Core Viewpoint - The Financial Regulatory Administration has issued a notice to promote the sustainable and healthy development of pension financial products, expanding the pilot program nationwide for three years, with increased limits and enhanced integration with personal pension systems [1][2]. Group 1: Pilot Program Expansion - The pilot areas for pension financial products have been expanded to the entire country, with a trial period of three years [1]. - The number of pilot institutions has been increased to include wealth management companies that have been operating for over three years and meet prudent management criteria [1]. - The trial limit has been raised to five times the net capital of each pilot institution after deducting risk capital from the previous year's end balance, with adjustments possible based on prudent regulatory principles [1]. Group 2: Integration with Personal Pension Systems - The pilot program for pension financial products is aligned with the implementation scope of the personal pension system, allowing new pension financial products to be automatically included in the personal pension product list if the wealth management company participates in both [1][2]. Group 3: Product Design and Services - Institutions are encouraged to enhance the design of pension financial products and explore diverse pension financial services [1]. - The notice calls for a variety of pension financial product forms, promoting the issuance of long-term pension financial products with a minimum holding period of five years or ten years or more [1]. - Wealth management companies are supported in providing personalized pension planning and consulting services while ensuring compliance with investor suitability management and conflict of interest prevention [2]. Group 4: Risk Management and Assessment - The notice emphasizes the establishment of a long-term assessment mechanism for pension financial business, enhancing product information disclosure and risk warning measures [2]. - Wealth management companies are required to incorporate long-term investment returns into the evaluation and compensation system for investment and sales personnel, avoiding reliance solely on short-term returns or rankings [2].

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to promote the healthy development of pension financial products, aiming to provide high-quality and diverse financial services for the elderly population and support the high-quality development of the silver economy [1][2]. Group 1: Expansion of Pension Financial Products - The pilot areas for pension financial products will be expanded nationwide, with a trial period of three years [2]. - The pilot institutions will include wealth management companies that have been in operation for over three years and meet prudent management conditions [2]. - The pilot quota will be increased to five times the net capital of each pilot institution after deducting risk capital from the previous year's end balance [2]. Group 2: Product Design and Services - The notice emphasizes the combination of investing in physical assets and human capital, supporting wealth management companies to invest in long-term quality assets that match pension characteristics [2]. - Companies are encouraged to enhance the design of pension financial products and diversify service offerings, including pension financial accounts and advisory services [2]. Group 3: Risk Management and Compliance - Wealth management companies are required to strengthen their risk prevention responsibilities, improve product information disclosure, and enhance investor experience [3]. - A prudent investment strategy should be maintained, and a risk resolution mechanism should be established to ensure stable product operation [3]. - Information disclosure and data exchange for pension financial products will be managed through the banking industry’s wealth management registration and custody center [3].

Group 1 - The article emphasizes the importance of addressing the challenges posed by an aging society and the need for early planning to mitigate these issues [1] - The silver economy presents significant investment opportunities, suggesting that collective brainstorming can lead to effective solutions [1] - The pension sector is identified as a viable area for investment, indicating that financial companies are poised to take action [1] - Government policies are likened to a stabilizing force, with increasing support aimed at addressing the needs of the aging population [1]

Core Viewpoint - The expansion of the pilot program for pension financial products from a local to a national level marks a significant step in developing China's pension financial service system, aiming to address the aging population and meet the growing demand for retirement wealth management [4][5][9] Summary by Sections Pilot Program Expansion - The pilot program for pension financial products has been officially expanded nationwide, aligning with the implementation scope of the personal pension system, with a trial period set for three years [3][4] - The number of participating institutions and funding limits have also been increased, allowing financial companies that meet specific criteria to raise funds up to five times their net capital after deducting risk capital [3][4] Product Features and Innovations - The new policy encourages the issuance of long-term pension financial products with a minimum holding period of five years or a term of over ten years, enhancing product innovation and flexibility [4][7] - Financial companies are supported in creating personalized pension accounts for investors, which will help track their holdings and assist in retirement planning [7][8] Long-term Investment Focus - The policy emphasizes the importance of long-term investment and value investment principles, requiring financial companies to establish robust long-term assessment mechanisms [8][9] - It aims to guide investors towards a sustainable pension planning approach, encouraging them to convert their long-term savings into pension financial products [9]

《通知》提出，稳步扩大养老理财产品试点。自《通知》印发之日起，养老理财产品试点地区扩大至全 国，试点期限三年。试点机构扩大至符合开业满三年、经营管理审慎等条件的理财公司。试点额度提高 至各试点机构上年末净资本扣除风险资本后余额的五倍，金融监管总局可以根据审慎监管原则进行调 整。 《通知》明确，坚持投资于物和投资于人紧密结合。支持理财公司投资与养老特征相匹配的长期优质资 产，加大对健康产业、养老产业和银发经济的支持力度。支持理财公司完善养老理财产品设计，丰富产 品形态，为投资者提供养老理财账户、养老理财顾问咨询、信息查询等多样化养老金融服务。支持理财 公司在风险可控前提下，综合考虑养老理财产品所投资资产的风险收益特征与投资者的风险偏好，实现 经济效益与社会效益相统一。 《通知》强调，压实理财公司风险防控主体责任。在产品端，加强产品信息披露和风险提示，完善收费 模式，增强投资者投资体验。在投资端，坚持审慎稳健的投资策略，健全风险化解机制，促进产品稳健 运行。养老理财产品和个人养老金理财产品信息披露、信息交互和数据交换应当通过银行业理财登记托 管中心理财行业平台进行。 10月30日，国家金融监督管理总局（以下简称" ...

此项政策是金融监管部门深入贯彻党的二十大及历次全会精神、中央金融工作会议决策部署，落实《国 务院办公厅关于发展银发经济增进老年人福祉的意见》的具体行动，旨在引导理财公司聚焦主业，扎实 做好养老金融这篇大文章。 《通知》的出台，不仅是对前期试点经验的系统性总结与升华，更是在人口老龄化加速背景下，推动金 融资源精准滴灌养老领域、构建多元化养老保障体系的重要制度性安排。 【文/羽扇观金工作室】 此举预示着养老理财业务将告别零散试点，进入一个规范、透明、可持续的全新发展周期，对促进银发 经济繁荣、助力经济社会平稳运行具有深远意义。 10月30日，国家金融监督管理总局办公厅正式发布《关于促进养老理财业务持续健康发展的通知》（以 下简称《通知》），标志着我国养老金融体系建设迈出关键一步。 试点全面扩容与机制优化，夯实行业发展根基 《通知》的首要亮点在于打破了地域与规模的限制，将养老理财产品试点由局部区域推向全国舞台，并 设定了为期三年的试点期限。这一战略性扩容，极大地拓展了养老理财的潜在客群覆盖面，使得全国范 围内的投资者都能平等地参与到这一由国家背书的养老财富规划中来，共享金融发展的红利。 更为关键的是，《通知》为理财 ...

Core Viewpoint - The Financial Regulatory Bureau has issued a notice to promote the sustainable and healthy development of pension financial products, expanding the pilot program nationwide for a duration of three years [1]. Group 1: Pilot Program Expansion - The pilot program for pension financial products will now include all regions in the country, with the pilot period set for three years [1]. - The number of pilot institutions has been expanded to include wealth management companies that have been in operation for at least three years and meet prudent management criteria [2]. - The pilot quota has been increased to five times the net capital of each pilot institution, after deducting risk capital, with adjustments possible based on prudent regulatory principles [2]. Group 2: Integration with Personal Pension System - The pilot program will strengthen the connection between pension financial products and the personal pension system, ensuring that the trial areas align with the implementation scope of the personal pension system [3]. - New pension financial products issued by wealth management companies participating in both the pension product pilot and personal pension business can automatically be included in the personal pension product list [3]. - The initial pilot program began in September 2021 with four regions and four institutions, gradually expanding to ten regions and ten wealth management companies by early 2022 [3]. Group 3: Product Development and Investor Support - Institutions are encouraged to issue long-term pension financial products, specifically those with a term of over ten years or a minimum holding period of over five years [5]. - The notice supports the establishment of pension financial accounts for each investor to track their holdings and changes, aiding in retirement fund planning [5]. - Wealth management companies are encouraged to provide pension financial advisory services while adhering to suitability management obligations and conflict of interest prevention [5]. Group 4: Risk Management and Long-term Assessment - The notice emphasizes the establishment of a long-term assessment mechanism, enhancing product information disclosure and risk indication, and improving risk resolution mechanisms [7]. - Wealth management companies are required to incorporate long-term investment returns into the evaluation and compensation systems for investment and sales personnel, avoiding reliance solely on short-term metrics [7]. - The use of the term "pension" in the names or sales documents of other financial products is prohibited to prevent confusion, making "pension" exclusive to relevant financial products [7].

Core Viewpoint - The Financial Regulatory Bureau has issued a notice to promote the sustainable and healthy development of pension financial products, expanding the pilot program nationwide for three years, with increased trial limits and a focus on enhancing the connection with personal pension systems [1][2]. Group 1: Pilot Program Expansion - The pilot program for pension financial products will now cover the entire country, with a trial period of three years [1]. - The number of pilot institutions has been expanded to include wealth management companies that have been operating for over three years and meet prudent management criteria [1]. - The trial limit has been raised to five times the net capital of each pilot institution after deducting risk capital, with adjustments possible based on prudent regulatory principles [1]. Group 2: Integration with Personal Pension Systems - The pilot program will align with the implementation scope of the personal pension system, allowing wealth management companies to participate in both pension financial products and personal pension management [2]. - New pension financial products can automatically be included in the personal pension product list [2]. - The initial pilot program began in September 2021 with four regions and four institutions, expanding to ten regions and ten institutions by early 2022 [2]. Group 3: Product Development and Investor Support - Institutions are encouraged to design long-term pension financial products, specifically those with a duration of over ten years or a minimum holding period of five years [4]. - Wealth management companies are supported in creating pension accounts for investors to track their holdings and assist in retirement planning [4]. - Companies are encouraged to provide pension advisory services while ensuring investor suitability and managing conflicts of interest [4]. Group 4: Risk Management and Regulatory Compliance - The notice emphasizes the establishment of a long-term assessment mechanism for pension financial products, incorporating long-term investment returns into the evaluation of investment and sales personnel [5]. - Other financial products cannot use the term "pension" in their names or sales documents to avoid confusion, making "pension" exclusive to related financial products [5].

10月30日，金融监管总局发布了《关于促进养老理财业务持续健康发展的通知》（简称《通知》），明确养老理财产品试点地区扩至全国，试点期限为三 年。试点机构扩大至符合开业满三年、经营管理审慎等条件的理财公司。试点额度提高至各试点机构上年末净资本扣除风险资本后余额的五倍，金融监管总 局可以根据审慎监管原则进行调整。 与个人养老金业务加强衔接 金融监管总局有关司局负责人表示，本次试点扩围的同时，也进一步加强了养老理财产品试点与个人养老金制度的统筹衔接。除了试点范围与个人养老金制 度实施范围保持一致外，理财公司同时参与养老理财产品试点和个人养老金理财业务，新发行的养老理财产品也可以自动纳入个人养老金理财产品名单。 2021年9月，原银保监会发布《关于开展养老理财产品试点的通知》，首批选择"四地四家机构"进行试点，即工银理财在武汉和成都、建信理财和招银理财在 深圳、光大理财在青岛开展养老理财产品试点；2022年1月，贝莱德建信理财获批在广州和成都开展试点；2022年2月，原银保监会明确自当年3月1日起，试 点地区扩至北京、沈阳、长春、上海、武汉、广州、重庆、成都、青岛、深圳十地；试点机构也扩至10家理财公司。 根据中国理 ...

10月30日，国家金融监督管理总局办公厅对外发布关于促进养老理财业务持续健康发展的通知。 【导读】国家金融监督管理总局办公厅发布关于促进养老理财业务持续健康发展的通知 事关理财公司服务养老产业发展重要文件来了！ 该通知提出，支持理财公司在坚守职能定位、依法合规的前提下，以债券、股票、非标准化债权类资产和衍生品等多种方式投资养老领域资产。养老理财 产品试点地区扩大至全国，试点期限三年。对养老理财产品实施一定费率优惠。鼓励试点理财公司发行10年期以上，或者最短持有期5年以上等长期限养 老理财产品。支持理财公司与信托公司、保险资产管理公司、证券公司、公募基金等持牌资管机构在专户管理、运营托管、交易执行等方面依法开展合 作，实现优势互补，更好服务养老产业发展。 以下为重点内容： 1.养老理财产品试点地区扩大至全国，试点期限三年 稳步扩大养老理财产品试点，自本通知印发之日起，养老理财产品试点地区扩大至全国，试点期限三年。 2.支持在合规条件下以债券、股票等多种方式投资养老领域资产 在投资方式上，支持理财公司在坚守职能定位、依法合规的前提下，以债券、股票、非标准化债权类资产和衍生品等多种方式投资养老领域资产。 3.对养老 ...