Personal pension investment funds are gradually approaching, and many securities companies are actively preparing for consignment sales.
The reporter of “Securities Daily” learned exclusively from the industry that on the evening of October 18, China Securities Depository and Clearing Co., Ltd. (hereinafter referred to as “China Clearing”) completed the first round of the acceptance test of the platform system for the individual pension fund industry, with a number of securities companies participating. test.
CITIC Securities Chief Economist Mingming told the “Securities Daily” reporter that the development of personal pension investment fund agency sales is an important starting point for securities companies to transform into large wealth management in the future. The investment period of personal pension funds is long, and the number of participants in the future will be large. Those who have the upper hand in the competition will continue to benefit.
The preparatory work of securities companies is progressing rapidly
The “Opinions on Promoting the Development of Individual Pensions” issued by the General Office of the State Council in April this year clarified that individual pension participants can choose to purchase financial products that meet the regulations, which means that the top-level design of my country’s individual pension system has officially been implemented. After a lapse of two months, the China Securities Regulatory Commission studied and drafted the Interim Provisions on the Management of Private Pension Investment Public Offering Securities Investment Funds (Draft for Comment), which further refined the relevant institutional arrangements for personal pension investment funds and provided more clarity for the development of related businesses. operation path.
Up to now, the relevant preparatory work has made rapid progress. “Securities Daily” reporter exclusively learned that China Settlement organized two rounds of system acceptance tests in advance from October 12 to October 18, and from October 19 to October 25. Market participating institutions that passed the acceptance tests can apply to China Settlement Apply for a test report, and the test report will be one of the required materials for going online. In addition, a number of leading securities companies are actively “preparing” for the implementation of the personal pension business in terms of system development, access testing, staffing, investor education and other aspects.
In terms of system development, the basic functions related to all systems of GF Securities have been developed; CITIC Securities and China Merchants Securities have also completed the construction of the underlying pension system; Orient Securities mainly focuses on account system, trading system, App client, legal person fund settlement, etc. Make technical preparations, and the development of accounts and transactions has been basically completed.
Fast-moving brokerages have launched the personal pension investment reservation function on the App. The relevant person in charge of Guotai Junan Securities revealed to the “Securities Daily” reporter that the Guotai Junan Junhong App has launched the personal pension business appointment function in September. After the official launch of the special area, customers will be notified to handle related services.
In terms of access test, GF Securities has passed the online test of China Settlement Organization, the four-party joint test access test, and the four-party joint test organized by the Ministry of Human Resources and Social Security. It is expected to be the first batch of securities dealers to achieve business online; It has also cooperated with a number of depository banks to pass the four-party joint test access test organized by China Settlement; Orient Securities passed the four-party joint test access test organized by China Settlement on September 23.
In terms of staffing, China Galaxy Securities is speeding up the deployment of the basic software and hardware required for the personal pension business, and has initially completed team formation, system design, system construction and joint debugging and testing; China Merchants Securities immediately established an inter-departmental team , and based on the continuous improvement of customer experience, we will continue to optimize and improve the company’s pension system.
In terms of investor education, CITIC Securities and Renmin University of China recently jointly launched the “2022 China Young and Middle-aged Pension Maturity Survey” to investigate the pension cognition, pension vision and pension preparation of young and middle-aged groups in different regions and family conditions. , and guide residents to establish a correct awareness of pension preparation. China Galaxy Securities continues to do a good job in pension planning and investment education, and has released more than 10 personal pension investment education videos and 3 pension-related investment education live broadcasts. In addition to system construction, China Merchants Securities has made simultaneous progress in pension investment and education, online App area, system construction, and product introduction.
Talking about the follow-up work, Orient Securities introduced that the next step will focus on continuous advancement in front-end App development, business testing, bank cooperation, and system construction.
A person from China Galaxy Securities told the “Securities Daily” reporter that it will rely on the advantages of pension fund evaluation and other pension product evaluation, combined with the pension financial needs of more than 14 million customers and their families, and rely on the professional ability to provide appropriate services based on customer needs. , together with cooperative institutions, to do a solid job in the implementation of the national third-pillar pension policy.
In the future, securities companies, banks, and third-party institutions will have their own advantages in the agency sales of individual pension funds. The relevant person in charge of Orient Securities introduced to the “Securities Daily” reporter based on the characteristics of securities companies that securities companies have accumulated high-net-worth and high-risk preference customers who have participated in stock and fund market investment for a long time, which has laid the foundation for the transformation of customer groups in the personal pension business; Securities companies are promoting the transformation of wealth management and have the advantages of professional wealth management services. They can select good products for Chinese residents and help investors to maintain and increase their wealth.
Inject long-term stable funds into the market
“The future market space for personal pension business is huge, and it will inject long-term and stable funds into the capital market and improve market vitality.” Mingming said.
Chen Hao, senior analyst of financial supervision of Industrial Research, told the “Securities Daily” reporter that the third pillar of my country’s pensions has great development prospects. At present, my country’s personal pension quota based on tax incentives is 12,000 yuan per person per year. If 50 million people in my country pay personal income tax and 50% of them use this quota to pay personal pensions in full, the individual pension Gold’s annual capital inflow will reach 300 billion yuan. Considering the long-term nature of the accumulation of pensions, which often lasts for 20 to 30 years, under this background, even if the tax incentives are always maintained at 12,000 yuan per person per year, personal pensions will accumulate to nearly 10 trillion in the future. Yuan’s massive market.
The relevant person in charge of Orient Securities believes that after the personal pension “long money” enters the market, it will drive the stable operation of the A-share market, and interact and support each other with the pension. At the same time, the development of personal pensions will help increase the proportion of institutional investors in the capital market, cultivate the concept of value investment and long-term investment in the capital market, and is also expected to improve the price discovery efficiency of the A-share market and the ability of the financial market to serve the real economy.
(Editor in charge: Wang Qingyu)
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