Abundant pension funds is an important guarantee to deal with aging. At present, our capital city old people still take the social basic pension as the primary source of livelihood. The clear effect is to cause the root of the pension even replacement rate of the trend of decline year by year, from 73.3% in 2001 for 12 years to 48.3% in 2013, from the ambitious replacement rate of 70% at least there is still a gap of 21.7%.
At the same time, as the second pillar of the enterprise annuity growth is slow, surrounded by the crowd is still limited. To stop the first half of the year, the establishment of enterprise annuity enterprise number of nearly 75,000, cumulative fund limitations of 671.4 billion yuan; involved in the number of employees of enterprise annuity 21.69 million people, per capita savings amounted to only 31,000 yuan.
In addition to the traditional advantages of the insurance industry in the pension insurance, funds, banks and other financial institutions have launched pension funds and pension finance, aimed at the "pension financial market". However, in the global pension assets, more than 60% is independent of the trust assets. Trust as an important financial system and equipment, in the pension asset management should play an important role. China's trust industry need to seize the opportunity to show their own strengths, accelerate the growth of pension financial business, in the transformation and growth to explore new dividends, but also for the future expansion of the world's social security fund, the basic pension fund investment business laid the foundation.
Trust company annuity business in the twilight
In recent years, following the innovation and growth of the trust business, but also limited to their own inadequacies, trust companies have gradually weakened the business of the enterprise annuity, and some companies have even withdrawn from the annuity market.
In the initial two batches of enterprise annuity fund pointing license issued, a lot of trust companies have to apply, inserted into the fierce competition for licenses queue, and ultimately, the Huabao trust, CITIC trust, China's trust in the trust of any, Shanghai International Trust 4 book trust company to get 6 pointing qualification.
A few years have passed, the enterprise annuity market is constantly growing large, to participate in the point of trust institutions but choose to withdraw from the market. Now only surviving Huabao trust to trustee, account administrator 2 qualifications to open enterprise annuity business, CITIC trust account administrator qualification has been transferred to CITIC Bank, only to save the trustee qualification, in the letter of the situation through the participation of the trustee qualification will be integrated into the State Life Pension Company, the Shanghai International Trust is to take the initiative to put forward the no longer continue the qualification of the trustee.
Along with this is the trust company already low market share further decline. Confinement part of the statistical data show that, stop the end of June, Huabao trust, CITIC trust combined fiduciary point 6.819 billion yuan, accounting for legal person fiduciary 1.7% of the market share, and this Chinese treasure trust accounted for 95.3%; Huabao trust point 193,000 individual accounts, accounting for the account of the total number of points 0.9%. And the same period in the past year, Huabao trust, CITIC trust and Shanghai international trust combined fiduciary hit 6.099 billion yuan, accounting for legal person fiduciary 1.9% market share, Huabao trust and CITIC trust combined hit 263,000 number of individual accounts, accounting for the total number of accounts hit 1.3%.
The front-end meta-plan will be the main body of the incremental market for corporate annuities, and the back-end pension products will boost corporate annuity investment into a new period. The insurance system trustee, the bank system trustee has developed 37 meta plan, the market has 43 pension products into operation. The Huabao trust and CITIC trust did not open up the enterprise annuity meta plan, coupled with the lack of investment manager qualification, can not open up the pension products.
The trust company pension finance as the day
In the enterprise annuity business is marginalized at the same time, the trust company to expand the extension of the pension product, the growth of pension and employee benefits management business, the launch of class annuity products, such as Huabao trust to launch the "write life", "happy life" and "life". For example, Huabao Trust has launched "Write Your Own Life", "Happy Life" and "Happy Life" salary and welfare trust business, and Shanghai International Trust has launched "Salary Dynamics" employee welfare and encouragement trust, which provides enterprises and employees with support for pension program planning, personal account management and information inquiry, asset value appreciation, as well as the trustee's personal information, and the trustee's personal information. The company's business is to provide a wide range of products and services to the public, and to provide a wide range of products and services to the public.
Following the launch of the new policy on enterprise annuity investment, trust companies enter the enterprise annuity investment market through the pension product, such as the Yangtze River Pension and Yingda Trust jointly launched the "Yangtze River Pension Yingda Electricity Trust-type Pension Product", which invests in the Yingda Trust for enterprise annuity investment to advocate for the establishment of a special trust plan, which is intended to be used for the construction of major power grid infrastructure projects. Intended to major grid infrastructure projects as investment tools, HFT funds and Kunlun trust to jointly create "HFT Kunlun trust-type pension products", the primary investment in the Kunlun trust issued by the PetroChina pipeline project a single trust.
In addition, China Railway Trust to explore the new model of pension trust, the original revenue-oriented trust products, to "cash income + pension services" mode, can make the high-end customers with pension needs in the rich return at the same time get more comfortable pension life services.
Developing a new path of pension trust
Now, in the world's 68 trust companies involved in pension finance company is still very little, followed by the related policy is increasingly perfect, the market demand is constantly triggered, trust in the future there will be more and more trust companies to participate in the pension financial business.
First of all, the development of personal pension trust products. The company can launch a personal pension trust product for high-end individual customers to enhance the source of pension funds after retirement. The detailed business form can be: one is to retire before the capital method of delivery trust, trust company in the specified scope to realize the value of trust funds, in accordance with the agreement to pay the trust income. The Boston Consulting Group (BCG) announced the "Global Property Report" pointed out that in 2013, China's million-dollar asset family totaled 2.4 million, through the trust to organize the pension financial arrangement can become a new choice.
The second is the house pension trust. In overseas, the homeowner can be the property to the trust company, the trust company to the homeowner every month a certain amount of pension. The homeowner can make an agreement with the trust company: the homeowner all receive the amount of the property assessment; can also be agreed if the child filial piety, in the homeowner after the homeowner, the remaining cost of the property by the Turk later to assume. After the homeowner's death, all rights to the property belong to the trust company, but the trust company will continue to give the homeowner's descendants the amount of the remaining cost of the property. Southwestern University of Finance and Economics China Family Financial Observation and Research Center observation data show that China's urban families have reached 21% of the rate of ownership of multi-suite, the rate of empty house is 22%, the house old-age trust has a certain market prospects.
The second is to apply for the qualification of enterprise annuity investment controller. Enterprise annuity is a qualification access industry, no corresponding qualification can not carry out business. In view of the reality of the growth environment in recent years, the confinement part of the need to launch the failure of the agency exit mechanism, so that more superior institutions to participate in the formation of healthy competition in the market situation, to maximize the cover beneficiary benefits. Trust companies need to rely on the industry confinement part, industry associations vigorously with the enterprise annuity confinement part of the sympathy, apply for the qualification, especially the investment regulator qualification. At present, *** there are 21 enterprise annuity investment managers, including 13 fund companies, insurance companies, 6 insurance companies, securities companies, 2, there is not a book trust company, this hall of fame need to be changed.
Once again, the resource integration within the group is kind of important. The company can implement and have equity related to the enterprise annuity investment managers linked to the launch of pension trust products, may rely on the financial group company's holding subsidiary has "enterprise annuity fund management agency qualification" issued trust products, may participate in the group may group holding subsidiary enterprise annuity plan investment. Construction bank holding Jianxin trust, Bank of Communications holding Bank of Communications trust, construction bank and Bank of Communications have enterprise annuity point of qualification, CNOOC holding China Sea trust, Baosteel group holding Huabao trust, Sinochem group holding foreign trade trust, these large central enterprises have set up enterprise annuity plan, the above trust companies have the opportunity to take the road to kill the enterprise annuity market.
The last thing to think about is to help with external financial institutions. The pension financial market is alive with a large number of financial institutions, life insurance companies, pension insurance companies, banks, funds and so on. For the trust company itself, due to the lack of marketing collection, customer resources, talent team, making the trust company is urgently necessary to perform their own comparative advantage, in the competition to explore the maximum opportunity to cooperate, build a strategic alliance, promote their own pension asset management limit, expand the income source. In particular, to enhance cooperation with the bank, the bank has a popular channel collection, rich customer base, strong financial resources and complex customer manager team.
Author: Zeng Shui Shi