The opinions of the general office of the State Council on promoting the development of individual pensions was published on April 21. The CSRC said on the same day that in the next step, it will speed up the formulation and introduction of supporting rules and systems for individual pension investment in public funds, improve the construction of infrastructure platform and optimize the market environment for medium and long-term funds; Continue to strengthen the supervision of institutions and employees, improve the management ability and standardized operation level of managers, strengthen investor protection, ensure the safety and standardization of pension investment and operation, and promote the high-quality development of individual pensions. Experts believe that the introduction of the opinions is conducive to improving the multi-level and multi pillar old-age insurance system, building the formation mechanism from long-term funds to long-term capital, and delivering long-term stable funds to the capital market. Implement individual account system The opinions clearly states that the individual pension shall be subject to the individual account system, and the contributions shall be fully borne by the participants and fully accumulated. Participants establish personal pension accounts through the personal pension information management service platform. The upper limit of individual pension paid by participants is 12000 yuan per year. The State formulates preferential tax policies to encourage qualified personnel to participate in the individual pension system and receive individual pensions in accordance with regulations. "The opinions defines the basic framework of China's individual pension system. Promoting the development of individual pension will help to improve China's old-age security system." Dong Dengxin, a core member of the China pension finance 50 people forum and director of the Institute of Finance and securities of Wuhan University of science and technology, said that vigorously developing the third pillar of pension insurance must "grasp both hands": on the one hand, build an effective policy incentive mechanism driven by tax policies; On the other hand, effective demand is driven by product supply, and financial institutions are encouraged to carry out personal pension product research and development and business innovation, so as to provide investors and consumers with more diversified investment options. Actively respond to population aging In the view of insiders, a healthy capital market is inseparable from long-term investors who cross the cycle. The entry of long-term funds such as pensions into the market is expected to play the role of the "ballast" of the capital market and stabilize the short-term irrational fluctuations of the capital market. The CSRC pointed out that the opinions will help accelerate the construction of a new development pattern of benign interaction and coordinated development between pension, capital market and real economy. The capital market will help pensions share the fruits of real economic development, promote the long-term maintenance and appreciation of pensions, and actively respond to population aging; Pensions are long-term, normative and large-scale. By actively investing in the capital market, they can provide more long-term and stable development funds for the real economy. According to the opinions, the individual pension fund account is closed, and its rights and interests belong to the participants. Unless otherwise specified, it shall not be withdrawn in advance. The funds in the personal pension fund account are used to purchase financial products that meet the preferences of different investors, such as bank financial management, savings deposits, commercial endowment insurance, public funds and other financial products with safe operation, maturity and stability, standardized target and focus on long-term preservation. Participants can choose independently. Wang Hanfeng, chief strategist and managing director of CICC, believes that the construction of personal pension system is conducive to the development of new businesses of relevant banks, insurance, public funds and other financial institutions, and is also expected to bring new types of long-term investors to the capital market. From the experience of mature markets such as the United States, the establishment of relevant pension insurance systems has brought long-term funds to the U.S. capital market and played a good supporting role in the long-term and steady development of the U.S. stock market. "The construction of individual pension system will help cultivate and develop long-term institutional investors for the capital market and improve the cautious expectations of the current market to a certain extent." Wang Hanfeng said. Supporting rules and systems will be introduced one after another Insiders believe that the construction of individual pension system will promote the development of pension finance. Relevant supporting rules and systems will be introduced one after another around tax incentives, personal pension account management, personal pension information management service platform, etc. The CSRC pointed out that as the most mature professional institutional investor in the capital market, public funds serve the public in financial management and help maintain and increase the value of pensions, which is not only the original intention of the establishment of the industry, but also the mission of the development of the industry. The public fund industry has a sound system, standardized operation and strict supervision. The number of investors served has exceeded 540 million, and the entrusted management of various pension assets has exceeded 4 trillion yuan. It has created good long-term income and accumulated rich management experience. The public fund industry should further shoulder the responsibility of the times, give full play to its professional advantages, strive to improve its investment and research ability, strengthen the investment and education of pension finance, and strive to make greater achievements in serving the national pension cause. A number of fund companies said they would strengthen in-depth research based on the concept of long-term fundamentals and provide investors with rich optional products to meet personalized pension investment needs. Insiders suggested that we should further clarify the detailed rules of individual pension policy, and consider increasing tax incentives and expanding the scope of investment. Among them, Everbright Securities Research Report said that from the perspective of the development law of overseas mature markets, "tax preference + personal account" is the widely adopted design of the basic institutional framework of the third pillar endowment insurance, and the tax preferential policies help boost consumers' willingness to insure personal endowment insurance. The agency believes that the follow-up tax preferential policies on individual pensions will be introduced as soon as possible to encourage the demand for contributions. (Xinhua News Agency)