The Opinions on Promoting the Development of Individual Pensions (hereinafter referred to as the Opinions) will be released for half a year. At present, all parties in the market are actively preparing for the war, and the Nuggets personal pension market. Some institutions' APPs have launched the 'personal pension' module, and some institutions have carried out the warm-up activities in advance. At the same time, individual investors have a strong willingness to participate.
Active layout of financial institutions
Ming Ming, the chief economist of CITIC Securities, told the Securities Daily that at present, some banks and brokerage APPs have launched personal pension business modules, and preparations in all aspects are nearly perfect, which is expected to be officially put into operation by the end of the year.
Take banks as an example. At present, many bank apps such as CITIC Bank and China Merchants Bank have launched personal pension modules, but they have not yet opened individual applications. For example, the word 'coming soon' is printed in the App personal pension module of CITIC Bank; China Merchants Bank launched the 'Appointment Courtesy' activity for personal pension accounts. As of October 18th, 31,510 people had participated in the appointment. It can be seen that individual investors have a strong willingness to participate.
Mr. Li, an investor, told the reporter, 'I pay more attention to personal pension, and I am prepared to actively participate after the institution opens the account function. It is more reassuring for the funds to be invested by professional institutions.'
'I'm planning to provide for the aged, and I'm very optimistic about the personal pension policy, which is equivalent to helping myself to save money compulsorily. Every mickle makes a mickle, and I can receive a lot of money when I retire. However, I am worried about the risk of personal pension investment and plan to buy wealth management products through banks. ' Investor Zhao Nvshi said.
Clearly, for investors, the allocation of personal pension should pay attention to their own specific situation and risk preference, and choose products that suit them.
Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, told the Securities Daily that although the detailed rules for the implementation of individual pensions have not yet been issued, various financial institutions have been actively laying out, and it has reached an industry consensus that pension financial products that provide enough options for the asset allocation of individual pension accounts in the future.
In terms of investment, the Opinions stipulate that the funds in the personal pension fund account are used to purchase financial products that meet the requirements of bank wealth management, savings deposits, commercial endowment insurance, Public Offering of Fund, etc., which are safe, mature, stable, standardized and focus on long-term value preservation and meet the preferences of different investors. Participants can choose independently. It can be seen that the third pillar pension under the personal account system has a wide investment range and diversified investment varieties.
According to Dong Dengxin, judging from the current financial product categories and personal pension policies, the financial products eligible to enter the scope of personal pension investment mainly include pension target funds, including target date funds and target risk funds; Pension wealth management products developed and sold by financial subsidiaries of banks; Tax deferred commercial endowment insurance; Specific old-age savings products launched by commercial banks; And personalized pension products mainly developed by fund companies, insurance companies, commercial banks, securities companies and asset management companies.
'At present, the degree to which various products are recognized and welcomed by the market is quite different. Pension funds and pension financial products are the two most popular types of pension financial products. ' Dong Dengxin said.
Supporting measures will be introduced one after another.
At present, individual pension rules are being formulated. On June 24th this year, China Securities Regulatory Commission issued the Interim Provisions on the Management of Public Offering of Securities Investment Funds for Individual Pension Investment (Draft for Comment), which clarified the institutional arrangements for individual pension investment in Public Offering of Fund. On September 29th, China Banking and Insurance Regulatory Commission issued the Notice on Promoting Insurance Companies' Participation in Individual Pension System (Draft for Comment) to all banking insurance regulatory bureaus and insurance companies, which defined the business qualifications, sales requirements and insurance product categories of individual pension business of insurance companies.
Interviewed experts believe that relevant supporting measures will be introduced one after another. These policies will help more financial products to be included in the category of personal pension products, which is expected to enhance the attractiveness of financial products and the enthusiasm of institutions to participate in pension.
The preferential tax policies for personal pensions have also attracted much attention. The executive meeting of the State Council held on September 26th decided to give preferential personal income tax to the personal pension supported by policies and commercialized operation, that is, the payer will be deducted before tax according to the annual limit of 12,000 yuan, the investment income will not be taxed for the time being, and the actual tax burden of income collected will be reduced from 7.5% to 3%.
'The provisions of tax incentives for personal pensions have greatly reduced the actual tax burden, and investors' willingness to participate in personal pensions is expected to increase.' Zhang Yiqun, deputy director of the Performance Management Committee of China Institute of Finance, told the Securities Daily that, however, China's personal pension policy has just started, and it needs to be refined in terms of the payment system specification, preferential tax operation, time limit, etc., so as to effectively protect the security of personal pension and achieve stable income, so as to mobilize the enthusiasm of individual investors to participate to the maximum extent.
In Dong Dengxin's view, the implementation of personal pension still needs to improve preferential policies and incentives, and at the same time, some policies need to be further refined.
Clearly, it is suggested that in the future, individual pensions can be provided with supporting rules in three aspects: First, direct subsidies to low-income people; The second is to open the system of transferring the second pillar to personal pension; The third is to raise the tax deduction ceiling.