Complementary pensions (Voluntary)
2015: MOHRSS No.11, revised "Administrative Measures for Enterprise Annuity Funds": regulates (enterprise annuity) fund management, fund investment, plan management and information disclosure, etc.
In China, the occupational pensions for commercial companies and enterprise employees are voluntary arrangements and are usually called "enterprise annuity". For government employees and state sponsored institution employees, the occupational pension is compulsory. Therefore, the information provided in the above sections covers voluntary occupational pension schemes, e.g. "enterprise annuity", established by commercial companies for enterprises employees.
Types of plans
Trustees should entrust qualified account management institutions, investment managers, and custodians, to exercise the duties of annuity funds operation.
The sponsors are not involved in the management of the plan, The trustee will engage investment manager to manage the plan. The institutions managing the plan are separate from the sponsors and are profit-making institutions.
The trustees and investment managers can be insurance companies, but cannot operate on the basis of an insurance contract.
There are no other institutions involved in the collection or payment of contributions. The service charge for trustees and custodians cannot be higher than 0.2% of fund's net asset value, and cannot be higher than 1.2% for investment managers.
Regulations in force prohibit discrimination. Any employee who contributes to the basic pension insurance can join the enterprise annuity plans.
Sources of funds
Other sources of funds
Methods of financing
Acquisition and maintenance of rights
Preservation, portability, transferability
Benefit qualifying conditions
Benefit structure / formula
Protection of Assets
Financial and Technical Requirements / Reporting
Standards for service providers
Winding up / Merger and acquisition
Bankruptcy: Insolvency Insurance / Compensation Fund
Disclosure of information / Individual action
Taxation of employee contributions
Taxation of employer contributions
Taxation of investment income
Taxation of benefits
Information regarding the authority is publicly available on its website: http://www.mohrss.gov.cn/
The China Banking and Insurance Regulatory Commission (CBIRC) is not responsible for the regulation and supervision of the occupational pension plans in China, but assists the Ministry of Human Resources and Social Security when necessary.
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