当前，我国企业年金覆盖3300多万名职工，《意见》实施有望让医院、学校、公益组织等机构的数 千万从业者进入企业年金的保障体系。随着企业年金规模扩容，投资管理与合规要求将同步提高。保险 机构须更加注重稳健投资、信息披露和受托责任落实，避免单纯以规模增长为导向而忽视风险管控。 职场人退休后有望获得更多养老保障。 近日，人力资源社会保障部、财政部联合印发《关于进一步做好企业年金工作的意见》（以下简称 《意见》）。作为2018年《企业年金办法》实施以来企业年金制度的关键性改革，《意见》进一步明确 扩大企业年金制度覆盖范围，大幅简化建立程序，规定了灵活的缴费比例，并强调提升管理服务水平。 北京大学应用经济学博士后、教授朱俊生在接受《金融时报》记者采访时表示，《意见》是围绕企 业年金扩面这一关键目标作出的系统性政策推进。随着制度瓶颈逐步打破，企业年金有望从少数企业的 福利安排，逐步成长为支撑我国多支柱养老保障体系的重要力量。对专业养老保险公司而言，长期资金 规模的持续扩容，既是难得的发展机遇，也是对其综合服务水平与专业能力的全面检验。 扩面增量 补齐养老保障第二支柱短板 在他看来，企业年金是为养老金体系减压分流的重要制度 ...

记者丨林汉垚 徐若萱 编辑丨曾芳 在人口老龄化加剧与预期寿命延长的双重背景下，仅靠基本养老保险难以满足公众对高品质退 休生活的期待，"退休后钱从哪来"成为全社会普遍的焦虑。 作为补充养老保险制度的"第二支柱"，企业年金其实在为职工赚取"养老钱"方面表现不俗。 人社部数据显示，截至2025年三季度末，全国企业年金基金单一计划、集合计划下的固定收益 类组合和含权益类组合， 每项投资组合近三年累计收益率均超过10%。其中，单一计划下含 权益类组合的三年累计收益率更是达到了12.53%。 然而，与这份亮眼的投资成绩单形成鲜明反差的是，企业年金长期面临"叫好难叫座"的窘境： 企业年金长期存在年金参与率低、中小企业渗透率低等问题。 如今，这一局面将随着新政落地迎来改变。人力资源社会保障部、财政部联合印发《关于进一 步做好企业年金工作的意见》（以下简称《意见》），明确各类企业及符合条件的用人单位均 可建立企业年金，并提出"灵活缴费""推广集合计划"及"园区试点"等具体举措。 业内普遍认为，此次《意见》通过降低门槛和简化程序，意在将企业年金的覆盖范围从大型国 企向广大中小微企业延伸。这意味着， 长期以来被视为央企、国企"专属 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [22]. Core Insights - As of Q1 2025, the accumulated fund scale of enterprise annuities reached 3.73 trillion, reflecting a quarter-on-quarter growth of 2.38% from the end of 2024, although the growth rate has decreased by 1.2 percentage points [2][4]. - The newly disclosed three-year cumulative return rate for enterprise annuities stands at 7.46%, primarily driven by long-term investment behavior influenced by relevant policy guidance [4][10]. - The number of enterprises establishing annuities has increased to 168,200, a rise of 5.62% from the end of 2024, with the number of participating employees growing by 1.51% to 32.91 million [2][10]. Summary by Sections Fund Scale and Growth - The enterprise annuity fund scale reached 3.73 trillion as of Q1 2025, with a quarter-on-quarter growth of 2.38% [2]. - The number of enterprises with annuities increased to 168,200, marking a 5.62% rise from the previous year [2]. Cumulative Returns - The three-year cumulative return rate for enterprise annuities is 7.46%, with single plans showing a return of 7.42% and collective plans at 7.82% [5][10]. - Fixed income portfolios yielded a return of 10.54%, outperforming the average by 3.08 percentage points, while equity-inclusive portfolios returned 7.06%, slightly below the average [5]. Market Outlook - The enterprise annuity sector is expected to continue its growth trend, benefiting from a structural market favoring small-cap growth and technology stocks in Q1 2025 [10]. - The long-term assessment of returns is anticipated to drive investment behaviors towards a balanced approach between absolute and relative returns, leading to a "steady progress" investment style [10].