本报记者 高飞 上海报道

Our reporter fly Shanghai reports

　　企业年金市场正面临一场变革。

Enterprise annuity market is facing a change.

　　日前，知情人士透露，“关于企业年金投资管理人发行养老金产品”及“扩大企业年金基金投资范围”的征求意见稿已经过数轮意见征集，目前决策层面正在进行研讨。

a,insider,"About enterprise annuity investment manager issue pension products"and"Expand the scope of the enterprise annuity fund investment"The draft has been counting wheel opinion collection,At present the decision level is to diagnose.

　　据多位看过征求意见稿的人士证实，意见稿旨在扩大企业年金投资范围，如允许企业年金基金投资银行理财产品、信托产品等。此外，企业年金投资管理人也有望发行自己的养老金产品，这将很大程度上改变企业年金现行经营管理的模式。

According to many seen draft are confirmed,The draft aims to expand enterprise annuity investment scope,If allowed to enterprise annuity fund investment bank financing products/Trust products.In addition,Enterprise annuity investment manager is expected to issue its own pension products,This will greatly change the enterprise annuity current management mode.

　　今年10月，人力资源和社会保障部基金监督司司长陈良曾公开表示，当前的企业年金监管的重点工作之一，就是研究建立养老金产品，和扩大企业年金基金投资渠道。

In October this year,Human resources and social security fund supervision priests ChenLiangCeng openly,The current enterprise annuity supervision is one of the key work,Is the study establish pension products,And expand enterprise annuity fund investment channels.

　　按照人社部统计，截至2012年6月30日，托管机构管理的企业年金基金为4198.61亿元，比上年底增长17.6%；投资管理机构实际投资运作的企业年金基金金额为3966.68亿元，比上年底增长19.28%。今年上半年，企业年金基金投资收益额134.99亿元，加权平均收益率为3.8%。

According to people club department statistics,By 30 June 2012,Trust mechanism management of the enterprise annuity fund for 419.861 billion yuan,More than 17.6% growth in value;Investment management institution actual investment operation of the enterprise annuity fund amount of $396.668 billion,More than 19.28% growth in value.In the first half of this year,Enterprise annuity fund investment income 13.499 billion yuan,The weighted average rate of return is 3.8%.

　　不超过委托资产的30% No more than 30% of the entrusted assets

　　据上述看过意见稿的人士透露，酝酿中的企业年金投资范围，拟扩大至商业银行理财产品、信托产品、基础设施债权投资计划等三类；单个投资组合投资于单项理财产品、信托以及债权计划的比例，合计不超过其委托资产的30%，分别不超过单个理财、信托、债权计划资产规模的20%。

According to the above read the draft of the sources,The brewing of the enterprise annuity investment scope,Expand to commercial bank financing products/Trust products/Infrastructure debt investments plan to wait three categories;A single portfolio investment in individual financial products/Trust and the proportion of the creditor's rights plan,Total not more than 30% of the entrusted assets,No more than a single financial respectively/trust/Creditor's rights plan assets scale of 20%.

　　此前企业年金投资债权计划只能一事一报，且很少获批。2012年9月长江养老在国内首次试点推出企业年金公租房债权投资计划，被解读为监管机构拟放开投资渠道的一个信号。

Previously enterprise annuity investment plan can only claim one newspaper,And seldom approved.In September 2012, the Yangtze river endowment for the first time in China launched pilot enterprise annuity and rent creditor investment plan,Was interpreted as regulators quasi open investment channels of a signal.

　　一位投资人士表示，以前企业年金投资渠道有限，主要投资于二级市场，收益主要“看天吃饭”。上述渠道的放开相当于打开了部分一级市场，能够配置收益率较高且相对稳定的债权计划，对提升企业年金投资收益大有好处。

An investment say,Previously enterprise annuity limited investment channels,Major investment in the secondary market,Income mainly"See day to eat".The channels open equivalent to open some primary market,Can configure higher yielding and relatively stable creditor's rights plan,To promote the enterprise annuity investment gains a lot of good.

　　2011年发布的《企业年金基金管理办法》规定，企业年金可投资银行存款、国债、央行票据、万能险、投连险、基金、股票等品种。

Published in 2011[The measures for the administration of the enterprise annuity fund]provisions,Enterprise annuity can investment bank deposit/National debt/Central bank bills/Universal risk/Even risk for/fund/Varieties such as stock.

　　但由于去年以来的股债双杀，企业年金、保险资金均苦于投资渠道受限。今年9月以来，保险资金投资新政密集下发，相继打开了保险资金投资无担保债、银行理财产品、信托产品的大门。

But because of a debt since last year double play,Enterprise annuity/Insurance funds are suffer from limited investment channels.Since September this year,Insurance funds investment issued by the New Deal intensive,Have opened the insurance fund investment unsecured debt/Bank financing products/The door of the trust products.

　　陈良曾指出，监管当局的思路是将一些投资风险较小，最近几年市场表现一直较好的投资产品，纳入企业年金投资范围，扩大委托人和投资管理人的选择空间，更好地实现多元资产配置，提高投资回报。

ChenLiangCeng pointed out that,The train of thought of regulatory authorities is to some small investment risk,In recent years the market performance has been good investment products,Into the enterprise annuity investment scope,Expand the principal and the investment manager choice space,Better achieve multiple asset allocation,Improve the return on investment.

　　据知情人士介绍，意见稿对于企业年金可投资的银行理财产品、信托产品、债权计划的投资范围和发行主体进行了严格要求，例如要求上述产品发行主体需具有企业年金管理机构资格。银行理财产品限于保本收益类和保本浮动收益类，投资范围限于境内市场。信托计划限于集合资金信托计划等。

According to people familiar with the introduction,The draft for enterprise annuity can investment bank financing products/Trust products/Creditor's rights plan scope of investment, and issue the subject strict requirements,The above products such as requirements issued subject must have the qualification of the enterprise annuity management institutions.Bank financing products limited to break-even income classes and break-even floating income class,The investment scope is limited to the domestic market.The trust plans of assembled funds is limited to the trust plan, etc.

　　业内人士分析，由于具有企业年金管理资格的主体已有60多个，未来是否会批复更多牌照尚存疑。一些金融集团旗下仅有一两家机构拥有年金管理资格，很难最大范围的利用这次投资新政在集团内部进行资源对接，而拥有多张年金管理牌照的集团公司则会“乐开花”。

Analysis of the personage inside course of,Because of its enterprise annuity management qualification has been the subject of more than sixty,The future will reply more licence is doubtful.Some financial group's only one or two agencies have annuity management qualification,It is difficult to maximum range of using the new investment in the group internal resources butt,And with more than a pension management licence group company will be"Joy bloom".