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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
Zheng Quan Shi Bao·2025-09-28 22:20

Core Viewpoint - The personal pension fund market in China has matured significantly since the implementation of the Personal Pension Implementation Measures, showcasing improved performance and a diverse range of products available for investors [1][2][3] Market Performance - Since the implementation of the personal pension system in November 2022, the number of personal pension funds has reached 302, with 296 funds achieving positive returns, resulting in a positive return rate of 98.01% [2] - The median return rate of these funds since inception is 14.05%, with 69.21% of products experiencing a net value increase exceeding 10% [2] - Initially, 132 funds established in 2022 faced challenges, with a median net value decline of 3.82% in 2023, reflecting investor hesitance towards this new pension model [2] Growth in Fund Size - By the end of Q2 this year, the total scale of 294 personal pension fund Y shares surpassed 12 billion yuan, marking an increase of over 3 billion yuan since the end of 2024 [3] - 97.73% of personal pension fund Y shares have seen growth compared to the end of 2024, with 84.47% of products experiencing growth exceeding 10% [3] Public Fund Management Capability - Public funds manage over 6 trillion yuan in pension assets, establishing their core position in the pension management sector [4] - Basic pension insurance funds have achieved positive returns for eight consecutive years since 2016, with an average annual return rate of 5.15% [4] - The national social security fund has an average annual return rate of 7.55% since its establishment in 2000, enhancing the resilience of China's pension system [4] International Experience and Asset Allocation - Optimizing equity asset allocation and relying on long-term investments are crucial for enhancing pension returns, especially in the context of the volatile A-share market [5] - The annualized return rate of the CSI 300 index since 2005 is 7.81%, slightly lower than the S&P 500 index at 8.5%, but with a higher volatility [5] Aging Population and Pension System Challenges - By the end of 2024, the population aged 60 and above in China is projected to reach 310 million, accounting for 22% of the total population, indicating a shift towards a moderately aging society [7] - The current pension system heavily relies on the first pillar, with an average replacement rate of only 41%, significantly below the internationally recognized comfortable line of 70% [7] - The personal pension system serves as a critical pathway for individuals to actively manage their retirement savings, emphasizing personal choice and responsibility [7]