Design Of Structural Pension Product Linked To Consumer Staples Index

The aging population and unbalanced development of the three pillars of pension make Chi traditional family pension model and pension security system are facing severe challenges.China has begun to gradually carry out the commercialization reform of the pension system.The research object of this paper is the pension financial products of commercial banks participating in the reform of the pension system.After several early stages of development,commercial banks’ pension finance products have been officially approved for pilot issuance.This paper uses monte Carlo simulation method to design an index-linked structured pension finance product named "Fu Tai An",which provides reference for financial institutions to design pension finance products in the future.First of all,the definition and characteristics of pension financial products are introduced.Based on the experience of similar pension products in foreign countries and products issued in China in the past,pension financial products are defined as financial products that conform to long-term,security,restricted access and pension security functions.Secondly,four pension financial products issued by bank of China financial management subsidiary are selected,and monte Carlo simulation and Va R model are adopted to find out the problems existing in the design and operation of the above four products,that is,the lack of safety,access restriction,risk and income realization.Thirdly,this paper designs the main consumption index linked structural pension financial products.From the product terms,product pricing,product risks and benefits of a more comprehensive consideration of the product.The final product release discount rate is 0.0358%,and the expected rate of return is between 0 and 5.438%,which is relatively consistent with the reality.By comparing the pension financial products designed above with the current pilot issued pension financial products,the product designed in this paper is excellent in the pertinence of products and the realization of pension security function,but has shortcomings in terms of product term and yield fluctuation.Finally,After the above analysis and research,four suggestions are put forward for financial institutions to develop pension financial products: the elderly customer groups should be divided more carefully,targeted design of financial products;In the allocation of funds,consider the diversification of allocation strategy;Design more humane,personalized product rules for the elderly;Do a good job of product risk control.Two suggestions are put forward for the management of pension financial products by relevant government departments: actively give policy support and strictly do a good job in financial supervision.