securities investment funds is a long-term investment tool, and its main function is to diversify investment and reduce individual risks brought about by investing in a single security. Funds are different from bank deposits and other financial instruments that can provide fixed income expectations. When you purchase fund products, you may share the income generated by fund investment according to the share you hold, and you may also bear the losses caused by fund investment.
Before you make an investment decision, please carefully read product legal documents and risk disclosure documents such as the fund contract, fund prospectus and fund product information summary, fully understand the risk-return characteristics and product characteristics of the fund, and carefully consider the various risks of the fund Factors, fully consider their own risk tolerance according to their own investment purpose, investment period, investment experience, asset status and other factors, and make rational judgments and prudent investment decisions on the basis of understanding product conditions and sales suitability opinions.
According to different investment objects, funds are divided into different types such as stock funds, hybrid funds, bond funds, money market funds, funds of funds, commodity funds, etc. You will get different income expectations and bear different degrees of investment in different types of funds. risks of. Generally speaking, the higher the return expectation of the fund, the greater the risk you take.
Funds may face various risks in the process of investment and operation, including market risks, as well as management risks, technical risks and compliance risks of the fund itself. Huge redemption risk is a risk unique to open-end funds, that is, when the net redemption application of a single open-day fund exceeds a certain percentage of the total fund shares (10% for open-end funds, 10% for regular open-end funds) 20, except for special products stipulated by the China Securities Regulatory Commission), you may not be able to redeem all the fund units you have applied for in time, or the payment of your redeemed funds may be delayed.
The fund manager promises to manage and use the fund assets in accordance with the principles of honesty, integrity and diligence, but does not guarantee that the fund will make a certain profit, nor will it guarantee the minimum return. The fund manager reminds you of the “buyer’s responsibilities” principle of fund investment. After making an investment decision, the investment risks caused by changes in the fund’s operating conditions and net value of the fund are borne by you. Fund managers, fund custodians, fund sales agencies and related agencies do not make any promises or guarantees for fund investment returns.
The scope of public funds that individual pension funds can invest in is subject to the product catalog determined by the China Securities Regulatory Commission. The name of the product “Pension” does not represent income guarantee or any other form of income commitment. The product does not guarantee the principal or income, and losses may occur. The risk-return characteristics of different products may be different. Investors should choose the appropriate personal pension fund according to their own age, retirement date, income level and risk preference.
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