--- title: "Filling the Zero-Risk Asset Anchor: Savings Bonds Enter Personal Pension Pool" type: "News" locale: "en" url: "https://longbridge.com/en/news/289005325.md" description: "At the beginning of June, purchase channels for government bonds or savings bonds were successively launched in the personal pension sections of mobile banking apps offered by multiple commercial banks, including ICBC and CMBC. …" datetime: "2026-06-08T05:35:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289005325.md) - [en](https://longbridge.com/en/news/289005325.md) - [zh-HK](https://longbridge.com/zh-HK/news/289005325.md) --- # Filling the Zero-Risk Asset Anchor: Savings Bonds Enter Personal Pension Pool At the beginning of June, purchase channels for government bonds or savings bonds were successively launched in the personal pension sections of mobile banking apps offered by multiple commercial banks, including ICBC and CMBC. According to the "Notice on Matters Concerning the Inclusion of Savings Bonds (Electronic) in the Scope of Personal Pension Products" jointly issued earlier by the Ministry of Finance and the People's Bank of China, starting from June 2026, personal pension accounts will officially add savings bonds (electronic) as an investment channel. This means that in addition to the four major categories of savings, wealth management products, funds, and insurance, the personal pension product system is welcoming a fifth category, further expanding the product shelf. From the perspective of product attributes, the inclusion of savings bonds first fills the gap for zero-risk assets in the personal pension system. In the past few years, the number of personal pension products has continued to expand. As of now, there are more than 1,100 personal pension products in the entire market, covering multiple categories such as deposits, wealth management products, funds, and insurance. However, for investors with lower risk appetite, there is still a certain mismatch between available products and actual needs. On one hand, exclusive savings products are generally constrained by limits and terms; on the other hand, while wealth management products and funds offer higher long-term return potential, net value fluctuations objectively exist. For many investors who prioritize the safety of their retirement funds, the volatility risk brought by market-oriented products has always been one of the important reasons for their hesitation to make contributions. **In comparison, savings bonds are backed by national credit, offering high safety for both principal and interest. The yield level can be locked in at issuance, and they also enjoy institutional arrangements such as tax deferral in personal pension accounts, providing conservative investors with a clearer anchor for expected returns.** **From the perspective of institutional development, the inclusion of savings bonds is also a targeted supplement to address the issue of "high account opening but low contribution" in personal pensions.** Since the comprehensive promotion of the personal pension system, the scale of account openings has grown rapidly, but the effect of fund accumulation has consistently fallen short of expectations; Public data shows that by mid-2025, the number of personal pension account holders had exceeded 150 million, but the proportion of accounts with actual contributions was less than 21%, with a large number of accounts remaining empty for long periods. Behind this phenomenon are realistic factors such as residents' income expectations and cash flow arrangements, which also reflect that some investors remain concerned about investment risks after locking up their retirement funds for the long term. For this group, the key to deciding whether to contribute is not the quantity of products, but whether there are sufficiently safe investment tools with clear returns in the account. The addition of savings bonds is equivalent to adding a "baseline" configuration option to personal pension accounts, helping to lower the psychological threshold for investors' first contribution. In the view of industry insiders, the signal released by this expansion is not only the improvement of the product system but also an important step in the transition of the personal pension system from expanding account openings to promoting contributions. At the same time, the inclusion of savings bonds may also reshape the competitive landscape of the pension finance market. Since the operation of the personal pension system, commercial banks have occupied the core position in channels. Key links such as capital account opening, contribution management, product sales, and customer service are all dominated by banks, while fund companies, insurance companies, and wealth management subsidiaries mostly assume the role of product supply. The addition of savings bonds further strengthens the channel advantages of banks. Whether in terms of sales experience, customer base, or online and offline reach capabilities, banks possess natural advantages. For a large number of pension customers with lower risk appetite, government bond products and bank channels have a high degree of compatibility. However, the industry generally believes that the inclusion of savings bonds is just one step in the process of improving the personal pension system. The core challenge currently facing the personal pension market is that the mechanism for forming long-term funds has not yet been fully established. How to increase residents' willingness to contribute continuously and enhance account attractiveness still requires joint promotion from multiple levels, including product supply, tax incentives, and institutional arrangements. In the future, directions of widespread market concern also include moderately enriching investment varieties, introducing more fixed-income assets and public REITs products with long-term allocation value, and studying institutional optimization paths such as fund withdrawal mechanisms under special circumstances. ### Related Stocks - [601398.CN](https://longbridge.com/en/quote/601398.CN.md) - [01988.HK](https://longbridge.com/en/quote/01988.HK.md) - [01398.HK](https://longbridge.com/en/quote/01398.HK.md) - [600016.CN](https://longbridge.com/en/quote/600016.CN.md) ## Related News & Research - [Table-Non-competitive bids for U.S. 6-week bills](https://longbridge.com/en/news/288449115.md) - [ROI-Lithium bust is over but will battery metal boom again?: Andy Home](https://longbridge.com/en/news/288872228.md) - ['Albania is not for sale', protesters say over Kushner-linked luxury resort near a protected wetland](https://longbridge.com/en/news/288824304.md) - [Angel Yeast Showcases Yeast-Based Innovations for Animal Nutrition at TUYEM 2026](https://longbridge.com/en/news/289025329.md) - [Leapmotor sees sixth management stake increase in two years](https://longbridge.com/en/news/288697845.md)