For the collective plan, according to the Notice on Relevant Issues Concerning the Pilot Project of Enterprise Annuity Collective Plan (Ministry of Human Resources and Social Security Fa [2011] No.58), the risk reserve is not withdrawn from the investment management fee of enterprise annuity collective plan.

For a single plan, according to the provisions of annuity laws and regulations, the investment manager extracts 20% of the management fees collected in the current period as the investment management risk reserve of the enterprise annuity fund, which is specially used to make up for the investment losses of the enterprise annuity fund. The investment management risk reserve of the enterprise annuity fund is stored in the special account of the custodian bank, and may not be withdrawn when the balance reaches 10% of the net asset value of the investment management enterprise annuity fund.