With the release of the list of cities (regions) with personal pension priority, China's personal pension business was officially launched. On November 25th, the Ministry of Human Resources and Social Security, the Ministry of Finance and the State Administration of Taxation jointly issued the Notice on Promulgating the Leading Cities (Regions) of Individual Pensions, which showed that since the date of issuance of the notice, workers who participated in the basic old-age insurance for employees or the basic old-age insurance for urban and rural residents in the leading cities (regions) can participate in individual pensions. From the list of 36 leading cities (regions), 31 provinces and cities were selected, with provincial capitals as the main cities, and two cities in some provinces were selected, such as Shijiazhuang and xiong'an new area in Hebei Province, Shenyang and Dalian in Liaoning Province, Hangzhou and Ningbo in Zhejiang Province, Guangzhou and Shenzhen in Guangdong Province and Qingdao and Dongying in Shandong Province. Fujian is included in the whole province. Subsequently, a number of banks announced that the personal pension business was officially opened. Because ICBC has set up the function of pre-opening accounts for customers, about half an hour before the above notice was issued, some users have received the notice of opening personal pension fund accounts.

simultaneous launch of personal pension business of banks According to the Notice on Printing and Distributing the Interim Measures for the Administration of Personal Pension Business of Commercial Banks and Wealth Management Companies, 23 banks can launch personal pension business, specifically 6 big banks, 12 joint-stock banks and 5 city commercial banks, and 5 city commercial banks are Bank of Beijing (61169), Bank of Shanghai (61229), Bank of Jiangsu (6919) and Bank of Ningbo (6919). Industrial and Commercial Bank of China (ICBC) said that as the first batch of banks, it officially launched personal pension business in 36 pilot areas of the national personal pension system. Customers can open two accounts, a personal pension account and a personal pension fund account, in this bank at one time, and then they can handle the business of fund deposit, product transaction, treatment collection and information inquiry, and at the same time, they can experience the services such as pension planning calculation and full view of pension assets. The Agricultural Bank of China said that it carefully prepared, laid out early and grasped the progress, and started the personal pension service in Beijing, Tianjin and other cities where personal pensions were the first. Minsheng Bank (616) said that it officially launched the personal pension service on November 25th, and from now on, it will provide customers with convenient and comprehensive personal pension service systems such as personal pension account opening, pension products and value-added services, fully meet the core needs of customers such as tax planning, account service, wealth management and value-added rights and interests, and build a comprehensive pension financial service system from the opening of personal pension accounts to the allocation of pension products to the full-cycle value-added companionship. Bank of Ningbo said that the personal pension business of the bank was officially launched at 3pm on November 25th. 36 leading cities (regions), covering 6 cities in Beijing, Shanghai, Shenzhen, Hangzhou, Suzhou and Ningbo. Generally speaking, the channels for opening/designating personal pension fund accounts include counters, mobile banking, WeChat banking and other channels. The Agricultural Bank of China said that it pioneered the "account-based appointment" business model and became the first commercial bank in the comparable industry to open an account at the counter.

Personal pension products are coming online one after another. What products can I buy from my personal pension fund account? The Measures for the Implementation of Individual Pensions stipulates that customers can choose to purchase financial products such as savings deposits, wealth management products, commercial pension insurance, Public Offering of Fund and so on. However, the products currently displayed and actually sold by each bank are not the same, and the list of personal pension wealth management products has not been released, so it is temporarily impossible to buy. Take the personal pension fund account opened by the reporter in ICBC as an example. At present, the bank can purchase deposit products (all ordinary deposits, and specific pension savings need to be in five pilot cities), but the wealth management products have not been opened yet (the banking wealth management registration and custody center has not released the list of personal pension wealth management products yet), and the fund products come from the list of personal pension funds previously released by the CSRC (all marked with "tax advantages"), and there are no insurance products. ICBC said that in terms of product selection, in order to provide the insured with a wide range of high-quality personal pension products, the bank actively cooperated with many products and sales organizations on the principle of "safe operation, maturity and stability, standardized target and emphasis on long-term value preservation", and did a good job in product selection, distribution and sales. The bank has accumulated rich product experience, such as launching specific pension savings products in the industry and issuing a variety of term savings products that meet the requirements of pension savings; Actively participate in the launch and issuance of a number of pension funds, and give full play to the advantages of the Group to launch customized pension FOF funds of ICBC Credit Suisse. The Agricultural Bank of China said that it will provide services such as personal pension savings, wealth management products, insurance products trading and consulting one after another. "The next step will be to focus on the needs of personal pension services, effectively practice financial benefits for the people, do its best to do the service connotation, do the fine process experience, and do a good job in protecting consumers' rights and interests, and help build a more perfect pension financial system." Minsheng Bank said that in terms of product configuration, it has always been committed to providing customers with stable and safe wealth management services, actively responded to the request of China Banking and Insurance Regulatory Commission, and set up a "dedicated pension product series shelf" suitable for the third pillar personal pension account, covering four series of pension savings deposits, pension financing, pension fund consignment and pension insurance consignment to meet customers with different investment preferences. In addition, the bank's professional wealth management service team can provide customers with consulting services and asset allocation services with multiple objectives such as pension investment duration, liquidity, income and risk, and help customers better plan the investment portfolio of individual pensions. Bank of Ningbo said that the bank has gradually launched four categories of products: personal pension fund, wealth management, insurance and savings. At present, it has launched fund products, and wealth management, insurance and savings products are being systematically connected.