Should pensions enter the market? How to enter the market? When do you enter the market?

There are different opinions about pension entering the market, but it is imperative for pension to enter the market, which is beneficial to the country and the people, but it is necessary to have a sense of risk.

"Entering the market" is the most possible way to maintain and increase the value of pensions, but pension funds are the life-saving money of the masses, so it is necessary to ensure that pensions can maintain and increase their value safely and efficiently.

The entry of pensions into the market has actually begun in many provinces and cities. Pension is a part of social insurance. At present, as the social security fund of the central government, it has entered the market. Several financial leaders of the central government have repeatedly mentioned that it is necessary to promote pensions to enter the market. The pace of entering the market may have begun long before the sound is heard.

Pension entering the market refers to the securities investment of personal account funds in the basic old-age insurance fund. Investing the pension in the market can not only preserve and increase the value of the pension, but also stabilize the market. However, since pensions belong to the social security category, there are inevitably risks in the investment market. Therefore, the entry of pension into the market has always been a controversial issue among experts and scholars in China, and it has also aroused strong public concern.

At the two sessions held in March 20 12, the dual-track pension system was questioned, and whether pensions entered the market again caused controversy; After that, the problem of pensions entering the market was settled, and Guangdong's 100 billion pensions were confirmed to enter the market.

It is time for pensions to enter the market, but they need to be monitored and managed. 20 15 In March, with the approval of the State Council, Shandong Province decided to entrust the balance fund of employee pension insurance10 billion yuan to the National Social Security Fund Council for investment and operation, and transfer it in batches. The first batch of10 billion yuan has been transferred in place, and the rest of the funds are being collected.

On August 2015 17, the State Council issued the Measures for the Administration of Investment in Basic Endowment Insurance Funds, which will come into force as of the date of promulgation. The management measures stipulate that the proportion of investment in stocks, stock funds, hybrid funds and stock-based pension products shall not exceed 30% of the net asset value of pension funds. At the same time, key state-owned enterprises are restructured and listed, and pension funds can make equity investments.

In fact, the pension market has a solid theoretical foundation:

First, increasing the value of pensions in the market is an internationally accepted practice and a relatively mature one.

It is an international practice to increase the value of operating pension. Both South Korea's entry into the market through social security and the "40 1K Plan" of the United States have realized the preservation and appreciation of assets and brought a lot of investment returns for pensions.

However, despite the positive experience in the world, China has its own national conditions, and providing for the aged involves hundreds of millions of people, which is related to the interests of all sectors of society. Therefore, the pension "investment operation" that has already started should be cautious. Therefore, the pension market needs to be monitored and managed by laws and regulations, and implemented and enforced. To ensure the safety of this "life-saving money", "only earning but not losing" can be said to be the first harsh bottom line, and people's life-saving money cannot be taken risks.

Second, the pension market has a long-term positive effect on the healthy development of the stock market.

The development of the stock market needs to accept various types of investments, especially pension funds, which are long-term institutional funds that pursue stability. This has a long-term positive effect on the healthy development of the stock market.

However, pension funds should be limited to domestic investment. The investment scope includes: bank deposits, central bank bills and interbank deposit certificates; Treasury bonds, policy development bank bonds, financial bonds with credit rating above investment grade, corporate bonds, local government bonds, convertible bonds (including separately traded convertible bonds), short-term financing bonds, medium-term notes, asset-backed securities and bond repurchase; Pension products, listed securities investment funds, stocks, equity, stock index futures, treasury bonds futures.

Third, the pension market is an important measure of economic transformation.

China's pension scale is very large, with a scale of over one trillion. In order to increase the amount of funds in the stock market, especially to enhance the confidence of the stock market, the relaxation of the access policy for stock funds also provides a blueprint for other funds to enter the market in the future.

Under the background of economic transformation and uneven development of enterprises, banks put a lot of loans into large state-owned enterprises or listed companies, and it is difficult for tens of millions of small and medium-sized enterprises in China to obtain low-cost loan funds through indirect financing channels of banks. As for the direct financing channels dominated by stock market and bond market, they have been in a low proportion for a long time.

Therefore, it is an important measure for economic transformation to increase the amount of funds in the stock market and activate the stock market through pensions.