Has social security pension entered the market?

Insurance Bian Xiao helps you answer, and more questions can be answered online.

Pension funds are allowed to invest in the stock market.

On August 23rd, the Chinese government website published the Measures for the Administration of Investment in Basic Endowment Insurance Funds (hereinafter referred to as the Measures). This is a great event in the history of the reform and development of China's endowment insurance system, which indicates that trillions of basic endowment insurance funds will soon be born in the domestic capital market.

The above-mentioned "Measures" are open to the public for comments, and public suggestions are fully adopted and revised and improved. On August 65438, 2007, the State Council officially released it, and it will come into force as of the date of release.

The basic old-age insurance fund (hereinafter referred to as pension) is the "life-saving money" of the broad masses of the people and an important public fund.

The Measures emphasize that pension investment and operation must adhere to the principle of safety first and strictly control risks. Clearly entrust, trust, investment and other management institutions should establish and improve the internal control system of investment management, strengthen risk management and control, and safeguard public interests; Relevant staff should abide by professional norms, and it is strictly forbidden to use their positions to seek benefits for themselves and others; The investment institution and the trustee respectively set up risk reserves at 20% of the management fee and 1% of the annual investment income, which are specially used to make up for the possible losses of pension investment.

The "Measures" require that pension investment and operation must adhere to rules, be open and transparent, accept public supervision, and be responsible to the people and society. All regions and relevant departments should attach great importance to pension investment and operation, conscientiously implement the Measures, strengthen cooperation and cooperation in pension management, handling, investment and supervision, prevent investment risks, promote the smooth implementation of pension investment and operation, realize the preservation and appreciation of pensions, and better benefit the general public.

Noun interpretation

pension

Pension, also known as pension and retirement fee, is the most important pension insurance treatment. According to the relevant national documents, the monthly or one-time cash payment of insurance benefits is the need to benefit the society and is mainly used to ensure the basic living needs of employees after retirement, according to their contributions to society and their eligibility for pension insurance or retirement conditions.

The background of the news story

From 2005 to 20 15, although the state raised the pension level of enterprise retirees for the first consecutive year, due to the huge difference in pension level, currency depreciation and rising prices, all sectors of society were not "ungrateful", but expressed dissatisfaction and doubts about the successive decline in pension replacement rate. The proportion of pension in wages has dropped for nine consecutive years, which is lower than the international warning line.

On June 29th, Ministry of Human Resources and Social Security and the Ministry of Finance jointly issued the Measures for the Administration of Investment in Basic Endowment Insurance Funds, soliciting opinions from the public. The deadline for feedback is 2015 July 13.

interpret

1. Why should pensions enter the market?

The basic old-age insurance fund (hereinafter referred to as pension) is the "life-saving money" of the broad masses of the people and an important public fund.

At present, with the continuous improvement of the social security system covering urban and rural areas and the rapid increase of pension accumulation, the current policy of bank deposits and purchasing government bonds can no longer meet the needs of maintaining and increasing the value of pensions; China's economic development has entered a new normal, the challenge of population aging is becoming increasingly severe, and the pressure on pension payment is gradually increasing.

In this regard, while continuing to strengthen pension management, we should speed up the improvement of pension investment policies, broaden investment channels, actively and steadily carry out pension investment operations, and realize the preservation and appreciation of pensions. This is not only conducive to enhancing the attractiveness of the system, mobilizing the enthusiasm of participating in insurance and expanding coverage; It is more conducive to broadening the sources of pensions, enhancing the supporting capacity of pensions and promoting the sustainable development of the system.

2. How do pensions enter the market?

The "Measures" clarify that pensions are operated in a centralized and market-oriented manner, and all the investable pension funds are collected by the provincial government into the provincial social security account, and the pension management institutions authorized by the State Council are entrusted to invest and operate.

Diversification of pension investment and operation, asset diversification through portfolio scheme and reasonable investment structure. Currently only investing in China; Strictly control the types of investment products, mainly mature investment products; Reasonably determine the investment proportion of various investment products, and the total amount of equity products such as stocks shall not exceed 30% of the net asset value.

In addition, the state gives special policy support to pension investment and operation, and ensures long-term stable income of pension investment by participating in major national projects and major projects and participating in the restructuring and listing of key state-owned enterprises.

Experts said that as an important institutional investor, the pursuit of long-term stable income of pension will be a great counterbalance to short-term speculative psychology and help to narrow the fluctuation range of stock index. Pension investment in the stock market is conducive to the healthy development of the capital market and will gradually become the ballast stone of the capital market.

3. How to control the risks when pensions enter the market?

Some people worry that pension, as the basic old-age security for residents, is safe after entering the market? Experts say that pension investment cannot completely avoid short-term fluctuations, but in the medium and long term, investment will bring rich returns.

Ma Li, director of the Shanghai Housing Provident Fund Center, said that the management method clarified the risk reserve system of pensions, and stipulated that the trustee should withdraw the risk reserve according to 1% of the net income of pensions, which was specially used to make up for the losses incurred by pension investment. At the same time, the information disclosure system and supervision and inspection system of pension are specifically stipulated.

"The capital market mentioned in the Investment Management Measures is a capital market that includes multi-level structure and rich products. The investment in stock assets is only one of them, and the maximum investment ratio does not exceed 30%. " Ma Li said, "The investment risk of pension for the stock market is controllable. As long as it is implemented in accordance with the system, it will achieve the purpose of maintaining pension security and maintaining and increasing value. " (According to Xinhua News Agency)

analyse

Pension market

Or it's good for big blue chips.

As an incremental fund in the stock market, pension is good for the stock market. According to the principle of "safety first" of pension, it is more beneficial to blue-chip stocks with excellent performance. At the same time, for such a huge fund as pension, it is difficult for ordinary small-cap stocks to meet their liquidity requirements, so first-and second-tier blue chips with excellent performance will become their first choice.

Ministry of Human Resources and Social Security recently released the Annual Development Report of Social Insurance in China 20 14, which shows that the accumulated balance of the national endowment insurance fund at the end of 20 14 was 3.56 trillion yuan, including 3 18 trillion yuan for urban workers and 384.5 billion yuan for urban and rural residents. It is expected that the accumulated balance of the fund will continue to expand in the coming period.

Ji Yongfeng, an analyst at Nanjing Securities, believes that if pensions enter the market, their investment philosophy should be consistent with social security funds, that is, to pursue stable and sustainable income, so it is more likely to buy blue-chip stocks, especially banks, insurance and securities stocks. Looking at individual stocks alone, the social security fund's stock selection preference is obviously different from private placement and hot money. Usually, stocks with large market value, state-owned assets background and high dividend yield are easily favored by social security funds.

visual angle

Xingshi Investment:

Pensions entering the market will boost market sentiment in the short term.

The entry of pension funds into the market provides a reference scheme for other long-term funds to enter the market and expands the proportion of institutional investors in A shares. Long-term funds such as pensions pursue long-term appreciation and preservation, which is conducive to the change of market investment style and guides market rational investment, then value investment will surely return. Under the standard of value investment, growth stocks with reasonable valuation and performance support will be favored by investors.

Minsheng Securities:

Pensions have long been good for the stock market.

In the short term, the entry of pensions into the market will boost the market, ease market panic and restore market confidence. In the long run, after the pension enters the market, fixed income products are the main products, supplemented by equity products, and the investment risk is reduced, which is conducive to improving the stability of the capital market.

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