到2025年12月，个人养老金制度全面推广已满一年，作为养老第三支柱的个人养老金，大大拉近了资产管理与每个人的距离， 我们摘录《2025年中国资产管理行业发展报告》中个人养老金的专题研究，希望对普通公众算清"养老账"有所帮助。 随着我国人口老龄化程度不断加深，养老问题逐渐成为全社会关注的焦点。2022年4月，个人养老金制度正式确立。自2024年12 月15日起，个人养老金制度从36个先行城市（地区）全面推广至全国。 编者按：2005年，巴曙松教授主持的中国资产管理行业研究课题组开始关注尚处于起步阶段的中国资产管理行业。 当时，中国资管行业以公募基金为主，总规模不超过3万亿元。截至2024年末，中国资管行业总规模已逾165万亿元，成为经济 金融体系运转的重要组成部分。 2025年是课题组开展持续研究的第20年，这20年里，中国资管行业不断创新，包括金融科技对行业的革新，以及公募REITs、 ESG、家族信托等新产品等，这些创新都在年度发展报告中被忠实记录和深度剖析。 考虑到缴存个人养老金需要参与者具备较为稳定的收入水平，这样才能保证在较长周期内可以持续投入，因此，本测算首先根 据收入水平和收入稳定性将个人养老金 ...

年度个人养老金税收优惠正进入倒计时：12月31日截止。 2025年即将步入尾声，个人养老金制度也迎来了实施三周年的重要时刻。这项被誉为养老"第三支柱"的 制度正引发越来越多投资者的关注。 个人养老金制度实施三周年，超过7000万投资者把它作为规划未来退休生活的"标配"——这是国家送出 的千元税收"红包"+专业团队打造"钱生钱"的"养老神器"。 当我们站在2025年末这个节点，回望与前瞻，会发现它的意义远不止于每年12000元的税收优惠。 一个残酷的现实是，基本养老金只能保证"饿不着"，想要维持工作时的生活品质，你需要更强大的养 老"第三支柱"！ 好消息是，国家为你准备了专属的养老方案。2022年11月，个人养老金制度在36个先行城市和地区启动 实施，标志着中国养老"第三支柱"正式启航。 三年来，越来越多人意识到：养老，不仅是社会的事，单位的事，更是自己的事。 要理解个人养老金的价值，首先要看清中国养老保障体系的三大支柱： 第一支柱：基本养老保险 ——这是覆盖最广的"保底网"，保障的是退休后的基本生活需要。但业内估 计，我国近几年的城镇职工基本养老保险替代率大约在45%上下，难以维持品质生活。 第二支柱：企业年 ...

Core Insights - The first foreign-funded wholly-owned public offering of a pension target fund (Pension FOF) is set to launch, with Fidelity Fund becoming the first foreign entity to introduce a pension FOF in China [1][3] - As of November 18, 2023, a total of 10 pension FOFs have been established this year, with a combined issuance scale of approximately 3.67 billion [4][5] - The introduction of the pension FOF by Fidelity is seen as a significant step in enhancing the pension financial system in China, aiming to provide a comprehensive pension solution for domestic investors [3][6] Fund Launch Details - Fidelity Fund announced the launch of the Fidelity Renyuan Conservative Pension Target One-Year Holding Mixed Fund (FOF) on November 18, 2023, with public sales scheduled from December 1, 2025, to February 27, 2026, and a minimum issuance of 200 million shares [3] - The fund's performance benchmark includes global assets such as the Hang Seng Index, S&P 500, and gold, marking it as the first pension FOF in the market to incorporate overseas market indices [3] Market Challenges - The average scale of newly launched pension FOFs is relatively small, with the largest fund, Qianhai Kaiyuan Kangyue Stable Pension One-Year Holding Mixed Fund, reaching 2.26 billion, while others fall below 1 billion [5] - A total of 10 pension FOFs have been liquidated this year due to insufficient scale, with many existing products also facing similar challenges [5][6] - The small scale of pension FOFs is attributed to a high number of offerings, varying product quality, and a preference among sales channels for higher-fee products [6] Future Outlook - Experts suggest that enhancing the competitiveness and performance of pension FOFs is crucial for their growth, recommending diversification through the inclusion of assets like gold and overseas investments [6] - The transformation of pension FOFs from niche products to mainstream options is contingent upon policy support and improved institutional performance [6]

Core Viewpoint - The current pension system in China requires exploration of new insurance models, emphasizing the importance of including urban and rural residents in discussions about pension reforms [1][2]. Group 1: Current Pension Landscape - Over 50% of pension recipients are receiving urban and rural resident pension insurance, indicating a need to include this demographic in pension reform discussions [2]. - There are over 300 million private laborers and individual workers, along with more than 200 million flexible employment individuals, who have low pension insurance coverage [2]. - The rise of digital economy and flexible employment is leading to a shift in traditional employment patterns, necessitating new approaches to pension coverage [2]. Group 2: Structural Insights - The status of the resident pension insurance system should be a key criterion for evaluating the first pillar of the pension system [4]. - The three pillars of pension insurance should not be viewed as equal or independent; rather, the first pillar is foundational, and without it, the second and third pillars cannot effectively function [4]. - The development of artificial intelligence is expected to bring revolutionary changes, necessitating a rethinking of pension insurance models and the establishment of effective sharing mechanisms for productivity gains [4].

Core Insights - The insurance industry is increasingly focusing on the development of the third pillar of pension systems, emphasizing the integration of insurance with pension services as a new growth direction [1][2][3] Group 1: Market Overview - The commercial pension insurance market in China is still relatively small, but it is expected to grow significantly, with projections indicating that the market size will exceed 100 billion yuan in 2024, a substantial increase from 18 billion yuan in 2023 [2] - As of mid-2023, 13 insurance institutions have invested in 60 elderly care communities across 20 provinces, providing approximately 80,000 beds, with the total number of communities exceeding 150 when including light-asset models [2] Group 2: Regulatory and Policy Environment - The National Financial Regulatory Administration has proposed reforms to promote high-quality development in commercial pension finance, encouraging the creation of new insurance products that combine pension risk protection with wealth management [3] - Recent discussions have highlighted the need for greater public awareness and acceptance of pension financial products, as well as the importance of tax incentives to encourage individual pension contributions [3][4] Group 3: Challenges and Opportunities - The insurance sector faces challenges in fundraising capabilities compared to the banking sector, with the insurance channel holding a significant share of the pension finance market, while the individual insurance channel is experiencing a decline in agent numbers [3] - The development of commercial long-term care insurance is still in its infancy, with market growth hindered by the need for adequate social care capabilities and investment returns [5] - Despite being the second-largest insurance market globally, China's insurance premium income is significantly lower than that of the United States, indicating substantial potential for growth in commercial pension and life insurance [5]

Core Viewpoint - The expansion of the exclusive commercial pension insurance pilot program to nationwide coverage allows pension insurance companies to participate, marking a significant step for the insurance industry in engaging with the third pillar of pension systems [1][2]. Group 1: Expansion of Pilot Program - The China Banking and Insurance Regulatory Commission (CBIRC) announced that starting March 1, the pilot program for exclusive commercial pension insurance will expand to all regions in the country [2]. - Previously, only six insurance companies were involved in the pilot, but now pension insurance companies are also permitted to participate, which is seen as a crucial opportunity for the industry [2][3]. Group 2: Participation of Pension Insurance Companies - Several pension insurance companies, including Ping An Pension and Taikang Pension, have expressed intentions to actively participate in the pilot program [2]. - Companies are focusing on developing products tailored for unconventional employment groups, such as gig economy workers, and are preparing to align their resources with the upcoming third pillar policy [2][3]. Group 3: Advantages of Pension Insurance Companies - Pension insurance companies have advantages in developing individual tax-deferred commercial pension insurance due to their experience since 2018 [3]. - They can integrate second and third pillar pension products, leveraging their roles as trustees and investment institutions for second pillar annuities [3]. - The existing expertise in group insurance, particularly for unconventional employment groups, positions pension insurance companies favorably in this new market [3]. Group 4: Challenges for Non-Contractual Insurance Companies - Many pension insurance companies, such as China Life Pension and New China Pension, have not previously engaged in contractual insurance and will need to establish new systems and processes to enter the exclusive pension insurance market [4][8]. - The transition from a pension management focus to a contractual insurance model requires significant restructuring of business operations and compliance with different regulatory frameworks [8][9]. Group 5: Product Development and Market Positioning - There is no significant difference in product offerings between pension insurance companies and life insurance companies in the exclusive commercial pension insurance space, although pension companies may have a long-term focus on retirement-related products [6]. - The pilot program has seen a steady operation since its inception, with nearly 50,000 policies and a total premium of 400 million yuan by January 2022 [6][7]. - Despite the potential, the overall scale of the exclusive commercial pension insurance remains small compared to the vast premium volumes of life insurance companies [7]. Group 6: Regulatory Guidance and Future Directions - The CBIRC has issued guidelines to promote the development of commercial pension insurance and related services, requiring pension insurance companies to submit their business transformation plans by June 30 [9]. - This regulatory push aims to clarify the future direction of pension insurance companies and enhance their engagement in the commercial pension insurance market [9].

Group 1 - The Chinese government is actively responding to the aging population by enhancing the pension security system, with policies aimed at promoting personal pension systems and expanding commercial pension insurance trials [1][2] - The "14th Five-Year Plan" emphasizes the development of enterprise annuities and personal pensions, encouraging financial institutions to create pension financial products tailored for the elderly [1][2] - As of the seventh national census, approximately 264 million people aged 60 and above account for 18.7% of the population, with projections indicating that by 2050, this demographic will represent 27.9% of the total population, highlighting significant social pension pressures [1] Group 2 - The current pension system in China consists of three pillars: basic pension, enterprise (occupational) annuities, and personal pension investments, with the first pillar covering over 1 billion people but facing heavy burdens [1][2] - In 2019, the total assets of the pension system were reported as follows: the first pillar at 6.29 trillion yuan (65.45%), the second pillar at 1.8 trillion yuan (18.73%), and the third pillar at 1.52 trillion yuan (15.82%), indicating a dominant first pillar structure [2] - The insurance industry has been actively participating in the development of the third pillar, with initiatives like tax-deferred pension insurance and dedicated commercial pension insurance products designed to meet retirement needs [2][3] Group 3 - Despite the smooth initiation of dedicated commercial pension insurance trials, the overall business scale remains small, and tax-deferred pension insurance has not yet achieved significant regional scale effects [3] - Challenges such as competition with bank financial products and complex operational procedures hinder the growth of the third pillar [3] - The future pension market is expected to be competitive across industries, requiring collaboration among banks, insurance, trusts, funds, and securities to convert short-term savings into long-term retirement assets [3] Group 4 - The golden age for the development of the third pillar is approaching, with insurance institutions placing significant emphasis on this business area [4] - The industry aims to leverage professional strengths in fund management and risk management to support the construction of the three-pillar pension system [4] - Policy encouragement for financial institutions to develop diverse pension financial products aligns with the industry's focus on utilizing their expertise [4]

Core Viewpoint - The China Banking and Insurance Regulatory Commission (CBIRC) has announced an expansion of the pilot program for pension financial products from four cities to ten cities, aiming to better meet the diverse pension needs of the public [1][2]. Group 1: Expansion of Pilot Program - Starting from March 1, the pilot program for pension financial products will expand from "four cities and four institutions" to "ten cities and ten institutions" [1]. - The new cities added to the pilot program include Beijing, Shenyang, Changchun, Shanghai, Chongqing, and Guangzhou, in addition to the original four cities [1]. - The number of pilot institutions will increase to ten, with each new institution having a fundraising cap of 10 billion yuan, while the initial four institutions' fundraising cap has been raised from 10 billion yuan to 50 billion yuan [1]. Group 2: Characteristics and Benefits of Pension Financial Products - The pension financial products are characterized by stability, long-term investment, and inclusiveness, primarily investing in fixed-income assets to ensure these characteristics [1][2]. - The products feature low investment thresholds, low fees for subscription and redemption, and are easily accessible through bank branches or online channels, making them suitable for a wide range of investors [2]. - The involvement of banks and financial companies in pension finance is advantageous due to their extensive customer base, nationwide branches, and experienced financial advisory teams, which can enhance the coverage of pension financial products [2]. Group 3: Future Recommendations - It is recommended that financial regulatory authorities summarize the experiences from the pilot program and consider expanding it to more regions and financial companies to maximize the positive impact of pension financial products on public pension needs and the third pillar of pension security [3].

Group 1 - The establishment of Guomin Pension Insurance Co., Ltd. marks the emergence of another specialized pension insurance company in China, with a registered capital of 11.15 billion yuan, focusing on individual pension business and management of funds for pension security [1] - The aging population in China necessitates the rapid development of the third pillar of commercial pension insurance, as previous attempts have not yielded satisfactory results, with traditional commercial pension products remaining limited in scale [1][2] - Regulatory bodies have been actively promoting the development of the third pillar pension insurance, expanding the pilot program for exclusive commercial pension insurance to include all 10 specialized pension insurance companies [2] Group 2 - Guomin Pension Insurance Co., Ltd. has a diverse range of 17 shareholders, including traditional insurance companies and various banks and investment firms, which may enhance its ability to meet residents' pension financial needs [3] - The current state of the third pillar commercial pension insurance in China is poised for growth, with expectations for a wider variety of secure and flexible pension products as more specialized companies enter the market [3]

Core Viewpoint - The expansion of pension financial products in China has entered a normalization phase, with significant interest and participation from various financial institutions and investors [1][4]. Group 1: Product Offerings - The second batch of pension financial products has been launched, with 33 products issued by six major bank wealth management subsidiaries, including 24 fixed-income and 9 mixed products [1]. - The average subscription amount for these products is 259,700 yuan, indicating strong market recognition and a growing awareness of long-term wealth planning among investors [4]. - The first product from the second batch, "Postal Savings Wealth Adding Series 2022 No. 1," achieved a cumulative subscription of 3 billion yuan within two days of launch [2]. Group 2: Market Dynamics - The pension financial products are characterized by long terms (starting from five years), low fees (0 subscription fee, 0-0.01% sales service fee, and as low as 0.1% annual management fee), and multiple risk protection mechanisms [2]. - The China Banking and Insurance Regulatory Commission (CBIRC) reported that by the end of July, 231,000 investors had subscribed to pension financial products totaling over 60 billion yuan [4]. - The introduction of specific pension savings trials by major banks is set to begin on November 20, focusing on products that emphasize capital preservation and yield [5]. Group 3: Institutional Developments - The National Pension Insurance Company, referred to as the "national team" for the third pillar of pension insurance, officially commenced operations in March, backed by major state-owned banks and financial institutions [6]. - The company aims to provide innovative pension financial services, including commercial pension plans and high-security insurance products, to meet long-term retirement needs [6]. - The recent release of guidelines for personal pension investment in public funds indicates a potential expansion of pension-related investment products, particularly pension-targeted funds [7].