Since the 18th National Congress of the Communist Party of China, China's social security system has continued to improve, and supplementary pension schemes such as enterprise annuity have been introduced, bringing new opportunities to the development of the pension business of commercial banks. As one of the first commercial banks to provide pension service in China, ICBC has continued to provide quality pension management services in recent five years, and the pension business has maintained a strong momentum. As at the end of this June, the pension funds under ICBC’s management surpassed RMB 100 billion, which doubled in the past five years and ranked first in China’s banking industry. Meanwhile, as the largest pension service bank in China, ICBC managed more than 17 million individual pension accounts, with around RMB 480 billion pension funds under management.
ICBC is the first commercial bank in China that is eligible as fund trustee, account manager and custodian of enterprise annuity. In addition, ICBC Credit Suisse Asset Management Co., Ltd. has the qualification to invest and manage enterprise annuity fund, providing ICBC with full license in enterprise annuity business. By leveraging its strength in integrated management, ICBC has diversified and integrated pension service system. The current scope of services has expanded from enterprise annuity to social security funds, integrated pension funds of enterprises and public institutions, individual pension funds and many other areas. The service targets have expanded from corporate customers to government agencies, public institutions, social organizations and personal customers. And the services include trusteeship, account management, fund custody, management consultancy, investment and wealth management, information storage and query, agency services, which covers all aspects of China's pension security system and can meet the diverse needs of various types of pension customers.
As the reform of the pension system deepened, the demand for professional management of pension funds has been rising. To this end, ICBC has taken the lead to develop specialized pension management services in the banking industry, and endeavored to provide all types of customers with one-stop and customized pension management services. For example, based on the characteristics of the pension management of large enterprises, ICBC has conducted in-depth analysis of differentiated demands of different enterprises, and tailored a one-stop pension management plan. ICBC has become a housekeeper for pension of enterprises and employees, and achieved highly efficient and stable operation. With regard to small and medium-sized enterprises’ demands for pension services, ICBC has launched integrated enterprise annuity scheme “Ruyi Pension Management”, which provides solutions to challenges faced by SMEs such as limited fund size, lack of professionals, and high cost of setting up separate enterprise annuity plan, and enables SMEs and their employees to access quality and efficient pension management services. ICBC has currently signed “Ruyi Pension Management” agreement with over 6,400 enterprises.
