The Operation Of Pension Funds Will Be Opened, And The Safety And Stability Will Be Considered.

The proportion of the opening of pension will reach 30%.

Long-awaited industry

Finally, the operation reform program has made new progress, and the basic endowment insurance fund investment management method has been publicly consulted yesterday.

The draft is clear that pension funds include staff members of enterprises, institutions, and pension funds for urban and rural residents.

The balance of pension funds in provinces, autonomous regions and municipalities directly under the central government may be set aside after a certain fee is paid, and the specific investment quota shall be determined and entrusted by the State Council authorized institution for investment and operation.

According to the draft, pension funds are limited to domestic investment.

The scope of investment includes bank deposits, central bank bills, interbank deposit certificates, treasury bonds, policy and development bank bonds, financial bonds, corporate bonds, local government bonds, convertible bonds (including separate paction convertible bonds), short term financing bonds, medium-term notes, asset backed securities, bond repurchases, pension products, listed securities investment funds, stocks, stock rights, stock index futures, and treasury bond futures.

In the construction of major projects and major projects, pension funds can participate in investment through appropriate means.

State owned key enterprises are restructured and listed, and pension funds can invest in equity. The scope is limited to central enterprises and their first tier subsidiaries, and leading enterprises with core competitiveness in the local areas, including state-owned or state holding enterprises invested by provincial finance (state owned Assets Management) departments.

The draft is clear that the proportion of investment assets in the pension fund shall not be less than 5% of the net assets of the fund.

The proportion of funds, mixed funds and stock pension products shall not be higher than 30% of the net assets of the fund.

The pension fund shall not be used to loan and provide security to others, and shall not invest directly in warrants. However, warrants derived from investment stocks such as investment stocks, convertible bonds and separate pactions shall be sold within 10 trading days from the date of the listing of warrants.

The proportion of shares invested by the pension fund in major projects and key enterprises in the pension fund shall not be 20% higher than the net assets of the pension fund.

In addition, pension fund assets can only be used for hedging purposes in stock index futures and treasury bond futures, and the value of stock index futures and treasury bond futures contracts held at any trading day should not exceed the book value of hedge funds.

Data show that as of the end of 2014, the accumulated balance of the pension fund was about 3 trillion and 500 billion yuan, and the person in charge of the Ministry of human resources and Social Affairs said it expects to deduct the total amount of funds that can be included in the scope of investment and operation in the total amount of about about two trillion yuan.

In 30% terms, this means that more than 600 billion yuan of funds can enter the stock market.

However, Gao Qingbo, a researcher at the world social security research center of the Chinese Academy of Social Sciences, believes that the capital market for pension will be maintained at about 20%, and the actual size of the fund is less than the theoretical value.

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Bao Danru, deputy director of the former Shanghai labor and Social Security Bureau, told the Securities Times reporter that the stock market has always been a major channel for the investment and operation of the international social security fund. The pension has the characteristics of long time and large scale. It has a stabilizing effect on the stock market and guides the market value investment.

While pensions can invest in major national projects and stake in key enterprises is a major breakthrough.

Jin Weigang, director of the Social Security Research Institute of the Ministry of human resources and social affairs, pointed out that in view of the security, pension funds could only deposit banks and buy treasury bonds before, and more than 90% of them existed in banks, and last year's yield was only 2.9%.

According to the draft, 30% pension funds can be used to buy stocks, funds and other securities assets, which is good news for the capital market.

The future operation of pension funds will consider safety, long-term and stability. It is a long-term and steady investment.

Because it is the money raised by the common people (62.05, -4.66, -6.99%).

The operation will consider the rational allocation of stocks, funds and other varieties, choose the right time to enter the market and control the risk.

After the revision is completed, it is expected that the "measures" will be formally promulgated in the second half of the year.