个人养老金基金“三年答卷”阅评： 98%产品获正收益公募担当居民“主动享老”重要支柱

Core Viewpoint - The personal pension fund market in China has matured significantly since the implementation of the "Personal Pension Implementation Measures" nearly three years ago, showcasing improved performance and a diverse range of products [1][2]. Market Performance - Since the official implementation in November 2022, the personal pension system has stabilized, with the number of personal pension funds reaching 302, of which 296 have achieved positive returns, resulting in a positive return rate of 98.01% [2][3]. - The median return rate of these funds since inception is 14.05%, with 69.21% of products experiencing a net value increase exceeding 10%, indicating a broad profitability and a high proportion of mid-to-high returns [2][3]. Challenges and Recovery - Initially, personal pension funds faced challenges, with 132 funds established in 2022 showing a median net value decline of 3.82% in 2023, leading to cautious investment behavior among the public [3]. - Over time, the long-term investment value of these products has become more apparent, enhancing public confidence in the personal pension system [3]. Fund Scale and Growth - By the end of Q2 this year, the total scale of 294 personal pension funds exceeded 12 billion yuan, marking a growth of over 3 billion yuan since the end of 2024 [3]. - A significant 97.73% of personal pension funds have seen growth in scale, with 84.47% of products experiencing an increase of over 10% compared to the end of 2024, reflecting rising market acceptance [3]. Role of Public Funds - Public funds have emerged as key players in managing pension assets, with over 6 trillion yuan in pension assets under management, establishing their core position in the pension management sector [4]. - The basic pension insurance fund has achieved positive returns for eight consecutive years since its investment operation began in 2016, with an average annual return rate of 5.15% [4]. International Insights - International experience suggests that optimizing equity asset allocation and relying on long-term investments can enhance pension returns, despite the high volatility of the A-share market [5][6]. - Public funds have demonstrated superior performance in asset allocation and risk control, achieving higher returns and lower volatility compared to market indices [5][6]. Demographic Context - By the end of 2024, China's population aged 60 and above is projected to reach 310 million, accounting for 22% of the total population, highlighting the urgency of addressing pension challenges [7]. - The personal pension system serves as a crucial pathway for individuals to actively manage their retirement savings, emphasizing personal choice and responsibility [7].