Traditional defined benefit pensions — once the cornerstone of retirement security — have largely vanished from the workplace as employers moved the responsibility for saving and investing onto workers. New research shows that even the remaining pensions are evolving in the same direction. According to the nonprofit Center for Retirement Research at Boston College, an increasing number of public-sector pension plans now share investment and longevity risk between employers and employees. Roughly half of a ...

加拿大安大略市政雇员退休金计划 (OMERS) 正在裁撤其亚洲收购团队，标志着该养老基金在重新评估 其战略时对其私募股权部门进行的最新调整。据知情人士透露，这个位于新加坡的地区私募股权团队有 少数成员。该决定将于12月31日生效。"亚太地区仍然是我们全球投资战略中的核心地理区 域，"OMERS发言人回复提问时发表声明说。"虽然我可以确认我们对本地团队进行了一些调整，但我 们对该地区合适机会的承诺没有改变。"（彭博） ...

中新社伦敦10月20日电 (记者 欧阳开宇)英国政府20日宣布，20家英国最大规模的养老金基金与保险机 构将组成名为"Sterling20"的投资联盟，这项新举措旨在促进英格兰、苏格兰、威尔士及北爱尔兰各地 区经济增长。 英国财政部当天消息称，此次投资联盟将动员数十亿英镑资金投入英国"建设-再出发"计划，资金将用 于建设可负担住房、改善偏远地区宽带网络、支持高增长产业如人工智能与金融科技，以及在基础设施 和地区企业扩张中发挥关键作用。 在各参与机构中，知名养老金巨头英国励正集团(Legal General Group)承诺到2030年投入约20亿英镑(约 191亿元人民币)，用于支持约1万套可负担住房建设，并创造约2.4万就业岗位。另一大机构英国国家就 业储蓄信托已承诺向英国私人市场投资5亿英镑(约47亿元人民币)，其中1亿英镑(约9.5亿元人民币)预计 将在未来几年用于对英国本土的投资，同时该机构计划加大投入用于苏格兰及英格兰北部的网络覆盖项 目。 英国财政大臣里夫斯表示："这是让英国重振建设活力的关键一环——将我们的储蓄、投资方和地区力 量汇聚起来，推动住宅、基础设施和产业向全国各地扩展，并创造优质就业。 ...

根据德国财政部的数据，"主动养老金"每年的免税成本约为8.9亿欧元。这笔款项将由联邦政府和州政 府承担，各占3.78亿欧元，其余部分分配给各市政府。德国经济研究所（DIW）的计算则显示，随着该 政策的深入开展，国家每年可实际额外获得数亿欧元的收入。 对于这一计划，德国雇主协会总会（BDA）总经理坎佩特通过"德国编辑部网络"批评称，"政府正同时 踩油门和刹车"，"主动养老金"旨在鼓励员工工作更长时间，但提前退休却不会有任何损失。德国工会 联合会（DGB）也表达了担忧，"这项计划可能耗资数十亿欧元，却无法解决任何现有问题"。 德新社称，"主动养老金"计划将成为德国养老金一揽子计划的一部分，已提交德国联邦议院批准。尽管 受到一些批评，但联盟党和社民党对"主动养老金"法律草案有望在2026年初生效表示乐观。 【环球时报驻德国特约记者 青木】德国《图片报》16日报道称，德国联邦内阁15日批准了一项法律草 案，规定自2026年1月1日起引入"主动养老金"计划，以缓解德国技术工人短缺的问题。 根据法律草案，如果员工在标准退休年龄之后继续工作，每月最高2000欧元的收入可免税。免税金额无 需缴纳失业和养老金，但需要缴纳大约2 ...

Core Insights - The Chinese Securities Regulatory Commission (CSRC) is accelerating investment reforms to establish a "long money long investment" policy framework, with significant achievements in promoting long-term capital into the market as of August 2023 [1][4] Group 1: Investment Reforms - The CSRC has implemented a comprehensive fee reduction reform in the public fund industry, achieving a significant breakthrough with a three-phase fee reduction plan that has been fully rolled out [2] - The third phase of the fee reduction reform is expected to save investors approximately 30 billion yuan annually, with an overall reduction of about 34% in sales fees [2] - Cumulatively, the three phases of the public fund fee reform are projected to save investors around 51 billion yuan each year, exceeding the initial reduction targets [2] Group 2: Public Fund Industry Growth - The public fund industry in China has reached a record high, surpassing 35 trillion yuan by the end of August 2023, indicating its growing importance in the capital market [3] - The successful implementation of the fee reduction reform marks a new phase of high-quality development for the public fund industry [3] Group 3: Long-term Capital Investment - Long-term capital plays a crucial role in stabilizing the market and mitigating short-term volatility, with a reported increase of 6.4 trillion yuan in the A-share market's circulating value held by various long-term funds, representing a year-on-year growth of 42.7% [4] - As of August 2023, various long-term funds collectively held approximately 21.4 trillion yuan in A-share circulating market value [4] Group 4: ETF Development - The CSRC has proposed establishing a fast-track approval process for ETF index funds to enhance the scale and proportion of equity funds, with ETF assets exceeding 5 trillion yuan by August 2023 [5] - The development of innovative ETF products has catered to diverse investment needs, contributing to the high-quality growth of the industry [5] - Central Huijin has significantly increased its holdings in ETFs, with a total value of 1.28 trillion yuan by mid-2025, accounting for nearly 30% of the total ETF market [5]

Group 1: Market Reactions - The European financial market experienced a significant crisis on September 2, with the British pound dropping 1.52% and the German DAX index falling over 2% [1][2] - The UK 30-year government bond yield surged to 5.69%, the highest since 1998, while France's 30-year yield exceeded 4.5%, marking a peak not seen since 2011 [2] - The US market also faced pressure, with major indices declining and the 30-year Treasury yield approaching 5%, indicating a sharp drop in investor risk appetite [3] Group 2: Fiscal Sustainability Concerns - The core driver of the market turmoil is deep concern over fiscal sustainability, with proposals for a windfall tax on bank reserves and new tax measures raising doubts about the UK's fiscal outlook [2] - Analysts warn of a vicious cycle where debt concerns lead to rising yields, further deteriorating debt dynamics [2] - The challenge for European countries is to balance spending pressures from geopolitical security and economic recovery with maintaining debt sustainability [2] Group 3: Structural Changes and Policy Challenges - Structural factors, such as the reform of the Dutch pension system, are reshaping the European bond market, with younger members directed towards riskier assets and older members shortening their duration hedges [4] - The European Central Bank faces limited policy space due to rising inflation, with August's inflation rate in the Eurozone at 2.1%, exceeding market expectations [4] - ECB Executive Board member Schnabel indicated that inflation risks are skewed to the upside, complicating the central bank's response to economic growth and inflation pressures [4] Group 4: Long-term Market Volatility - The current financial market turmoil reflects the fiscal policy dilemmas faced by European countries and highlights the limitations of traditional monetary policy tools amid increasing global economic uncertainty [5] - As debt burdens rise and geopolitical risks escalate, the global financial market may face prolonged volatility, necessitating investor preparedness for this "new normal" [5]

Global Aging Trends - The global population is rapidly aging, with the proportion of people aged 65 and older reaching 10% in 2023, up from 5% in 1960. It is projected to reach 14.3% by 2040 and 21% by the mid to late 21st century [2][3] - The total fertility rate has declined significantly from 4.7 in 1960 to 2.2 in 2023, with over 55% of countries expected to have a fertility rate below the replacement level of 2.1 by 2024 [2] Economic Challenges of Aging - The aging population leads to increased financial burdens, particularly in developed countries where the elderly dependency ratio is high, such as Japan at 50% and Germany over 30% in 2023 [3][4] - In contrast, China's aging process is accelerating due to a sharp decline in fertility rates, with projections indicating that its elderly dependency ratio will approach that of developed countries within the next 5 to 10 years [3][4] Income and Wealth Issues for the Elderly - The income of individuals typically peaks in middle age and declines sharply upon retirement, with median income for those aged 65 and older in the U.S. at $26,000, about 40% of their working income [4][5] - Many elderly individuals lack sufficient retirement savings, with median retirement savings in the U.S. at $87,000, which is significantly below ideal retirement savings targets [5][6] Pension System Structures - The World Bank proposed a three-pillar pension system: a mandatory public pension (first pillar), occupational pensions (second pillar), and voluntary personal pensions (third pillar) [8][9] - Countries have developed varying pension systems based on their specific circumstances, with some relying heavily on public pensions while others emphasize private and occupational pensions [9][10] Fiscal Pressures and Sustainability - High dependency on public pensions creates fiscal pressures, as seen in France where public pension spending reached 13.6% of GDP in 2022, leading to projected deficits starting in 2023 [11][12] - The U.S. has a more market-driven approach, with public pensions comprising only 6.2% of total pension funds, while private pensions dominate [12][13] Recommendations for Pension System Improvement - There is a need to encourage the development of the second and third pillars of the pension system in China, utilizing tax incentives to increase participation in occupational and personal pensions [19] - Government subsidies should be targeted and efficient, focusing on low-income and vulnerable groups to avoid excessive welfare burdens [19]

Key Points Summary Group 1: Centralized Investment and Policy Developments - In Q2 2025, the Central Huijin Investment Corporation purchased approximately 197.5 billion RMB in ETFs, with over half of the funds directed towards the CSI 300 Index ETF and around 29 billion RMB towards the CSI 1000 Index, which focuses on small-cap stocks [1][6][8] - The establishment of the Governance for Growth Investor Campaign (GGIC) in the UK aims to advocate for better corporate governance standards and investor rights, with initial members managing approximately 150 billion GBP in assets [1][9][10] - The GGIC was formed in response to the Leeds Reforms, which seek to enhance investment attractiveness in the UK and allow pension funds to participate in capital market and governance policy-making [9][10] Group 2: Pension Commission and Economic Impact - The UK has re-established the Pension Commission after nearly 20 years to address the risks of declining pension benefits, with a focus on intergenerational income risks and recommendations for enhancing retirement income [2][11] - The NCPERS report indicates that DB pension plans significantly contribute to economic growth, projecting that without public pensions, U.S. economic activity could decrease by 3 trillion USD by 2025 [13][14] Group 3: International Investment Activities - La Caisse announced a commitment to invest up to 1.7 billion GBP in the Sizewell C nuclear project in the UK, acquiring a 20% stake in the project, which aims to provide clean energy and reduce carbon emissions [14][15] - The Danish AkademikerPension has decided to reinvest in nine European defense companies, reflecting a shift in investment strategy due to current geopolitical conditions [15][16] Group 4: Domestic Pension Policies and Initiatives - The Chinese government plans to issue electronic consumption vouchers to elderly individuals with moderate to severe disabilities, covering 30-60% of their long-term care service costs [26][27] - The Ministry of Human Resources and Social Security is expanding the scale of entrusted investments for basic pension insurance funds and exploring a "default investment" mechanism for personal pensions [28][30]

Domestic News - The Ministry of Human Resources and Social Security and the Ministry of Finance announced an increase of 2% in the basic pension for retirees starting from January 1, 2025, for those who retired by the end of 2024 [1] - The Ministry of Commerce stated that China and the U.S. are maintaining close communication on economic and trade concerns, hoping for mutual respect and cooperation to stabilize and develop bilateral economic relations [1] - The China Automobile Industry Association reported that in the first half of the year, China's automobile production and sales both exceeded 15 million units, with new energy vehicles showing significant growth, achieving production and sales of 6.968 million and 6.937 million units respectively, representing year-on-year increases of 41.4% and 40.3% [3] Real Estate and Land Market - The China Index Academy reported that in the first half of 2025, the land transfer fees for residential land in 300 cities increased by 27.5% year-on-year, while the transaction area decreased by 5.5%. The top 20 cities accounted for 68% of the national land transfer fees [4] International News - The Bank of Korea maintained its policy rate at 2.5%, citing weak construction activity and slowing export growth, with the economy contracting by 0.2% quarter-on-quarter in the first quarter of the year [5] - The Japanese Government Pension Investment Fund (GPIF) reported that 51.8% of its foreign bonds are U.S. Treasury bonds, the highest proportion since 2015 [6] - The European Central Bank's governing council member indicated that despite slow economic growth in France, a positive trend is expected, with GDP projected to grow by 0.6% in 2025 [6]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [28]. Core Insights - Australian superannuation funds are projected to increase their investments in the U.S. to AUD 1 trillion over the next decade, with current investments at approximately AUD 400 billion [2][9][10]. - New Jersey has committed to fully funding its pension system for the fifth consecutive year, with a budget proposal of USD 72 billion for the 2025 fiscal year [3][11]. Summary by Sections Australian Pension Investments - The Australian superannuation industry, currently valued at AUD 2.6 trillion, plans to accelerate its investment in the U.S. market, with expectations of reaching AUD 1 trillion in the next ten years. This is driven by the U.S. market's innovation and depth, with about 20% of current Australian retirement fund assets already allocated to the U.S. [2][9][10]. - Aware Super noted that 70% of new funds are directed overseas, with two-thirds going to the U.S. [9]. New Jersey Pension Funding - New Jersey's Governor announced a budget proposal of USD 58.1 billion for the 2025 fiscal year, which includes a USD 7.2 billion contribution to the state pension system, marking a shift from previous practices of underfunding [3][11]. - The state aims to stabilize its pension funding after years of financial strain and underpayment, which had led to significant pension asset shortfalls [3][11]. Overseas Pension Dynamics - The U.S. employer groups are supporting FedEx in a legal dispute regarding pension benefits for married retirees, highlighting ongoing challenges in pension management [8][12]. - The Korean sovereign wealth fund KIC reported an 8.5% return for 2024, attributed to strong equity investments [14]. - The People's Pension in the UK is reallocating USD 35 billion to focus on responsible investment strategies, enhancing transparency and flexibility in asset management [15]. Domestic Pension Policies and Developments - The Chinese Ministry of Finance is focusing on improving the pension system and enhancing social security measures, including gradual retirement age reforms and increasing basic pension levels [21][22]. - Qingdao has implemented a pension advisory system to assist the elderly in accessing resources and services [21][22]. - Shanghai has released guidelines for the construction and service of specialized elderly day care centers to improve care for seniors with disabilities [21][22].