Five months after the pilot launch of pension financial products, it ushered in capacity expansion again.
On February 25, the CBRC issued the notice on expanding the pilot scope of pension financial products (hereinafter referred to as the notice), announcing that from March 1, the pilot scope of pension financial products will be expanded from "four places and four institutions" to "ten places and ten institutions".
The notice points out that the pilot areas will be expanded to "Beijing, Shenyang, Changchun, Shanghai, Wuhan, Guangzhou, Chongqing, Chengdu, Qingdao and Shenzhen". Pilot institutions expanded to "ICBC Wealth Management Co., Ltd., CCB Wealth Management Co., Ltd., BOCOM Wealth Management Co., Ltd., Bank of China Wealth Management Co., Ltd., Agricultural Bank of China Wealth Management Co., Ltd., China Post Wealth Management Co., Ltd., Everbright Wealth Management Co., Ltd., China Merchants Bank Wealth Management Co., Ltd., Xingyin Wealth Management Co., Ltd. and Xinyin Wealth Management Co., Ltd." Ten wealth management companies.
In September 2021, in accordance with the overall requirements of "prudence, soundness, exploration and innovation", the CBRC chose "four places and four institutions" to officially launch the pilot of pension financial products for one year.
The first batch of selected cities include Hubei, Sichuan, Qingdao and Shenzhen. The pilot contents are as follows: since September 15, 2021, ICBC Financial Management Co., Ltd. has carried out the pilot of elderly care financial products in Wuhan and Chengdu, CCB Financial Management Co., Ltd. and China Merchants Bank Financial Management Co., Ltd. in Shenzhen, and Everbright Financial Management Co., Ltd. has carried out the pilot of elderly care financial products in Qingdao. In December of the same year, four pilot institutions successfully issued the first batch of pension financial products.
Not long ago, Xinding, the pilot of "financial care for the elderly". On February 11, according to the official website of China Banking and Insurance Regulatory Commission, BlackRock Jianxin Financial Management Co., Ltd. was approved to become the first joint venture financial management company to participate in the pilot of pension financial products, and the pilot cities are Guangzhou and Chengdu.
Less than a month later, the pilot scope of pension financial products has been expanded again. In addition to the expansion of the pilot scope, the provisions on the total scale of funds raised by a single institution's pension financial products have also ushered in new changes.
The notice stipulates that for the four financial companies that have carried out pilot projects, the upper limit of the total scale of funds raised by a single institution's pension financial products will be increased from 10 billion yuan to 50 billion yuan; For the six newly added financial companies, the maximum total scale of funds raised by a single institution's pension financial products is 10 billion yuan.
After the expansion of the pilot scope, the notice requires that the pilot financial management companies should independently select one or more pilot areas to sell pension financial products within the pilot areas, but they shall not sell beyond the pilot areas. BlackRock Jianxin Financial Management Co., Ltd. shall refer to the relevant provisions of the notice.
In addition, the notice also stipulates that the pilot financial management companies shall continue to optimize the scheme of pension financial products, improve the accuracy and transparency of information disclosure, increase the supply of long-term limited products, avoid regulatory requirements through term structured design in disguise, and publicize the expected rate of return of pension financial products.
Shortly after the release of the notice, Everbright financial announced that it would carry out the pilot work of pension financial management in 10 pilot cities. At the same time, it would realize the comprehensive layout of two product lines and four types of products in the first half of 2022.
According to reports, Everbright financial will focus on the layout of two product lines, including closed products and open products. Specifically, the closed-end products will adopt the 5-year closed form design of pension finance, with reference to the overseas mature model and the investment strategy of the "target date" of Chinese public funds; There are three forms of open products: first, it is designed according to the form of regular opening and holding each investment fund for a minimum of 5 years; Second, the product is opened regularly within one year after its establishment, and closed after one year after its establishment; Third, design products in the form of monthly fixed investment, with a minimum of 60 fixed investment periods, and guide investors to invest until they reach the age of 60.
