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  Home Page > Corporate Banking >Assets Custody Business >Custody Service for Pension Insurance Fund (Personal Account)
Custody Service for Pension Insurance Fund (Personal Account)

I. Product Overview
Custody service for pension insurance fund (personal account) (hereinafter referred to as the “personal account fund”) refers to the financial service that ICBC, as entrusted by the competent department of personal account fund, provides safe custody service for personal account fund assets, performs supervisory obligations and renders related services such as investment management.
Personal account fund can be regarded as the “survival money” of retired ex-employees. Therefore, protecting personal account fund from depreciation can not only safeguard the rights and interests of retired ex-employees, but also be of significance for the protection of social stability and promotion of building a harmonious society. The introduction of custody mechanism contributes to the improvement of operational management mechanism for personal account fund, sharing of comparative advantages of banking sector in professional custody service and steady development of personal account fund.

II. Target Customers
Social security departments and provincial departments of finance in various provinces and cities (districts).

III. Scope of Services
i. Basic services
Asset custody, clearing, accounting, asset valuation, investment monitoring, custody report, and fund collection and payment.
ii. Value-added services
Wealth management and investment advisory services, recommendations for selection of investment managers, performance evaluation, bond trading service, electronic banking service, customized report on personal account fund, information about personal account fund, and abnormity monitoring.

IV. Advantages
i. The earliest approved bank, with rich business experience
In December 2001, ICBC started to provide custody service for social security fund under the approval of the People’s Bank of China, including custody service for national social security fund and other types of social security funds. Currently, ICBC has formally provided custody service for national social security fund and pension insurance fund (personal account) for workers in some provinces and cities, thus accumulating abundant experience in social security fund custody.
ICBC, as the custodian bank of national social security fund and a member of corporate pension fund expert advisory group of the Ministry of Human Resources and Social Security, fully participated in the research on China’s corporate annuity fund systems and drafting of related laws and regulations. Besides, it is the largest domestic custodian bank for corporate annuity fund.
ii. Leading technological level, with a powerful custody system.
The integrated processing system for asset custody service independently developed by ICBC won the “scientific and technological progress prize” awarded by the People's Bank of China respectively in 2004 and 2005. The system is the only one which can check with and complementary to the investment manager system in the country. In addition, the system can be quickly upgraded in response to the specific requirements of different provinces for personnel account fund investment and custody.
iii. Sound service network, with efficient settlement means.
Relying on the advantages in outlets and electronic banking system as well as the resources including institutional outlets and technical means, ICBC can provide its customers with the most convenient and efficient services in the collection and payment of personal account fund. Meanwhile, customers can enjoy other integrated banking services.

V. Contact Information
If you would like to apply for any service, please contact local branch or sub-branch of ICBC or the Entrusted Asset Division I of Asset Custody Department under the Head Office of ICBC:
Contact person(s): Feng Kunwei and Zhang Yingbo
Tel: (8610)66105656/66105774
Fax: (8610)66105769