Relevant regulations for personal pension investment public offering funds are issued: first incorporated into the end of the last four quarters with a scale of not less than 50 million yuan

21st Century Business Herald reporter Jiang Shiqiang Beijing report

The relevant provisions of personal pension investment public funds are officially released.

On June 24, the Securities and Futures Commission issued the "Interim Provisions on the Management of Business Management of Public Pension Investment Public Investment Fund" (hereinafter referred to as the "Interim Provisions") and solicited opinions from the society.

Earlier, in April this year, the General Office of the State Council issued the "Opinions on Promoting the Development of Personal Pension" (Guoqi Fa [2022] No. 7, hereinafter referred to as "Opinions"), establishing the basic system framework of my country's third pillar pension insurance.

According to the CSRC, in order to promote the construction of multi -level and multi -pillar endowment insurance system, implement the Opinions on Promoting the Development of Personal Pension (Guoqi Fa [2022] No. 7), regulate personal pension investment publicly raised securities investment funds (Hereinafter referred to as the fund) business, drafted the "Interim Provisions on the Management of the Business Management of Public Pension Investment Public Investment Fund (Draft for Soliciting Opinions)", and now solicit opinions from the society.

The "Interim Provisions" has a total of 6 chapters and 30 articles, which mainly specify the following three aspects: First, to clarify the general principles and basic requirements of fund managers and fund sales institutions to carry out personal pension investment fund business; second, clarify that personal pensions can invest in investment The fund product standard requirements are required, and the fund manager's investment management and risk management responsibilities are stipulated; the third is to clarify the exhibition conditions requirements of the fund sales institution, and the information prompts, account services, promotion, appropriate management, appropriate management, and appropriate management of fund sales institutions Investor education and other responsibilities make regulations.

Product list dynamic adjustment

Specifically, the "Interim Provisions" adheres to the steady progress, and the personal pension fund "starts", dynamic adjustments, and steadily expand.

According to the "Opinions", "Combined with the actual steps, select some cities for one year first, and then gradually push away" requirements, in the trial stage of the personal pension system, the first to be included in the first four quarters of the last four quarters. Pension target fund.

Pension target funds are fund products with low and medium fluctuations and assets containing equity. In the future, with the gradual push of personal pension system, the CSRC will further expand the scope of the product, incorporate more investment styles, clear investment strategies, good long -term performance, and good long -term performance. Other types of public fund -raising funds that are stable and suitable for personal pensions for a long time.

In March 2018, based on the national conditions and the best practice of the development of overseas pension funds, the CSRC launched the pension target fund. Pension target funds have the following core characteristics: first, long -term nature, the holding period of the elderly target fund, encourage long -term holding, long -term investment and long -term assessment; second, asset allocation as the main investment strategy, through asset allocation and risk control, reduce Combining fluctuations to pursue medium- and long -term stable returns; the third is to attach importance to the role of equity investment in the value -added of assets, and have the characteristics of low and medium fluctuations, which meets the pension investment needs of participants in the early stage of the system. For solutions, investors can choose the appropriate pension target fund according to factors such as age, life expectancy, risk tolerance.

At present, the public fund industry has set up 178 pension target funds, with a total scale of 106.8 billion yuan, of which the target date fund is 16.5 billion yuan, the target risk fund is 90.3 billion yuan, and the number of holders exceeds 3.02 million. Essence

As of the end of 2021, the average annualized yield of the pension target fund for one year was 11.3%, which was more than 8 percentage points higher than the 10 -year national bond yield.

It is worth noting that the relevant product list is updated every quarter, dynamic adjustment and optimization, stimulate market entities to participate in vitality, and better serve the long -term value preservation and appreciation of personal pensions.

In fact, the CSRC recently issued the "Opinions on Promoting the High -quality Development of Public Fund" clearly stated that "Increasing the development and creation of low- and medium fluctuation products, developing fund products that are suitable for long -term investment in personal pensions" are expected to be more in the future. Fund product innovation containing equity attributes and low- and medium fluctuation characteristics.

Multiple measures to serve investors

The "Interim Provisions" reflects the "pension" attributes and make benefits to investors in terms of product design.

On the one hand, in order to encourage participants for long -term investment, the personal pension fund has set up a special share, does not charge sales service fees, implemented sales fees for management fees and custody fees, sales fees such as exemption for purchase fees, exemptions such as large -scale purchase and other restrictions such as large -amount purchase and other restrictions. 2. Adopt the method of revenue distribution of dividends; on the other hand, in the stage of participants' collection, in order to encourage long -term and installments, fund managers can make special arrangements for investment strategies, income distribution, redemption mechanism, and fund conversion. Including but not limited to regular dividends, regular payment, fixed redemption, etc.

In addition, the personal pension fund sales institution has strong personal investor services, compliance majors and stable operation capabilities.

In view of the fact that the sales business of the personal pension fund has strong particularity, professionalism and long -term sales than the traditional fund sales, the "Suspension Regulations" put forward targeted requirements for participating fund sales agencies from the aspects of business indicators, corporate governance, and compliance internal control. It is necessary to meet the scale of stock funds and hybrid funds in the last four quarters of the last four quarters, which is not less than 20 billion yuan. Among them, the scale of individual investors holding stock funds and hybrid funds is not less than 5 billion yuan.

At the same time, the fund manager and its sales subsidiaries handle the personal pension fund sales related business raised by the manager. The sales institution list is updated every quarter. As the scale of the public fund industry increases and the sales of sales institutions increases, eligible sales institutions will continue to increase. At the same time, pay 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 investors invest for the first time, the fund sales agency shall fully remind the personal pension system and special requirements for fund investment business (such as long -term closed accounts, non -satisfaction conditions must not receive funds, etc.), and shall be confirmed by investors; fund sales institutions will complete the completion Investors who have opened accounts but do not invest in funds within 30 working days shall promptly remind them in a timely manner.

The second is to emphasize appropriate management. Based on the age, retirement date, income level, and risk preferences of investors, they recommend funds to investors.

The third is to emphasize closed and safe operation. Fund managers and fund sales agencies shall ensure that the fund shares are redemption and other funds transfer to personal pension funds accounts.

The fourth is to pay attention to pension education. Fund managers and sales institutions are required to carry out pension financial education, popularize the concept of pension investment, and strengthen investors' understanding of pension policies.

Build a platform service

The "Interim Provisions" also emphasizes one -stop services for fund sales to facilitate investors to participate. Fund managers, fund sales agencies to set up pension areas through Internet platforms, mobile clients, etc., and provide "one -stop" services such as business consulting, information inquiry, pension investment and education to assist investors to open or designate fund accounts in commercial banks 2. Open an information account on the information platform of the Ministry of Human Resources and Social Security.

In addition, the authorized fund industry platform service fund industry has carried out personal pension business to provide information support for regulatory authorities.

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