Dou Yuming: The primary task of promoting personal pension development is to implement the account system

Zhongxin Jingwei July 28th. Question: Promoting the development of personal pensions is to implement the account system

Author Dou Yuming's chairman of the China Europe Fund and the core member of the 50 -person Forum of China Pension Finance

On April 21, 2022, the General Office of the State Council issued the "Opinions on Promoting the Development of Personal Pension" (hereinafter referred to as "Opinions"). The introduction of the "Opinions" is a milestone for the personal pension system from pilot to conventional development. It is also a key step in building and improving the multi -level pension guarantee system. The introduction of the personal pension account system is expected to further enhance the awareness of national independent pensions and promote individuals to actively and effectively carry out pension reserves and investment.

Account system is a key factor in promoting the development of personal pensions

After the "Opinions" is introduced, how will personal pension develop better in the future? The first task is to implement the account system, establish and improve the function of personal pension accounts.

In the short term, only by implementing the account system first, other personal pensions such as "personal selection" and "tax excellence" can be smoothly carried out in advance. First of all, implement the account system and allow individuals to have the right to choose their own elderly accounts and funds in order to ensure the realization of the true willingness of individuals. Secondly, the account system is closely related to the tax excellence. Participating in account payment can enjoy the tax excellence. If you do not participate, you do not enjoy the tax excellence. This sense of experience is very clear and helps to increase the enthusiasm of individuals to participate in the third pillar.

In the process of implementing the account system, two issues should be paid attention to: first, in the pension account product pool, the richness of the investment category; second, the friendly level of the account itself. Doing these two points will help to increase the enthusiasm of individuals to participate in pension accounts, which is of great benefit to expanding the coverage of the third pillar.

Each person has different age and the level of wealth accumulation, so the demand for pension investment is different. The products incorporated into the personal pension account, from the perspective of risk income characteristics, need to achieve full coverage from low risk to medium and high risks, especially the integration of equity products. In the past, we often paid more attention to "risk" in the process of pension investment, that is, fluctuations in investment, and ignored the "income requirements". Because personal pension investment needs to meet a certain long -term income requirement to meet the demand for capital expenditure after retirement, which significantly improves living standards. If you pay too much attention to short -term "risks", it is easy to lead to the overall allocation of investors, and the accumulation of pension assets is slower, and it may face more "longevity risks" in the future. Therefore, in the practice of personal pension account system, we must pay attention to the introduction of equity products to solve the problem of pension investment income space.

From the perspective of investment, although the short -term fluctuations in equity products are large, the biggest feature of the third pillar personal pension account is that the investment period is long and can reach decades. Violations to strive for greater long -term return space. From the perspective of mature overseas market cases, the American personal pension system constructed with equity products as its core system has formed a long -term virtuous circle accumulated in a macroeconomic, capital market and personal pension. The German personal pension system, which is based on low -risk products such as insurance policies and deposits, has encountered a sustainable crisis many times.

In addition to the richness of investment categories, you also need to pay special attention to the problem of the use of accounts. Only by using convenient and friendly accounts can you win the favor of intergenerational people at different ages. A good account experience should include at least three aspects: the convenience of opening an account, such as realizing personal remote account opening; the convenience of funds, such as the convenience of capital deposits and withdrawals; For personal income tax apps, etc.

Pension investment psychological account awakening long -term investment consciousness

In the long run, the physical account system is a key factor in the development of personal pensions, and the construction of psychological accounts for pension investment is equally important.

At present, the system is limited to the most of the individual in the physical account of 12,000 yuan each year. Even if the investment income after the deposit is considered, this amount is insufficient for most participants. If the participants want to achieve more pension asset accumulation goals, they must make additional pension investment outside the physical account.

Establish a psychological account that matches the target of pension assets, and arrange annual pension investment according to the condition of each person's capital. It can also prefer investment varieties in the entire market and have a wider range of investment. This can better meet investors who can better meet investors Personalized pension needs. This also requires all aspects of the asset management ecosystem to work together.

First of all, fund managers improve their professional ability and solve the problem of scale border and style drift of investment management.

As a "manufacturer" of the pension investment product, fund managers should improve their professional capabilities, solve the problem of opposition between scale and performance, and provide a clear and stable high -quality product for psychological accounts to achieve high -quality development. Only in -depth research based on the long -term fundamental concept can maximize the capacity of the investment strategy, and can still get good long -term investment returns in the case of large -scale funds.

At the same time, it is necessary to strengthen professional collaboration, relying on other investment partners in the team to clearly study related fields, and solve the problem of research depth through high efficiency sharing.

In addition, fund managers also need to solve the problem of fund -style drift to provide investors with clear and stable high -quality products. Avoiding fund -style drifts, on the one hand, the fund manager needs to maintain the characteristics of combined risk income in investment, and on the other hand, fund managers can also make a clearer graphization distinction on the fund. The key is that we need to make a clear definition of each fund style. For example, whether it is value, growth or a balanced mixed type, whether it is the main investment of large -cap stocks or small -cap stocks. Determine how to reflect the fund name and performance benchmark, and ensure the continuous stability of the product style in subsequent operation. Secondly, the introduction of investment consultants to solve the problem of asset allocation and investment companionship.

Pension product sales agencies should introduce buyers' investment advisory, a wealth management service model that can provide customers with a financial investment consulting, product diagnosis and long -term planning for customers. In particular, the use of scientific and technological means to upgrade the intelligent investment advisory model to assist individual investors to allocate long -term pension asset allocation and do investment companion services.

On the one hand, investment consultants can help sales agencies complete the preliminary screening and grading of customers, and provide differentiated pension solutions for investors in different situations. For example, for Xiaobai customers who are not familiar with the fund investment, they can recommend their attention to the target date strategy fund to achieve one -stop pension asset allocation; and mature investors with rich investment experience in the fund can use the help of investment consulting to realize their personalized pensions Asset allocation, etc. On the other hand, by introducing the buyer's investment advisor, the sales agency also helps to transform its profit model from charging sales fees to charging in accordance with the size of the preserved scale, thereby balanced their conflict with individual interests in the pension business, and realize the interests of investors' interests. Long -term binding.

In addition to providing asset allocation solutions, the more important role of investment consultants is to accompany customers throughout the process. Pension investment is a project that crosses the life cycle of investors. In this process, it will inevitably encounter market shocks. Although these fluctuations only cause "floating losses" on psychological accounts in the short term, it may be non -professionals for non -professionals. Great psychological stress and cause irrational investment operations. In this case, the role of investment consulting services is becoming more and more prominent. In the short term, investment consultants can timely smooth the emotions of investors, and at the same time help them continue to carry out long -term pension investment and regular investment, reduce irrational investment behavior, improve the level of long -term investment income, and help investors realize pension assets The goal of preservation and appreciation.

In the past, offline investment advisory models generally have disadvantages such as insufficient personnel reserves, high business costs, and lack of professional capabilities. How to provide a lot of personalized investment consulting services for the public with lower cost and higher efficiency is a major challenge facing the industry in the future, and it is also the key factor in promoting high -quality development of personal pensions in the future. one. Therefore, we are optimistic about the development prospects of intelligent investment advisory services. I believe that this business is expected to play a greater role in the construction of personal pension investment psychological accounts. Smart investment advisors can simultaneously achieve two goals -to avoid investors from adding new fees for new fees. And provide a large number of effective investment suggestions to maximize the convenience of investors' participation in pension investment.

Finally, the media helped promote the correct concept of pension investment.

The implementation and promotion of personal pension investment are by no means an overnight. Compared to guiding individual investors to do pension investment immediately, we need the assistance of the media to help everyone establish a psychological account for pension investment, guide individual investors to establish new cognition, and then provide appropriate pension investment products, and then Reminder to do appropriate matching is a relatively complete promotion chain. In the process of establishing new cognition, the following points are worth noting:

Adhere to the principle of "equal emphasis on risks and benefits". When promoting the psychological account of personal pension investment, you cannot blindly emphasize the necessity of personal pension benefits, cause "pension anxiety", and do not blindly promote risks. "Sex", increase more potential longevity risks for short -term stability;

Adhere to the principle of "old -age care", pay attention to the development of young people's consciousness, and allow young people to act earlier to establish psychological accounts for pension; increase the crackdown on false propaganda, severely punish malicious propaganda, and purify the atmosphere of propaganda links; take advantage Emerging media such as the Internet, expanding the scope of investor education and increasing the frequency. (Zhongxin Jingwei APP)

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Editor in charge: Wang Lei

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