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ICBC Appointed as Trustee for Occupational Annuity Plans of Centrally-controlled Public Institutions

Lately, Industrial and Commercial Bank of China (“ICBC” or the “Bank”) was selected as a trustee for occupational annuity plans of centrally-controlled public institutions, becoming the only commercial bank designated to do so. Prior to that, the Bank was already a trustee of occupational annuity plans of public institutions and organizations in Shandong Province and Xinjiang Uygur Autonomous Region, dedicated to the building of China’s occupational annuity system.

According to an ICBC official, the occupational annuity system is an important part of the reform of pension system initiated by the central government. As the biggest pension service provider in the domestic banking industry, ICBC has been committed to properly managing the pension funds for the state, public institutions and organizations, as well as ordinary people through financial means, so as to meet the growing demand of pension services. So far, the Bank has established an all-round, fully-licensed pension financial service system, providing pension management services to more than 50,000 public institutions and organizations and tens of millions of employees, and covering a wide range of services including basic pension insurance funds, enterprise annuities, occupational annuities, social security funds, comprehensive pension funds of public institutions and organizations, and personal pensions.

By the end of the first quarter of 2018, ICBC managed a total pension size of over RMB100 billion, including over 17 million personal pension accounts, and RMB500 billion worth of pension funds under custody. Meanwhile, the Bank has customized the “Ruyi Pension” enterprise annuity plan for over 6,500 small and medium-sized enterprises (“SMEs”), helping them address such difficulties as small scale of annuity funds, lack of professional personnel and high costs for creating annuity plans independently, thus allowing these enterprises and their employees to enjoy high-quality pension management services.

To cater to the need of public institutions and organizations for managing employee welfare funds and compensation incentive plans, ICBC has creatively launched the “Ruyi Life” welfare program, meeting the dual need for fund account management as well as value preservation and appreciation. Moreover, the Bank has developed the “ICBC e-Pension” self-service system, so that customers can conduct online queries and operations conveniently. Now, around 30,000 enterprises have become users of the “ICBC e-Pension” app for online management of their enterprise annuities, which serves around ten million corporate employees.