个人养老金，大消息

Core Viewpoint - The recent policy from the China Securities Regulatory Commission (CSRC) allows personal pension target date funds to remain in the personal pension product catalog even after their maturity transformation, reflecting a commitment to the stability and continuity of personal pension services [1][2]. Group 1: Policy Implications - The CSRC's announcement clarifies that target date funds included in the personal pension product catalog will retain their status post-maturity transformation, which is a significant step towards the maturation and refined management of the personal pension system [1][2]. - The decision is based on three main considerations: the stability and clarity of investment strategies post-transformation, the maintenance of business continuity for investors, and the alignment with the lifecycle management logic of target date funds [2]. Group 2: Fund Transformation Details - Four target date funds are set to transform by the end of 2025, including 富国鑫汇养老目标日期2025 and 中欧预见养老目标日期2025, with a combined scale of 344 million yuan and over 40,000 holders as of Q3 2025 [4]. - Post-transformation, these funds will maintain a low-risk profile, consistent with their pre-maturity asset allocation, ensuring they continue to serve as viable pension investment tools [5][6]. Group 3: Investor Experience - The policy enhances the investment experience for participants in the personal pension scheme by allowing continued investment in target date funds even after their maturity, thereby reducing potential confusion for investors [5][6]. - The emphasis on policy stability and predictability is crucial for fostering long-term participation in personal pensions, thereby increasing trust in the system [6].