In November 2022, China's personal pension system was implemented in 36 cities including Beijing and Shanghai, and fully implemented nationwide in December 2024. By the end of April 2026, 66 fund companies in the market had issued a total of 318 individual pension funds. The product system was gradually improved, and investor participation was steadily increasing. Based on the transaction data of more than 1.57 million investors from November 2022 to January 2026, the China Securities Finance Research Institute and Huaxia Fund conducted a comparative study on the investment behavior of personal pension funds and general account funds. Recently, in an interview with reporters, the research team said that it is easier for investors to hold personal pension funds for a longer period of time, more stable trading behavior, and a better investment experience. The third pillar personal pension fund is not only a pension product, but is also quietly changing the way individual investors invest.

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