Financial Associated Press, June 24 (Reporter Gao Yanyun) The investment fund system for individual pension participants will be implemented soon.On June 24, the China Securities Regulatory Commission publicly solicited opinions from the public on the "Interim Provisions on the Management of the Public Offering of Securities Investment Funds for Individual Pension Investments (Draft for Comment)".
The "Interim Provisions" consists of 6 chapters and 30 articles, mainly stipulating the following three aspects: first, to clarify the general principles and basic requirements for fund managers and fund sales agencies to carry out personal pension investment fund business; Fund product standard requirements, and make provisions on the investment management and risk management responsibilities of fund managers; thirdly, clarify the requirements for the business development conditions of fund sales agencies, and provide fund sales agencies with information prompts, account services, publicity and promotion, suitability management, Investor education and other responsibilities are stipulated.
The Interim Regulations address the following six major concerns:
First, in the pilot phase of the personal pension system, it is planned to first include the pension target fund with a scale of not less than 50 million yuan at the end of the last four quarters.
The second is that participating fund sales agencies must meet the requirement that the scale of stock funds and mixed funds held by individual investors should not be less than 20 billion yuan at the end of the last four quarters.
The third is to authorize the fund industry platform to serve the fund industry to carry out personal pension business and provide information support for the regulatory authorities.For the first time, the "Interim Regulations" clarified that the China Securities Regulatory Commission authorized China Securities Depository and Clearing Corporation and other institutions to build and operate an information platform for the personal pension investment fund business.
Fourth, the product design reflects the attributes of "old-age care" and provides benefits to investors. In order to encourage long-term investment behavior of participants, individual pension funds set up special shares, do not charge sales and service fees, implement preferential rates for management fees and custody fees, and exempt subscriptions Fees and other sales expenses, exemption from restrictions such as large-amount subscriptions, and the distribution of dividends by reinvestment.
Fifth, pay attention to the protection of investors' legitimate rights and interests and the safe operation of assets, including emphasis on information prompts, appropriate management, closed and safe operation, and emphasis on pension investment.
The sixth is to emphasize the one-stop service of fund sales to facilitate the participation of investors.The requirement requires fund managers and fund sales agencies to set up special areas for the elderly through Internet platforms, mobile clients, etc., to provide "one-stop" services such as business consultation, information inquiry, and pension investment and education.
The scale of Xianna should not be less than 50 million yuan pension target fund
In April this year, the General Office of the State Council issued the "Opinions on Promoting the Development of Individual Pensions", which established the basic institutional framework of my country's third pillar pension insurance.
In accordance with the requirements of the "Opinions", "implemented step-by-step according to the actual situation, select some cities for trial implementation for one year, and then gradually roll it out", in the trial stage of the personal pension system, it is planned to first include those with a scale of not less than 50 million yuan at the end of the last four quarters. Pension Target Fund.
The pension target fund is a fund product with medium and low volatility and includes equity assets. In the future, with the gradual introduction of the personal pension system, the CSRC will further expand the product range to include more stable investment styles, clear investment strategies, good long-term performance, It operates other types of public funds that are compliant and stable and suitable for long-term investment of personal pensions.
The relevant product list is updated quarterly, dynamically adjusted and optimized, to stimulate the vitality of market participants, and to better serve the long-term preservation and appreciation of personal pensions.
Recently, the "Opinions on Promoting the High-Quality Development of Public Funds" issued by the China Securities Regulatory Commission clearly stated that "increase the development and creation of low- and medium-volatility products, and develop fund products that are suitable for long-term investment of personal pensions." Fund product innovation with equity attributes and low-to-medium volatility.
At present, the public fund industry has established 178 pension target funds with a total scale of 106.8 billion yuan, including 16.5 billion yuan for target date funds and 90.3 billion yuan for target risk funds, with more than 3.02 million holders, mainly individual investors. .
As of the end of 2021, the average annualized rate of return of pension target funds that have been established for one year is 11.3%, which is more than 8 percentage points higher than the yield of 10-year government bonds.
The equity scale of fund sales institutions shall not be less than 20 billion yuan, and the individual holdings shall not be less than 5 billion yuan
Individual pension fund sales agencies need to have strong individual investor services, professional compliance and stable operation capabilities.
Given that personal pension fund sales business is more specific, professional and long-term than traditional fund sales, the "Interim Regulations" put forward targeted requirements for participating fund sales institutions in terms of business indicators, corporate governance, compliance and internal control, etc. , it is necessary to meet the requirement that the holding scale of stock funds and mixed funds at the end of the last four quarters shall not be less than 20 billion yuan, which emphasizes that the scale of stock funds and mixed funds held by individual investors as a whole shall not be less than 5 billion yuan.
At the same time, fund managers and their sales subsidiaries are allowed to handle the business related to the sales of individual pension funds raised by the managers.The list of sales agencies is updated quarterly. With the growth of the public fund industry and the growth in the sales volume of sales agencies, the number of qualified sales agencies will continue to increase.
Emphasis on one-stop service for fund sales to facilitate investor participation.It is required to require fund managers and fund sales agencies to set up special areas for the elderly through Internet platforms, mobile clients, etc., to provide "one-stop" services such as business consultation, information inquiry, pension investment and education, and to assist investors to open or designate funds in commercial banks. account, and open an information account on the information platform of the Ministry of Human Resources and Social Security.
Authorize the fund industry platform to serve the fund industry to carry out personal pension business and provide information support for the regulatory authorities.For the first time, the "Interim Regulations" clarified that the China Securities Regulatory Commission authorized China Securities Depository and Clearing Corporation and other institutions to build and operate information platforms for personal pension investment fund business, fund industry platforms and the information platform of the Ministry of Human Resources and Social Security, and conduct personal pension fund account business. Institutions such as commercial banks, fund managers and fund sales agencies that carry out personal pension investment fund business will establish system connections to provide support and implement management for personal pension investment fund business. The business rules of the fund industry platform will be publicly solicited on the same day.
Pay attention to the protection of the legitimate rights and interests of investors
In addition, the product design reflects the "retirement" attribute and makes profits to investors.
On the one hand, in order to encourage long-term investment behavior of participants, individual pension funds set up special shares, do not charge sales and service fees, implement rate concessions for management fees and custody fees, exempt sales fees such as subscription fees, and exempt large-scale subscriptions and other restrictions. , Adopt the income distribution method of dividend reinvestment; on the other hand, in the receiving stage of participants, in order to encourage long-term and installment collection behavior, the fund manager can make special arrangements for investment strategy, income distribution, redemption mechanism, fund conversion, etc. , including but not limited to regular dividends, regular payments, fixed redemptions, etc.
In addition, it pays attention to the protection of the legitimate rights and interests of investors and the safe operation of assets.
The first is to emphasize information prompts.When an investor invests for the first time, the fund sales agency should fully remind the individual pension system and the special requirements of the fund investment business (such as long-term closed account, no funds can be received unless the conditions are met, etc.), and the investor shall confirm; Investors who have opened an account but have not made any fund investment within 30 working days shall promptly give a reminder.
The second is to emphasize appropriate management.Funds are recommended to investors based on their age, retirement date, income level and risk appetite.
The third is to emphasize closed and safe operation.Fund managers and fund sales agencies shall ensure that funds such as redemption of fund shares are transferred to individual pension fund accounts.
Fourth, pay attention to pension education.Fund managers and sales agencies are required to carry out pension financial education, popularize pension investment concepts, and strengthen investors' understanding of pension policies.
