各开办机构养老金专属额度分配比例按季度调整。首次分配比例根据各开办机构已开立所有养老金资金 账户中未投资金额的比重确定，后续每季度根据各开办机构上一季度向养老金投资者售出储蓄国债（电 子式）金额的比重确定。人力资源社会保障部按月向财政部提供养老金资金账户资金缴存、投资情况， 支持做好额度分配管理工作。开办机构、国债公司要抓紧制定业务方案，加快系统建设以及相关信息系 统间的对接、联调测试等筹备工作，保障个人养老金储蓄国债（电子式）业务平稳启动。 财政部11月21日消息，财政部发布关于储蓄国债（电子式）纳入个人养老金产品范围有关事宜的通知。 通知明确，开办机构向养老金投资者销售储蓄国债（电子式），发行额度管理参照《储蓄国债发行额度 管理办法》执行。 ...

Core Viewpoint - The Ministry of Finance and the People's Bank of China announced that starting from June 2026, qualified savings bonds (electronic) will be included in the scope of personal pension products, allowing pension investors to purchase these bonds through designated institutions [1] Group 1: Policy Implementation - From June 2026, members of the savings bond underwriting group will provide services for purchasing electronic savings bonds to pension investors who have opened personal pension accounts [1] - Institutions must establish dedicated accounts for pension investors to purchase savings bonds, which will be linked to their pension fund accounts [1] Group 2: Allocation and Distribution - The allocation ratio for dedicated pension bond quotas will be adjusted quarterly, with the initial distribution ratio based on the proportion of uninvested amounts in all pension fund accounts opened by each institution [1]

2022年11月25日，个人养老金制度正式启动实施。如今转眼已三年。 三年间，从36个城市先行试点，到推广至全国，从首批的129只基金产品，到如今突破300只，从最初 清一色的养老目标基金，到如今指数基金、目标日期、目标风险产品齐头并进，为投资者提供越来越多的 选择，个人养老金正在被越来越多的普通投资者接受、认可。 今年下半年以来权益市场显著回暖，部分养老Y份额产品凭借灵活、敏锐的组合调整实现业绩大增。全 市场Y份额产品规模增长至 151 .1 亿元。从基金管理人角度看，有7家公募机构旗下养老基金Y份额管理规 模突破10亿元，相比年初新增3家。其中，华夏基金旗下养老基金Y份额总规模率先突破20亿元，为目前管 理规模最大的基金公司。 时值年末报税季，缴存个人养老金即可享受个税优惠。个人投资者在做养老投资规划时要注意哪些问 题呢？其实关键要想清楚几件事：个人养老金账户的必要性；为什么养老投资不建议太保守；应该如何选 择具体的养老基金产品。 个人养老金的"补充"角色 如果将我国的养老体系形象地比作一座三层金字塔，那么每一层都承载着各自独特的养老使命。 第一支柱位于金字塔的底层，是由政府主导的基本养老保险，但存在替代 ...

个人向个人养老金资金账户的缴费，按每年12000元的限额标准，在综合所得或经营所得中据实扣除。 比如上班族全年缴满12000元个人养老金，计算当年个税时可直接从应纳税所得额中减去该金额。不同 收入人群的扣除方式有差异： 时光飞逝，转眼间一年又要画上句号，不知不觉已临近年底收尾阶段！ 11月起，不仅要忙着总结复盘、冲刺年末目标，还有不少和自身权益相关的重要事项得抓紧落地，其中 个人养老金的缴费抵扣就是不容错过的关键一件—— 毕竟关系到个税减免的实际优惠，可别等截止日期到了才想起遗漏~ 不要忘了哦！在2025年12月31日之前买入个人养老金，还能计入今年的税收抵扣额度，得抓紧买起来 了！ 领工资薪金、按累计预扣法缴个税的劳务报酬所得者，可选择当年预扣预缴（需向单位提供扣除凭证） 或次年汇算清缴时扣除； 靠稿酬、零散劳务报酬赚钱，或有经营所得的个体户、自由职业者，需在次年汇算清缴时扣除。 计入个人养老金资金账户的投资收益，暂不征收个人所得税。例如账户内资金用于购买养老理财、基金 等产品产生的收益，在未领取前无需缴纳个税。 个人领取的个人养老金不并入综合所得，单独按3%的税率计算缴税，税款计入"工资、薪金所得"项 目 ...

Group 1 - The article introduces the concept of "Pension Ledger," which helps individuals plan their retirement funds by presenting current pension assets and estimating future pension income [2][3]. - It outlines the three pillars of pension funding: the first pillar is social security pensions, the second pillar includes enterprise or occupational annuities, and the third pillar consists of personal pensions [3][5]. - The article emphasizes the importance of understanding the total pension assets and the estimated monthly pension income from all three pillars combined [3][5]. Group 2 - The article provides a guide on how to experience the new "Pension Ledger" through a QR code for immediate calculation of retirement benefits [2][3]. - It details the potential rewards for individuals who open and contribute to personal pension accounts, including bonuses for first-time deposits and referral incentives [6][7]. - The article promotes specific investment products aimed at enhancing retirement savings, including low and medium-risk funds available through the bank [6][8].

Investment Rating - The report indicates a positive outlook for the banking wealth management industry, particularly in the context of the nationwide promotion of pension wealth management products [3]. Core Insights - The expansion of pension wealth management trials to a national level marks a significant shift, enhancing the third pillar of the pension system in China [10][11]. - The introduction of a new direct registration system for wealth management products is expected to improve data governance and operational efficiency across the industry [12][13]. - Recent trends show an increase in annualized returns for cash management products, with a recorded rate of 1.29%, reflecting a slight increase from the previous week [14][18]. Summary by Sections Regulatory and Industry Dynamics - The National Financial Regulatory Administration issued a notification promoting the sustainable development of pension wealth management, expanding trials nationwide and increasing the fundraising limits for wealth management companies [10][11]. - The new system implemented by ICBC Wealth Management and Suzhou Wealth Management enhances data reporting and regulatory oversight, improving the management of sales personnel and investor protection [12][13]. Yield Performance - Cash management products saw a near 7-day annualized yield of 1.29%, up 1 basis point from the previous week, while money market funds decreased to 1.16% [14][18]. - The overall bond market remains favorable, although market sentiment is expected to remain subdued due to ongoing uncertainties [16][17]. Net Value Tracking - The net value ratio of banking wealth management products decreased to 0.78%, down 0.32 percentage points, indicating a potential pressure on the net value if credit spreads continue to widen [23][25].

Core Viewpoint - The recent notification from the Financial Regulatory Bureau aims to promote the sustainable and healthy development of pension financial products, which is expected to bring multiple substantial benefits to the industry and companies involved in pension finance [1][2]. Industry Insights - The notification increases the fundraising cap for pension financial products to five times the net capital of the institution at the end of the previous year, although the immediate impact may be limited due to the current low acceptance of long-term pension products by clients [2]. - Institutions already on the whitelist for pension financial products will have their new pension products automatically included in the personal pension product list, enhancing the convenience of product issuance [2]. - The establishment of mechanisms for the transfer and pledge of pension financial products is seen as crucial, addressing investor concerns about liquidity when funds are needed [2]. Company Developments - BlackRock China Asset Management is the only joint venture wealth management company that has obtained both "pension financial pilot" and "personal pension" product issuance qualifications, positioning itself as a model for localized pension financial management [1][4]. - The company has received strong support from local governments and regulatory bodies, reflecting the government's emphasis on pension business and innovation [4]. - BlackRock China Asset Management has launched several pension products, including the "Be Safe 2032 Pension Financial Product," which has achieved an annualized return of 6.28% since its inception, ranking first among 51 pilot products [5][6]. Market Trends - A joint white paper by BlackRock China Asset Management and China Construction Bank highlights the potential for China's pension financial market, estimating that the total scale of the three-pillar pension system will reach 15.66 trillion yuan by the end of 2024, indicating significant growth opportunities [7][8]. - The white paper outlines a dual-driven product structure, combining institutional and non-institutional pension products to cater to various risk preferences and life cycles of clients [8]. - The market is transitioning from being policy-driven to market-driven, with the next 10 to 20 years being critical for the rise of the third pillar and the optimization of wealth structure in China [9].

Core Viewpoint - The expansion of the pilot program for pension financial products to nationwide will enhance the integration with the personal pension system, providing more investment options and addressing the growing pension pressure in China [1][2][3]. Group 1: Expansion of Pilot Program - The pilot program for pension financial products has been expanded from four cities in 2021 to ten cities in 2022, and now to nationwide coverage [2]. - The pilot program's duration has been extended to three years, allowing more financial institutions to participate [1][2]. - As of June 2025, the total balance of personal pension financial products reached 15.16 billion yuan, a 64.7% increase from the beginning of the year, with over 1.439 million investors participating [2]. Group 2: Encouragement of Long-term Investment - The program encourages long-term investments, with a focus on products with a minimum holding period of five years or longer [4]. - Financial institutions are supported to develop pension financial products that meet the long-term needs of participants [4]. - The initiative aims to diversify the supply of pension financial products and promote a sustainable pension planning mindset among investors [4]. Group 3: Fee Reductions and Value-added Services - The program includes provisions for fee rate reductions on management, sales, and custody fees for pension financial products [5]. - Investors can expect more personalized and comprehensive financial services, integrating pension product returns with health and elderly care scenarios [5]. Group 4: Risk Management and Product Authenticity - Financial institutions are required to enhance internal management mechanisms and risk prevention measures to ensure the stability of pension financial product investments [6]. - There are guidelines for investors to verify the authenticity of pension financial products, ensuring that misleading terms are not used in product names [6]. - Investors are advised to carefully read product descriptions and understand the risk-return characteristics of the underlying assets [6].

Core Insights - The personal pension fund market has seen significant growth and improvement in performance over the past three years, with 98% of funds achieving positive returns as of November 3, 2023 [1][6][7] - The number of personal pension funds has expanded from 129 at launch to 302 by September 2025, with total assets increasing from 2.005 billion to 15.111 billion yuan [3][4] - Despite the positive trends, challenges remain, including small fund sizes, product homogeneity, and the need for improved asset allocation [8][9] Fund Performance - The average return of personal pension funds was -4.1% in 2023, but improved to 4.45% in 2024, with a notable average return of 17.45% year-to-date in 2023 [6][7] - The highest individual fund return reached 58.57%, indicating strong performance in a recovering market [6][7] Market Expansion - The personal pension fund market has seen an increase in the number of sales institutions from 37 to 52, and the introduction of index products in December 2024 [3][4] - The growth in fund numbers and sizes reflects a broader acceptance and trust in personal pension funds among investors [4][5] Challenges and Recommendations - Key challenges include the closure of underperforming funds due to low asset sizes, with four funds being liquidated for failing to meet the 200 million yuan threshold [8] - Suggestions for improvement include diversifying asset classes to include gold, overseas assets, and REITs, as well as enhancing the integration of advisory services with personal pension accounts [8][9]

Group 1 - The article emphasizes that fund investment is a suitable method for lazy investors and discusses how to effectively plan for fund investment [2] - It introduces a free course that helps individuals understand fund investment strategies and planning [2] Group 2 - For retirement investment, the article suggests considering various fund types due to the decreasing replacement rate of social security pensions [7] - It outlines three main types of funds suitable for retirement investment: 1. Pension-targeted funds, such as pension FOF funds, which can be accessed through personal pension accounts or regular accounts with different fee structures [8] 2. High-dividend funds, like dividend index funds, which provide higher dividend yields for long-term holding [9] 3. Monthly salary treasure advisory combinations, designed for higher cash flow frequency and lower volatility compared to traditional high-dividend funds [12]