The personal pension system releases “expansion” signals, and institutions accelerate their layout
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After being implemented in pilot areas for more than a year, the personal pension system will be fully promoted nationwide. The government work report mentioned that the personal pension system should be implemented nationwide and the third pillar pension insurance should be actively developed.
Society has come to expect this. At the beginning of the year, the Ministry of Human Resources and Social Security stated that the personal pension system, which was first implemented in 36 cities and regions, is currently running smoothly and the preliminary work has achieved positive results. The next step will be to promote the full implementation of the personal pension system. With the signal of “expansion” of the personal pension system, banks have launched a series of activities such as instant discounts, cash red envelopes, and lottery draws to attract users to open accounts, targeting non-pilot areas. Many banks have also begun to make plans in advance to expand potential customers. .
“The personal pension pilot has achieved great results for more than a year. The pilot experience should be promoted nationwide as soon as possible to expand the inclusiveness of this system.” Wang Xiangnan, deputy director of the Insurance and Economic Development Research Center of the Chinese Academy of Social Sciences, said that it will be The expansion of the personal pension system nationwide is of great significance. On the one hand, tax incentives can increase the actual rate of return on pension finance for households currently in non-pilot areas and consolidate social wealth reserves to cope with the aging population; on the other hand, the personal pension system has advantages in promoting labor mobility and reallocation. Therefore, it helps to promote the construction of a unified national market.
Since its launch on November 25, 2022, the personal pension system has been piloted for more than a year. The number of account openings has continued to exceed the number, and the supply of related financial products has also been gradually optimized and enriched. As of March 13, data from the National Social Insurance Public Service Platform showed that there were 743 personal pension products, including 465 savings products, 185 fund products, 70 insurance products, and 23 financial management products. Data from the Ministry of Human Resources and Social Security show that as of the end of 2023, the number of people who have opened personal pension accounts has exceeded 50 million.
Reporters interviewed found that after the “expansion” signal was released, many banks have stepped up promotion efforts.
The account manager of a branch of China Construction Bank in Xicheng District, Beijing, told reporters that CCB currently has a preferential policy of instant discounts for customers who open accounts. As long as they open an account, they can receive instant discount coupons on site. “Recently, the personal tax settlement has been officially launched. Many customers come to our branches to inquire about tax incentives for personal pensions. With the advancement of subsequent policies, our bank’s related financial products and preferential activities will further increase.”
A series of activities such as instant fund reduction, cash red envelopes, and lottery draws were launched on WeChat… Currently, many banks have launched marketing activities for opening personal pension accounts and giving gifts. For example, ICBC Shanghai Branch launched the “Account Opening and Receive 50 Yuan WeChat Instant Discount” campaign for specially invited customers who opened personal pension fund accounts in Shanghai for the first time.
“Now, customers who open a personal pension account at China Merchants Bank can enjoy preferential rates for pension products, a 10% discount on subscription fees for pension target funds, and 0 subscription fees for pension financial management. They can also participate in the ‘Pension Gift Package’ Activities.” The relevant person in charge of China Merchants Bank told reporters that customers can enjoy the “four-fold gift” of retirement while enjoying tax benefits.
“The number of customers who have opened personal pension accounts at China Merchants Bank has grown steadily, and it exceeded 5 million at the end of last year.” A relevant person in charge of China Merchants Bank said that the age range of customers who open personal pension accounts is large, covering people of all ages before retirement. , overall are relatively young, with an average age of about 35 years old, and generally have a strong awareness of tax saving demands and pension savings.
Regarding the choice of personal pension products, the account manager of an ICBC branch in Beijing told reporters that most of the customers who come to the branch to inquire about personal pensions will choose fixed deposit financial products with less volatility, such as exclusive deposits for personal pensions. The second is financial products.
In addition to focusing on pilot areas, many banks have also begun to make plans in advance to expand potential customers and attract customers to make appointments to open accounts through payment of discount coupons, lottery draws, instant discounts, etc., targeting non-pilot areas. For example, the Jiangxi Branch of the Bank of Communications launched the “Reservation and Reward” campaign. Customers who participate in the basic pension insurance for urban employees or urban and rural residents in non-pilot areas for personal pension business in China successfully complete the appointment to open a personal pension fund account at the Bank of Communications. Conduct a lottery, etc. through the Bank of Communications WeChat applet.
Although the market is huge and attracts a lot of attention, the personal pension system still has a series of problems that need to be solved urgently from the pilot project in some areas to the soon to be implemented nationwide. For example, there is a phenomenon of “account opening is hot but deposits are cold”. At the same time, some users report that the purchase of personal pension products is not smooth, the products for connecting capital accounts need to be enriched, and withdrawals are not flexible. In addition, the current low yields on deposits and financial products have also reduced users’ willingness to deposit to a certain extent.
In this regard, Jin Li, Vice President of Southern University of Science and Technology, believes that the personal pension system can learn from the corporate annuity model in the future. Through the state’s tax incentives for enterprises and enterprises sharing costs, on the premise that enterprises do not increase costs, individuals’ willingness to deposit can be increased through enterprise matching.
In terms of improving the attractiveness and flexibility of personal pensions, Zhou Yanfang, director of China Pacific Insurance Strategic Research Center, said that on the premise of ensuring fund security and effective management and control, it is recommended to increase the conditions for early withdrawal of personal pensions to meet the needs of participants in the event of major changes and Emergency fund needs under special circumstances. At the same time, explore ways to include children’s education, support for the elderly, debt repayment and other situations into the scope of partial benefits to better balance the rigidity and flexibility of the system and improve the efficiency of account fund use.
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