On the evening of December 17, the West City Boy, who has debuted for 23 years, held an online concert in London, and more than 20 million Chinese fans watched it.
is full of memories, and many fans born in the 1970s and 1980s collectively lamented that "My youth is back", but seeing that several older boys from that year have become uncles, many netizens were moved and joked that they are "really old". The popularity of "middle-aged people come back together" has always remained high.
It happens that on the same day, good news also came from the pension field. The "Opinions on Promoting the Development of Personal Pensions" was reviewed and passed. The highly-watched personal pension system is about to be unveiled, indicating that the third pillar of the pension security system will enter a new stage of development.
What is the third pillar
The pension security system contains the "three pillars". The first pillar is basic pension insurance. This part of the pension is mandatory by the state. It uses the form of a shared burden on the state, enterprises and individuals to raise funds to pay pensions for workers after retirement to ensure the basic living needs of retired people.
The second pillar is supplementary pension funds, the main forms are corporate annuities and occupational annuities. This is a supplementary pension insurance system established by some government agencies, institutions and enterprises for their employees on the basis of participating in basic pension insurance.
The third pillar is personal business pension, which is still in the stage of development exploration.
Why is the third pillar urgently needed to develop
The seventh census data released in May 2021 showed that the proportion of the population aged 60 and above in my country reached 18.70%, of which the proportion of the population aged 65 and above reached 13.50%. Population aging is an important trend in social development.
At present, the first pillar is "dominate" and is also facing problems such as great payment pressure. The second pillar is developing slowly and has a relatively small coverage. Therefore, it is urgent to promote the construction of the third pillar.
How to develop the third pillar
17 held the 23rd meeting of the Central Committee for Comprehensively Deepening Reform on the afternoon of 17th to review and pass the "Opinions on Promoting the Development of Individual Pensions". The meeting emphasized that the development of a multi-level and multi-pillar pension insurance system is an important measure to actively respond to population aging and achieve the sustainable development of the pension insurance system. It is necessary to improve the system design, reasonably divide the pension responsibilities of the state, unit and individual, and provide institutional guarantees for individuals to accumulate pensions. We must strictly supervise and manage, improve supporting policies, and speed up the clarification of implementation measures, fiscal and tax policies, financial product rules, etc., so that the people can see clearly, understand and operate well, so that all participants can follow rules and systems can be monitored and verified.
looks forward to the third pillar, and many industry insiders talked about multiple key points.
has a high voice to establish an account system. As early as February this year, You Jun, Vice Minister of the Ministry of Human Resources and Social Security, said that an individual pension system based on the account system, voluntary participation of individuals, and tax support from the state finance, and funds form a market-oriented investment and operation. Industry insiders said that this initially established that the development of my country's third pillar pension system will be carried out in the form of an account system.
Tax preferential incentives to participate. Many industry insiders pointed out that tax incentives are one of the important factors that promote residents' participation in the third pillar of pension, and multi-level tax incentives should be considered. Ding Zhenhuan, assistant president and chief investment officer of Taikang pension, also believes that deferred taxes are very necessary. Without tax deferral, it is difficult to make the third pillar product. He further pointed out that how to make high-income groups willing to participate is also the focus of future tax preferential design.
products should be adaptable. Industry insiders said that commercial pension products currently include target income type and target date type. In addition to financial management and insurance, pension FOF funds have also developed rapidly due to their scenario-based and distinct product characteristics. Song Fei, general manager of the Overseas Investment Department of Xinyin Wealth Asset Allocation Department, pointed out that any wealth management product has different adaptability to different customers. We must constantly explore customers' risk preferences and how products can better match customer needs and configure better products for customers.
impact on the market geometry
In the view of industry insiders, long-term funds such as pensions are expected to play the role of the capital market as a "ballast stone".In the 1970s, the US 401 (K) plan was launched and the US pension was launched, which became an important node for the US stock market to embark on a "bull journey".
Chief economist Lu Zhengxiong, Industrial Bank, said: "A healthy capital market cannot be separated from long-term investors who travel through the cycle to calm down the short-term irrational fluctuations of the capital market. The long pension investment period and large total amount of funds are the natural 'stabilizer' for the capital market to move forward steadily."
What are the returns of pension investment? Taking corporate annuities as an example, data released by the Ministry of Human Resources and Social Security recently showed that in the third quarter of 2021, the national corporate annuity fund investment income was 17.208 billion yuan, the cumulative investment income in the first three quarters of 2021 reached 79.693 billion yuan, and the weighted average yield in the first three quarters was 3.49%. As of the end of the third quarter of 2021, the total scale of national enterprise annuity accumulation funds was 2526.763 billion yuan.
2021 third quarter national enterprise annuity fund
investment management situation
Source: Ministry of Human Resources and Social Security
Industry insiders analyzed that from past experience, the pension investment style has been stable for a long time, focusing on investing in some industries or stocks with stable operations, excellent performance, low valuation and high dividends.
Editor: Cao Shuai
