养老金｜英国NEST发展经验对二支柱投资管理的启示

Research Background - Domestic enterprise annuity investment management faces challenges due to a single product system, conservative investment style, and limited investment scope, making it difficult to achieve value preservation and appreciation [2] - The central returns of Chinese enterprise annuities in 2022, 2023, and 2024 were -1.83%, 1.21%, and 0.96% respectively, highlighting the need for improved investment management [2] NEST Plan and NEST Corporation - The NEST plan, introduced in the UK in 2012, serves as a pension "safety net" for small and medium-sized enterprises (SMEs) under the "auto-enrollment" mechanism [3] - As of March 2023, NEST Corporation managed £29.6 billion (approximately ¥250 billion) in accumulated funds, with investment assets totaling £29.1 billion [3] - Over 98% of the 1.1 million participating enterprises are private SMEs [3] NEST's Investment Management - NEST Corporation employs a lifecycle allocation strategy with a "five-module + four-stage" approach, focusing on growth, income, and protective assets across different stages of a member's life [5] - Over 60% of the portfolio is allocated to risk assets, with a focus on achieving long-term excess returns relative to inflation [5] - The investment strategy emphasizes active management, with over 99% of investments executed through FOF and MOM structures [5] Product Design and Performance - NEST's product lineup includes target-date series for most members and optional strategies for those with specific risk preferences or investment needs [3] - The representative product achieved an annualized return of 8.3% over the past 10 years, despite experiencing drawdowns of 5% to 15% in some years [4] Risk Management and ESG Integration - NEST Corporation conducts a "zero-based risk review" to assess various risks, with 44% of foreign exchange exposure hedged through derivatives [6] - ESG investments accounted for 49.7% of the portfolio as of 2023, with climate risk governance disclosed under the TCFD framework [6] Summary and Insights - Annuity product design should incorporate multi-strategy and multi-cycle frameworks, emphasizing individual differences and optimizing the holding experience [7] - Short-term market risks should be appropriately managed as a prerequisite for long-term stable returns [7] - The evaluation of annuity managers should focus on both performance and non-performance indicators [7] - A comprehensive and dynamic risk management system should be established, incorporating ESG considerations [7]