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  Home Page > Corporate Banking >Assets Custody Business >Custody Service for Occupational Annuity Fund
Custody Service for Occupational Annuity Fund
 

I. Product Overview
Custody service for occupational annuity fund means that ICBC, as entrusted by the clients of occupational annuity fund, provides safe custody service for occupational annuity fund assets according to relevant laws, regulations and custody contracts as well as handles the businesses such as clearing for annuity fund, securities settlement, accounting, asset valuation and supervision on investment.
The occupational annuity fund custody system, through the separation of ownership, use rights and supervisory rights for occupational annuity fund assets, effectively constructs a mechanism for mutual supervision between managers, thus ensuring the safety, independence and integrity of occupational annuity fund assets. Besides, the custody system can effectively reduce the operation costs of occupational annuity fund, improve operational efficiency of occupational annuity and raise the return on annuity fund.
In August 2005, ICBC was the one of the first batch of banks which obtained the qualification of corporate annuity fund custodian (Qualification No.: 0017) after the review and authentication of the Ministry of Human Resources and Social Security; and such qualification was renewed in 2008, 2011, and 2014 (Qualification No.: 0138).So far, ICBC has occupied more than 40% market share in terms of custody service for corporate annuity fund, becoming the largest custodian bank for such service in China.

II. Target Customers
Public institutions which will build the occupational annuity system; social security administrative departments; trustees of occupational annuity

III. Scope of Services
Sweep and payment: offering occupational annuity fund sweep and salary payment services.
Asset safekeeping: setting separate accounts for independent safekeeping, to ensure the safety, independence and integrity of occupational annuity fund assets.
Clearing service: handling the clearing of occupational annuity fund and settlement of securities according to relevant contracts and instructions of the party concerned;
Accounting and asset valuation: conducting accounting and asset valuation for occupational annuity fund, and checking the results with investment managers.
Supervision on investment: supervising the investment and operation of occupational annuity fund assets according to relevant national laws and regulations as well as custody contracts, and if any problems are found, promptly reporting to regulatory authorities and trustees.
Information disclosure: submitting the report on custody service for occupational annuity fund and financial statements to trustees on a regular basis.
Safekeeping of documents: keeping custody records, account books, statements and other related documents in connection with occupational annuity fund according to national regulations.
Other services: offering other custody services as required by consignors and trustees.

IV. Advantages
i. Rich experience in custody services
ICBC was the first domestic custodian bank for corporate annuity fund. In December 2001, it was the first one to obtain the qualification as a custodian bank for corporate annuity fund accredited by the People’s Bank of China. In the following year, the Bank provided custody service for social security annuity funds in Shanghai and Shenzhen.
ICBC was one of the first domestic custodian banks approved by the Ministry of Human Resources and Social Security. In August 2005, the Bank obtained the qualification of custodian bank for corporate annuity fund accredited by the Ministry of Human Resources and Social Security, thus possessing the statutory conditions for annuity fund custody.
ICBC was the first domestic custodian bank for single standardized market annuity fund. In June 2006, it was the first one to provide custody service for single standardized market annuity fund in China.
ICBC was the largest domestic custodian bank for corporate annuity fund. Its market share in terms of corporate annuity fund custody is always maintained at above 40%.
ii. Localized custody services
With more than 17,000 domestic branches and sub-branches, ICBC has developed a custody service network throughout the country. With respect to corporate annuity fund collection and salary payment, ICBC’s outlets, online banking system and ATMs can provide public institutions and personal customers with the most convenient and efficient payment, salary inquiry and collection services.
iii. All-around transaction supervision
ICBC was the first one in the banking industry to establish a division of transaction supervision and risk management under the Asset Custody Department which would specially supervise various investments. It has developed a powerful transaction supervision system which includes more than 400 indicators of five categories. In addition to the conventional indicators, personalized indicators can also be customized to meet diversified demands of customers. The Bank’s professionals and professional systems can conduct all-around supervision on occupational annuity fund investment, thus protecting the safety of occupational annuity fund assets to the maximum extent.
iv. Performance analysis based on big data
ICBC makes full use of its advantage of taking the biggest marker share in the corporate annuity field among peers to provide annuity customers with comprehensive value-added services including investment information and trading service of pension products, asset manager style evaluation and selection, service of  customizing internal indicators and consulting performance evaluation standards,  annuity custody management consulting, information data and analysis tool outsourcing service, to comprehensively assist customers in making decisions about custody investment and protect and increase value of corporate annuity assets.
v. Advanced Internet Banking services
Customers can handle businesses such as file transfer, report query, equity information query, account details query, net value reconciliation, research report delivery, transfer order management and customer service on a self-help basis via Internet Banking.

V. Business Guide
i. Business contact: public institutions, social security administrative departments and trustees can contact local branches of ICBC;
ii. Signing of agreement: an Agreement on Occupational Annuity Fund Custody will be signed based on sufficient communication between the bank and customers;
iii. Opening of account: fund custody accounts and securities accounts will be opened as required by regulatory authorities;
iv. Custody operation: services including asset custody, annuity fund collection, salary payment, accounting, asset valuation, clearing and delivery, and performance evaluation will be provided according to custody agreement. Investment and operation of occupational annuity fund will be supervised, and periodic custody reports will be submitted to regulatory authorities and trustees.

VI. 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, the Head Office of ICBC:
Contact person(s): Feng Kunwei, Zheng Weiwei, Zhang Yingbo
Tel: (8610) 66105656, 81013681, 66105774
Fax: (8610) 66105769
E-MAIL: kunwei.feng@icbc.com.cn,weiwei.zheng@icbc.com.cn,zhangyingbo@icbc.com.cn


(2015-04-20)
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