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In September 2006, the then Ministry of Labor and Social Security (MoLSS, today the Ministry of Human Resources and Social Security) issued a new policy regarding the management of funds for supplementary retirement plans in social security bureaus (SSB). It was stipulated that by the end of 2007, all enterprise annuity (EA) plans currently managed by SSBs need to be transferred to qualified EA account management institutions, who from then on are responsible for the management of EA. In April 2007, after the national symposium on enterprise annuity, the MoLSS issued MoLSS Document (2007) No. 12, promulgating the guidelines on the transfer of the existing EA plans. These became one of key tasks for the MoLSS in 2007.
As a professional EA management institution, Taiping Pension Co., Ltd. (Taiping Pension for short) will actively participate in this transfer of the existing EA plans. Early in 2004, Taiping Pension was recommended by the China Insurance Regulatory Commission and approved by the MoLSS to become the sole insurance institution involved in the pilot program on EA as a forerunner for reform in Liaoning Province, completing the transfer of the supplementary retirement plans of 70 province-level enterprises in Liaoning. By fully exploiting its overall strengths as a professional EA management institution and its advanced techniques in EA trusteeship management, investment, operations and IT, and by cooperating with leading financial institutions such as the ICBC, Taiping Pension was able to perform this task in Liaoning. So will we now use our resources for actively participating in the transfer of EA in all provinces of China, therewith making contributions to the development of EA business and the improvement of China¡¯s social security system.
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