Last December, China’s first pilot pension financial products were officially launched. Now, the first batch of products has been running for more than 2 months. What is the income level? What changes have taken place in the form of pilot pension financial products? What opportunities will the expansion of pilot areas and pilot institutions bring?
some products have relatively low net worth and strong long-term potential
According to the data released by China financial network, at present, 9 pension financial pilot products have been issued.
Among the first batch of four pilot pension financial products, the net value of ICBC financial products with the starting date of December 23 was 1.01 on February 23; The net value of CCB financial products started on December 16 was 1.0064 on February 22; The net value of the products of CMB financial management started on December 16 was 1.0057 on February 18; Everbright financial products started on December 15, with a net value of 1.0084 on February 18.
At the same time, there are two pilot pension financial products with a starting date of early February. At present, the net value is less than 1.
Therefore, compared with the performance comparison benchmark of 4.8% to 8% announced at the time of product release, there is still a certain gap in the income level of some pension financial pilot products.
“Since the end of 2021, the financial market has fluctuated greatly, resulting in the relatively low net value of the pilot pension financial products. However, on the whole, the relevant financial products are running smoothly.” Dong ximiao, chief researcher of Zhaolian finance, said.
Dong ximiao believes that at present, the term of the pilot pension financial products is more than 5 years, so we can “trade time for space”, and it is expected that the income of relevant products will not be too bad when they expire. With the continuous exploration and innovation of pilot institutions, pension financial products will become more and more mature. However, at the same time, investors should realize that the performance comparison benchmark is not a commitment to performance, and there is a possibility that the actual rate of return of financial products is lower or higher than the performance comparison benchmark.
subscription is not subject to the “restriction” of the closed period, and the flexibility of some products is improved
Long term is one of the characteristics of the pilot pension financial products, and the attribute of “pension” is obvious. Although some flexibility has been sacrificed, the five-year starting investment period means that there is more cross cycle investment space for pension financial pilot products, and investors will also obtain relatively stable investment returns.
“In order to meet the liquidity needs of customers, some products will increase regular dividend mechanism and gradually realize quarterly and semi annual dividends.” The relevant person in charge of Everbright financial management said that at present, Everbright financial management’s third pension financial management pilot product has implemented a regular dividend mechanism.
With the gradual advancement of the pilot, some products with higher subscription flexibility have emerged. At present, CCB financial management and Everbright financial management each have one product, which adopts the open net worth operation mode.
Take the open net worth product of Everbright wealth management as an example. The product is a six-year product. Within one year after its establishment, there will be two closed investment days per month for investors to apply for products. On the investment day of the closed period, customers can only apply for purchase and cannot redeem. One year after its establishment, the product can neither be purchased nor redeemed. However, in order to protect the interests of investors, investors can redeem financial products in advance and pay early redemption fees under special circumstances such as major diseases and other major expenditures recognized by the manager.
According to the relevant person in charge of Everbright financial management, in addition to the closed pension financial management pilot products, Everbright financial management will lay out an open product line, and the product forms will be divided into three categories. First, it shall be opened regularly and each investment fund shall be held for a minimum of 5 years; Second, the product is opened regularly within one year after its establishment, and the product is closed for operation after one year after its establishment; Third, invest regularly and regularly every month, with at least 60 fixed investment periods, and guide investors to invest until they reach the age of 60.
It is understood that Everbright financial management will successively realize the comprehensive layout of two product lines and four types of products of pension financial management in the first half of 2022.
pension financing pilot expansion covers more Lbx Pharmacy Chain Joint Stock Company(603883)
Since this year, the pilot areas and institutions of pension financial products have expanded. On February 11, the China Banking and Insurance Regulatory Commission issued a notice to clarify that BlackRock Jianxin Financial Management Co., Ltd. participated in the pilot of pension financial products, and the pilot cities are Guangzhou and Chengdu; On February 25, the China Banking and Insurance Regulatory Commission issued a notice again. Since March 1 this year, the pilot scope of pension financial products has been expanded from “four places and four institutions” to “ten places and ten institutions”.
“Initially, the pilot area was limited to four cities, with only four financial management companies participating, and the total amount was only 40 billion yuan, which could not meet the needs of the public in more areas to invest in pension financial products.” Dong ximiao said.
The pilot expansion means the expansion of product scale and coverage. The CBRC said that for the four financial management companies that have carried out the pilot, the upper limit of the total scale of funds raised by a single institution’s pension financial products has been raised from 10 billion yuan to 50 billion yuan; For the six new financial companies announced in the notice on the 25th, the maximum total scale of funds raised by a single institution’s pension financial products is 10 billion yuan; The total scale of pension products raised by Laide can be adjusted within 10 billion yuan in the process of financial management.
Dong ximiao said that the expansion of pilot areas and pilot institutions of pension financial products, first, the pilot amount will be increased from 40 billion yuan to 270 billion yuan, which can improve the supply capacity of pension financial products; Second, expand the scope of the pilot area to 10 cities, which will help meet the needs of more people for pension financial products; Third, the types of wealth management companies participating in the pilot were enriched and included in BlackRock Jianxin, a Sino foreign joint venture wealth management company, reflecting the expansion and deepening of China’s financial industry’s opening to the outside world. (reporter Zhang Qianqian)
