Yu Jinhua, joint general manager of the Macro Strategy Department of Southern Fund: The key to the development of personal pensions is to help investors get ideal long -term returns

21st Century Business Herald reporter Pang Huawei Guangzhou report

"Whether it can help investors get the ideal long -term return will become the most important driving force for continuous transformation of pension savings into pension investment." Yu Jinhua, co -general manager of the Macro Strategy Department of the Southern Fund.

On the morning of August 26th, at the "Pension China · Responsibility Finance" hosted by the 21st Century Economic Herald and 21st Century Business Herald, and the 21st Century Business Herald, and the 21st Central Financial APP, Yu Jinhua gave "Individual Pension Pension The theme of Gold's Overseas Development ".

The key is long -term returns

Yu Jinhua introduced that population aging is a common problem in the world. In order to alleviate the pressure of finance, most governments of various countries will promote the reform of pensions. These reform measures usually include a dynamic adjustment mechanism for delaying retirement, establishing public pensions several aspects.

Among them, through the development of the second and third pillars of pension, that is, the development of professional pensions and personal pensions to improve and supplement the pension system. In terms of nature, it is an incremental reform and smaller social resistance.

Yu Jinhua believes that the key to the development of the personal pension system is long -term returns.

"The level of pension benefits of personal pensions depends on the payment, payment period, and long -term investment returns. Among the three of the payment, payment period, and long -term return, the most critical is long -term returns." Yu Jinhua said.

Globally, the United States, Australia, Canada, and Britain are countries where private pensions have developed successfully. However, the success of these countries, the success of the personal pension system is not just benefited from the preferential tax policies. In fact, it is more benefiting from a effective investment management system established. In such an investment management system, personal pension investors can make reasonable dynamic asset allocation based on their own risk tolerance and long -term investment framework, and finally get more ideal long -term investment returns. Under the ideal long -term return, pension savings have been continuously transformed into pension investment.

Yu Jinhua pointed out that the investment of personal pensions is undoubtedly long -term investment. For long -term investment, the key factor that affects returns is not time selection or coupon, but asset allocation. If the investment portfolio of personal pensions is too concentrated on low -risk assets, it will look safe, but it will face the risk of long -term benefits and cannot resist inflation. For long -term funds, this is actually a greater risk. Globally, stocks are the most outstanding long -term assets.

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According to Yu Jinhua, the country where personal pensions are successful. Taking the United States as an example, IRA is the main carrier of personal pensions in the United States. Since 2000, the proportion of common funds has stabilized by about 45%for a long time. IRA Investing in the capital of the common fund, nearly 60%of the proportion of investment is invested in equity assets. It is precisely because of the asset allocation that the allocation of common funds and the allocation of equity assets has exerted the advantages of long -term investors and high risk tolerance. American personal pensions have shared the results of global economic growth, and they have also gained. Good endowment protection.

According to Yu Jinhua, in the contrary, countries where personal pensions are not very successful. Taking Germany as an example, German personal pension is a typical product system, mainly including two types of products: Liszt products and Luolu products. There are four types of Liszt products with large scale, namely insurance, bank savings, funds and residential pensions. In fact, insurance products account for 2/3 of Liszt's total product.

From 2005 to 2020, the nominal return of Liszt's products was only 3.48%, and the actual return after the relevant taxes and fees were deducted from the deduction of 1.14%. The nominal return and actual returns of the Lulu products are basically the same as Liszt's products.

The German personal pension can be said to have no successful development. The main reason is that German personal pension system is a investment management model led by insurance products. Liszt's product emphasizes the capital preservation or guarantee the minimum return, which greatly reduces the risk preferences. There is no way to give play to the advantages of long investment period for personal pensions and strong price volatility to equity assets.

Yu Jinhua pointed out that in many European countries, the personal pension system has chosen a model led by insurance products. This is the case in Germany, Italy, and France. However, the development of personal pensions in these countries is relatively slow, and they often face a series of social governance pressures derived from aging.

In addition, there are some countries, such as the investment management of personal pension accounts in many Latin America countries in Latin America, which has not adopted a market -oriented operation, so the overall development is not successful. After the international financial crisis in 2008, many Ratime America countries have been forced to abandon the development of personal pensions.

To sum up the case of overseas personal pension development, we can see that the development of personal pensions is essentially the process of transforming pension savings into pension investment. In this process, investment management is the top priority. Whether it can help investors get the ideal long -term return will become the most important driving force for continuous transformation of pension savings into the most important driving force for pension investment.

Yu Jinhua said that on the basis of the successful experience and failure of the development of overseas personal pensions overseas and the lessons of failure, combined with my country's reality, we can get out of a development path with Chinese characteristics."In this process, through strict supervision and sufficient market competition, the fund investment advisory industry, and the professional advantages and investment capabilities of the public fund industry will help reduce the investment risk of personal pensions, help individuals help individuals Faced with a large amount of financial products with a large amount of financial products with different risk income characteristics, pension investors make a reasonable and dynamic asset allocation that matches its own risk tolerance and long -term investment period, so as to finally promote my country's personal pension to high quality Develop. "Yu Jinhua said.

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