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ICBC Pension Service Benefits Nearly 18 Million Employees

In recent years, ICBC has closely followed the national reform of the pension security system, actively supported the building of a multi-tiered social security system, and continuously enhanced its pension management and services. As of the end of 2018, the pension under the trusteeship of ICBC exceeded RMB110 billion, and the pension funds under its custody went beyond RMB540 billion, making it the largest pension service provider among domestic banks. In addition, ICBC managed 17.87 million personal pension accounts, the first to manage over 10 million personal accounts of enterprise annuity and maintaining its first position in the market for 13 consecutive years.

According to an official with ICBC, following the change of age structure and the improvement of the old-age security system in China, the demand of customers for diversified pension services has been growing. As one of the earliest domestic financial institutions to provide pension management services and the first batch of financial institutions with the qualification to manage the accounts of enterprise annuity, ICBC fully leverages the Group’s “full license” of trusteeship, account management, custody and investment management and strength in integrated operation to continually enrich its account management services. Its service scope has been expanded from enterprise annuity to occupational annuity, social security fund, comprehensive pension security fund for enterprises and public institutions, personal pension, among others, serving state-owned, collectively-owned, private, and foreign-owned enterprises in petrochemistry, electric power, railway, coal, tobacco, finance, steel and other industries. Moreover, ICBC has taken the lead in the industry to realize the automatic direct connection with the data interface of partners, and initiated the client self-service mode of “ICBC e Pension” to promote the transformation and upgrading of the pension service mode.

In response to the actual conditions of micro, small and medium enterprises (MSMEs) such as small fund size, lack of professionals and the high cost of independently developing an enterprise annuity plan, ICBC has customized the “Ruyi Pension Management” Collective Enterprise Annuity Plans for them. On the one hand, the management expenses are reduced actively by standardizing operation process, automating business process and localizing customer services; on the other, the investment performance is effectively improved on the basis of controlling the investment risk through collective management at the capital back-end by outstanding investment managers, hence realizing long-term leading performance in the market and benefiting MSMEs. So far, more than 7,000 MSME customers have received the quality and efficient ICBC pension manager services.