There is another new policy for pension financial development. What are the highlights this time?

Following the launch of pilot projects for pension financial products and the introduction of a personal pension system, pension financial development has once again ushered in new policies. Recently, the China Banking and Insurance Regulatory Commission issued the "Notice on Regulating and Promoting the Development of Commercial Pension Financial Business" (hereinafter referred to as the "Notice"), which put forward 13 regulatory requirements for banking and insurance institutions to participate in the pension financial business. Among them, the "Notice" also has new regulations for "elderly care" financial products that citizens are more concerned about.

Dong Ximiao, chief researcher of China Merchants Union Financial, said in an interview with Qianjiang Evening News·Hour News reporter: On the one hand, more diversified pension financial products can better meet the diverse pension needs of the elderly and guide Form a long-term, rational investment philosophy. On the other hand, it will promote banking and insurance institutions to further tap the potential of the pension financial market and form new performance growth points.

The expected rate of return is not allowed to be promoted

Financial products that do not meet the regulations are not allowed to use the word "pension"

"I used to see some fund products with the word "endowment" in their names. There is the word 'pension', but in detail, these funds are no different from other financial products and fund investments." Ms. Chen, an investor in Hangzhou, said that in recent years, she has had doubts about some so-called pension products on the market.

In fact, the China Banking and Insurance Regulatory Commission continues to clean up financial products with the word "elderly care" that do not match their names. At present, most financial institutions have removed related products from their shelves.

This "Notice" emphasizes that for commercial pension financial products that comply with the provisions of the "Notice", banking and insurance institutions can use the word "pension" in product names and marketing promotions. Other financial products are not allowed to use “pension” or other words that may cause confusion in their names and marketing promotions.

In addition, banking and insurance institutions should, in accordance with the principles of legal compliance, prudent and orderly, and protecting the legitimate rights and interests of customers, rename or clean up financial products that have "pension" in their names but do not comply with the provisions of the notice. And report the rectification status to the regulatory authorities before June 30, 2022.

In terms of financial income information that citizens are very concerned about, the "Notice" also stipulates: promotional materials and sales documents for commercial pension financial products should be concise and easy to understand, and must not contain propaganda that is inconsistent with the facts or misleading. Commercial pension financial products are not allowed to advertise expected rates of return. Liquidity arrangements under special circumstances should be clearly agreed with customers in the product contract, but the business duration should not be shortened in a disguised manner through term structure design or other methods.

18 real retirement financial products have been launched

Have you bought them?

As a “new entrant” in the field of pension finance, pension financial products have attracted much attention. The China Banking and Insurance Regulatory Commission previously issued the "Notice on Launching the Pilot Program of Pension Financial Management Products" (hereinafter referred to as the "Notice") to launch the pilot program of pension financial management products.

According to information from the China Financial Management Network, as of now, there are 17 retirement financial products "registered" from four financial management companies: ICBC Financial Management, CCB Financial Management, Everbright Financial Management, and CMB Financial Management. Adopt public fundraising method.

In addition, a joint venture financial management company has tested the waters for the first time - BlackRock CCB Financial Management has also released its first retirement financial management product. So far, the financial management company has a total of 18 retirement financial management products.