Plug the gap in zero-risk asset anchors: Savings treasury bonds included in personal pensions

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At the beginning of June, major commercial banks such as Industrial and Commercial Bank of China and China Minsheng Bank successively launched entry points for purchasing government bonds or savings bonds in the personal pension section of their mobile banking apps.

According to the “Notice on Including Savings Government 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, a new investment channel for savings government bonds (electronic) will be officially added to personal pension accounts.

This means that in addition to the four major categories of deposits, wealth management, funds, and insurance, the personal pension product system will usher in a fifth product type, further expanding the product shelf.

From a product attribute perspective, the inclusion of savings government bonds first fills the puzzle piece of zero-risk assets in the personal pension system.

In recent years, the number of personal pension products has continued to grow.

As of now, there are more than 1,100 personal pension products available in the market, covering deposits, wealth management, funds, insurance, and more. However, for investors with lower risk appetites, there is still a certain mismatch between available products and actual needs.

On one hand, exclusive savings products are generally subject to quotas and term restrictions; on the other hand, while products like wealth management and funds offer higher long-term returns, their net asset values are subject to fluctuation.

For many investors who prioritize the safety of pension funds, the volatility risk brought by market-oriented products has always been one of the main reasons for their reluctance to contribute funds.

In comparison, savings government bonds have national credit as backing, provide high security of principal and interest, returns can be locked in at issuance, and personal pension accounts can also enjoy tax-deferment policies, offering conservative investors a clearer anchor for expected returns.

From a policy construction perspective, adding savings government bonds is also a targeted supplement to the issue of enthusiasm for opening accounts yet coolness towards making contributions in personal pension schemes.

Since the comprehensive promotion of the personal pension system, the number of accounts has grown rapidly, but the actual accumulation of funds has continued to fall short of expectations;

Public data show that as of mid-2025, the number of personal pension accounts has exceeded 150 million, but the proportion of accounts with actual contributions is less than 21%, with many accounts remaining empty for a long time.

Behind this phenomenon are both practical factors such as residents’ income expectations and cash flow arrangements, and concerns from some investors about investment risks once pension funds are locked in for the long term.

For these individuals, the key to deciding whether to contribute is not the sheer number of products, but whether there are sufficiently safe and clearly profitable investment tools in the account. The addition of savings government bonds is equivalent to adding a “guaranteed” option to personal pension accounts, helping to lower the psychological threshold for first-time deposits.

Industry insiders believe that the signals sent by this expansion are not just about improving the product system, but also represent an important step in transitioning the personal pension system from account opening expansion to promoting active contributions.

At the same time, the inclusion of savings government bonds may also reshape the competitive landscape of the pension finance market.

Since the introduction of the personal pension system, commercial banks have always played a central role in channel management. Key steps such as account opening, contribution management, product sales, and customer service have all been dominated by banks, while fund companies, insurance companies, and bank-affiliated wealth management subsidiaries have mostly served as product providers.

The addition of savings government bonds further strengthens the channel advantages of banks. In terms of sales experience, customer base, and online and offline reach, banks have inherent advantages. For the large number of pension clients with low risk appetite, government bond products are highly compatible with bank channels.

However, industry consensus is that the inclusion of savings government bonds is only one step in the improvement of 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 enhance residents’ ongoing willingness to contribute and increase account attractiveness still requires advancement from multiple angles, such as product supply, tax incentives, and institutional arrangements.

In the future, market attention will also focus on moderately enriching investment types, introducing more fixed-income assets and public REITs with long-term allocation value, and studying institutional optimization paths such as mechanisms for fund withdrawals under special circumstances.

Risk Warning and DisclaimerThe market entails risk, and investments should be made cautiously. This article does not constitute personal investment advice, nor does it take into account the special investment goals, financial circumstances, or needs of individual users. Users should consider whether any opinions, views, or conclusions herein fit their specific situations. Investment made accordingly is at the investor’s own risk. ```