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Custody Service for Pension Insurance Fund (Personal Account)
 

I. Product Overview
Custody service for basic pension fund refers to the financial service that ICBC, as entrusted by the National Council for Social Security Fund of the People's Republic of China, provides safe custody service for basic pension fund assets, performs supervisory obligations and renders related services such as assessment of investment management performance. Custody service for pension fund (personal account) (hereinafter 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.
The basic endowment insurance fund includes pension fund for enterprise employees, employees of public institutions and urban and rural residents. After reserving certain expense by provinces, autonomous regions and municipalities, the specific investment limit is determined and such funds are entrusted to the National Council for Social Security Fund of the People's Republic of China for investment and operations. The introduction of custody mechanism helps improve the operation and management mechanism for basic endowment insurance fund, share comparative advantages of the professional custody of the banking industry and promote the sustained and healthy development of the social insurance policy.

II. Target Customers
Custody service for basic endowment insurance fund: The National Council for Social Security Fund of the People's Republic of China
Custody service for personal account fund: Social security departments and the finance department in the provinces and municipalities (autonomous regions)

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
Performance assessment, bond transaction services, e-banking services, personalized statements, related information and monitoring of abnormal changes.

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 fund (personal account) for workers in some provinces and cities, thus accumulating abundant experience in social security fund custody.
ICBC was approved to conduct social security fund custody business in December 2001, and obtained the qualification of custody bank for corporate annuity fund accredited by the Ministry of Human Resources and Social Security and currently is the largest custody bank for corporate annuity fund. It became the custody bank for national social security fund in 2007, and the custody bank for basic endowment insurance fund in November 2016. Therefore, the bank has a wealth of experience in custody services for pension.
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. And the system is the only one which can check with and complementary to the investment manager system in the country.
iii. Services provided by a professional team, with timely response to service requests
The Asset Custody Department of ICBC has established a specialized custody service team, to timely meet the custody service requirements proposed by basic pension funds. By virtue of quick response, the team can propose solutions in a fast manner and provide basic pension funds with efficient and accurate custody services.
iv. 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
The Entrusted Asset Division I of Asset Custody Department under the Head Office of ICBC:
Liaison: Feng Kunwei, Zhang Yingbo
Tel.: (8610)66105656, 66105774
Fax: (8610)66105769
E-MAIL: kunwei.feng@icbc.com.cn, zhangyingbo@icbc.com.cn


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