养老，是每个人终将面对的明天。未雨绸缪，方能在时代浪潮中安享岁月。 从"养儿防老"的传统依赖，到"三支柱"体系的现代构建，我国养老保障的发展始终与人口结构、经济转型同频共振。随着人口年龄结构的重大变迁，我国养老保障 已逐步向"三支柱协同"转型，形成多层次养老体系。 这一转型中，公募基金凭借专业资产管理能力，成为连接养老体系与民众需求的关键力量。其中，工银瑞信基金作为业内少数拥有养老金业务全牌照的资产管理机 构，经过十余年深耕，已形成覆盖三大支柱的完善养老投资体系，成为这一领域的重要实践者。 在第二支柱企业年金投资方面，工银瑞信展现出均衡且持续的投资能力。据人社部数据，该公司在2022年、2023年、2024年全国企业年金单一含权组合业绩中，表 现优异。具体来看，截至二季度末，在含权类组合方面，该公司管理的单一计划近三年累计收益率为10.67%，集合计划为8.89%，均在业内居前。在固定收益类组 合方面，工银瑞信单一计划固定收益类组合、集合计划固定收益类组合区间收益分别为10.89%、9.98%，同样超越同类平均收益，体现出其在资产配置与风险控制 方面的综合实力。 在个人养老金产品方面，根据Wind数据，全市场 ...

Core Insights - The development of a multi-tiered pension system in China is progressing, with the first pillar being basic pension insurance and the second and third pillars consisting of enterprise annuities, personal pensions, and commercial pensions [1][2] Group 1: Pension System Overview - As of the end of 2024, approximately 1.073 billion people are participating in basic pension insurance, with a cumulative fund balance of 8.72 trillion yuan [2] - The average monthly basic pension for retired employees has doubled since 2012 [2] - The second pillar, which includes enterprise annuities and occupational annuities, has an investment scale of about 6.75 trillion yuan, showing over 90% growth since the end of 2020 [2] Group 2: Financial Institutions' Role - Financial institutions are actively developing pension financial products to meet diverse retirement needs, utilizing tools such as credit, insurance, and bonds [3] - Agricultural Bank has established a pension financial wealth management center, adding 12,000 new elder clients in the first half of the year [3] - China Life is enhancing its commercial annuity products to cater to the differentiated needs of the elderly population [3] Group 3: Challenges and Recommendations - Despite rapid development, the new pillars face challenges such as insufficient coverage and low contribution amounts [4] - Experts suggest optimizing tax incentives, increasing contribution limits, and diversifying investment products to enhance the system [4][5] - Recommendations include adjusting the personal pension tax exemption limit and allowing a broader range of investment options, including QDII products and REITs [5]

Core Viewpoint - The article discusses the challenges and opportunities in enhancing the health of family pension finance in China amidst an aging population and the need for quality elderly care solutions [2]. Group 1: Current State of Pension Finance - The current pension finance system in China is characterized by a three-pillar structure, with the first pillar being basic pension insurance, which is insufficient for quality retirement living due to rapid aging and rising living standards [4]. - China's pension asset accumulation is significantly lower than that of high-income countries, with personal pension assets accounting for only about 4% of GDP compared to nearly or over 90% in OECD countries [4]. - The coverage rate of the third pillar personal pension can be significantly improved, as evidenced by the 93% coverage rate among employees of the State Grid Hubei Company [4]. Group 2: Policy and Structural Challenges - Current pension finance policies have a framework in place but lack sufficient funding, precision, and regional coordination, particularly for low-income groups [5]. - The second pillar, which includes enterprise and occupational annuities, has low participation, especially among private and small enterprises, necessitating policy incentives to broaden coverage [13]. - The third pillar relies on voluntary participation, which is insufficiently attractive, indicating a need for enhanced incentives to encourage participation [13]. Group 3: Role of Insurance in Pension Finance - Insurance plays a unique role in providing stable, long-term cash flow for retirement, which is crucial for meeting diverse family pension needs [7]. - The focus should be on creating a network that integrates insurance with services and experiences, addressing the growing demand for accessible elderly care resources [7]. Group 4: Recommendations for Improvement - To enhance personal pension systems, it is essential to explore diversified incentive mechanisms that can increase participation rates, especially among low- and middle-income groups [8]. - The design of pension financial products should prioritize long-term cash flow stability and cater to varying income levels and retirement plans [11]. - There is a need for better integration of pension finance with elderly care services, ensuring that facilities meet the actual needs of the elderly and leveraging technology to improve service efficiency [12].