Promote the popularization of personal pension funds
2024-04-30
The annual reports of various listed financial institutions have been disclosed recently. From the relevant situation, accelerating the development of pension finance and the third pillar pension insurance, supporting the high-quality development of the health industry and the silver economy, has become an important focus of the financial industry. Elderly care concerns every family, and promoting the rapid development of personal pension requires both the government's active performance and the active participation of different industries and the public. Due to factors such as late development, uneven national pension financial literacy, low returns on some financial products, and risks, the popularization of personal pension in China still faces some challenges. The Survey Report on China's Pension Wealth Reserve (2023) shows that about 40% of respondents have only heard of the personal pension system, but are not familiar with it. 12% of respondents learned about the system for the first time through this survey. At the same time, the phenomenon of product homogeneity is prominent. According to data from the National Social Insurance Public Service Platform, as of April this year, out of the 746 personal pension products available for selection, there are 465 savings products, accounting for over 62%. To promote the popularization of personal pension, it is necessary to comprehensively enhance the financial literacy of the public in the field of elderly care. From various aspects such as policy design, product types, service methods, investment tools, and functional design, a more open, inclusive, and flexible personal pension system should be constructed, so that individuals of different age groups, income levels, investment preferences, etc. can gain value in this system. On the one hand, strengthen the inclusiveness of policy design. We can draw on the experience of developed countries and optimize policy design, such as building a hierarchical incentive mechanism, to enhance the inclusiveness of the individual pension system for the participation of various types and levels of population groups, and form a more fair, open, flexible, and standardized individual pension system. Targeting various groups of people in society, the full life cycle pension finance needs to aim to expand choice space, improve investment quality and efficiency, and enhance experience. It adopts methods such as personal customization, family sharing willingness, simplified processes, and diversified combinations to comprehensively enrich personal pension products and services, and fully mobilize the enthusiasm of the masses to participate in the personal pension system. On the other hand, achieving service facilitation and product differentiation. By relying on the social security service platform, we will build a diversified pension financial management service system with functions such as pension financial education, policy inquiry, product information, and customized services. This will further enhance the informatization, networking, and intelligence level of the personal pension system, and provide one-stop convenient personal pension services for the public. While optimizing the service process and lowering the threshold for personal pension selection, design differentiated products for different groups to enhance the attractiveness and flexibility of personal pension. At present, there is still a situation of low investment return on personal pension funds. Due to the relatively long investment period of the pension target fund, financial institutions need to extend their investment perspective, reduce the frequency and investment risks of short-term trading operations, stabilize the level of returns, and improve residents' deposit enthusiasm when allocating large categories of assets. In addition, pension finance has the characteristic of mixed operation, involving multiple financial entities and management departments. Therefore, it is necessary to improve the laws and regulations on pension finance, clarify the responsibilities and cooperation mechanisms of different entities, and ensure the healthy and orderly development of pension finance. By establishing regulations and strengthening market supervision,
Edit：GuoGuo Responsible editor：FangZhiYou
Source：People.cn
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