Research On The Personal Pension Security Products Of C Company

Currently,China is experiencing the largest and fastest aging process in the world.Pension has gradually become one of the most prominent and severe contradictions and problems in China's economic and social development.For a long time,China has been building a three-pillar pension system.The first pillar is the mandatory basic pension scheme,in which the country guarantees a basic standard of living.The second pillar consists of the enterprise annuity and the occupational annuity,which is encouraged and supported by national policies.The third pillar is the pension savings plan voluntarily established by individual citizens,which is in its infancy and an important supplement to the personal pension system.Personal pension security management products belong to the third pillar category.Since the former China Insurance Regulatory Commission allowed pension insurance companies to set up personal pension security management business in 2013,personal pension security products have shown a blowout development.By the end of 2018,personal pension security assets totaled 583.77 billion yuan,which increased by 43.1%year on year compared with the assets of 407.91 billion yuan in 2017.As the largest pension fund operating institution in China,C Company now operates over one trillion yuan of social security pension(the first pillar),enterprise annuity and occupational annuity(the second pillar),and personal pension security fund(the third pillar).High-speed growth of the business volume has caused a lot of pressure on capital investment allocation.Starting from the investment in personal pension security products of C company,this paper firstly analyzes the investment-side problems encountered by Ccompany after the rapid growth of assets under management,On one hand,since the Federal Reserve started the interest reduction in 2019,the decline of market interest rate has lead to the decline of fixed-income capital market yield.Fixed-income assets allocation is the bottom position of the allocation of personal pension security products,which directly leads to the decline of the yield of corporate personal pension security products.On the other hand,the blowout development of personal pension security products and the impact of the macro economy result in fewer and fewer high-quality assets,bringing out the problem of "asset shortage".In the face of the complex and changeable market situation,it is urgent to enrich the line of personal pension security products and explore and design new products to continuously meet the needs of investors.Then through the macro market research and judgment,then the paper suggests that the equity market trend is positive,which is a good investment opportunity.And part of dividends due to the increase of stock price can be obtained by way of the indirect investment on equity market from convertible bonds via the preliminary judgment.At the same time,through the deep analysis and research on the convertible bonds market trend,verietal characteristics,convertible bond funds issued in the market and the company's internal data(the first pillar,the second pillar capital yields allocated on convertible bonds),the paper verifies that the investment on convertible bonds can make up for the customer group of personal pension security clients with high risk appetite and high yield requirement in C Company.Next,according to the current situation of the market and C company,the relevent parameters of the proposed convertible bond products are deterrmined.Finally,it is concluded that under the premise of improving the future trend of the equity market,the indirect investment on equity market using convertible bonds as an investment target may obtain high returns while avoiding losses caused by equity market fluctuations,it's also a very conservative way to participate in the equity market,and consistent with the purpose of conservative and stable investment in personal pension securityThis paper refers to a lot of reasearch findings on the products and market of personal pension security,and analyzes the problems of investment in personal pension security products of C Company.It also explores new investment targets from the perspective of pension security products innovation,and explores and studies the feasibility of the investment of personal pension security products on convertible bonds,which is taken as the entry point.It is initiative in the personal pension security market,and provides significant reference value and guidance to the whole market.