The People's Republic of China * * * and the Ministry of Labor and Social Security of the People's Republic of China

China Banking Regulatory Commission

China Securities Regulatory Commission

China Insurance Regulatory Commission

Order No.23

The Trial Measures for the Management of Enterprise Annuity Funds are hereby promulgated, which will come into force on May 1, 24.

Zheng Silin, Minister of Labor and Social Security of the People's Republic of China

Liu Mingkang, Chairman of China Banking Regulatory Commission

Shang Fulin, Chairman of China Securities Regulatory Commission

Wu Dingfu, Chairman of China Insurance Regulatory Commission

February 23, 24 Article 1 In order to safeguard the legitimate rights and interests of all parties involved in enterprise annuities and standardize the management of enterprise annuities funds, according to the Labor Law, Trust Law, Contract Law and Securities Investment Fund,

article 2 these measures shall apply to the entrusted management, account management, custody and investment management of enterprise annuity funds.

article 3 enterprises and their employees who set up enterprise annuities shall, as principals, establish written contractual relations with enterprise annuity Council or corporate trustee (hereinafter referred to as trustee), trustee and enterprise annuity fund account management institution (hereinafter referred to as account manager), enterprise annuity fund custodian institution (hereinafter referred to as trustee) and enterprise annuity fund investment management institution (hereinafter referred to as investment manager) in accordance with relevant state regulations.

a written contract shall be reported to the administrative department of labor and social security for the record.

article 4 the enterprise annuity fund must be deposited in the enterprise annuity special account. The property of enterprise annuity fund is independent of the inherent property of clients, trustees, account managers, custodians, investment managers and other natural persons, legal persons or other organizations that provide services for the management of enterprise annuity fund and other properties managed by them.

the property and income obtained from the management, use or other circumstances of the enterprise annuity fund property shall be classified as the fund property.

article 5 if the clients, trustees, account managers, custodians, investment managers and other natural persons, legal persons or other organizations providing services for the management of enterprise annuity funds terminate liquidation due to reasons such as dissolution, cancellation or bankruptcy according to law, the assets of enterprise annuity funds do not belong to their liquidation assets.

article 6 the creditor's rights of the enterprise annuity fund property shall not be offset against the debts of the inherent property of the trustor, trustee, account manager, custodian, investment manager and other natural persons, legal persons or other organizations that provide services for the enterprise annuity fund management. Creditor's rights and debts of enterprise annuity funds of different enterprises shall not offset each other.

article 7 debts not borne by the enterprise annuity fund property itself shall not be enforced on the fund property.

article 8 trustees, account managers, custodians, investment managers and other natural persons, legal persons or other organizations that provide services for the management of enterprise annuity funds must fulfill their duties and fulfill their obligations of honesty, credit, prudence and diligence.

article 9 the Ministry of labor and social security is responsible for formulating relevant policies for the management of enterprise annuity funds. The administrative department of labor security shall supervise the management of enterprise annuity funds. Article 1 The term "trustee" as mentioned in these Measures refers to the enterprise annuity council entrusted with the management of enterprise annuity funds, pension management companies and other corporate trustees (hereinafter referred to as corporate trustees).

article 11 the enterprise annuity Council is composed of representatives of enterprises and employees, and shall manage the enterprise annuity affairs of the enterprise according to law, and shall not engage in any form of business activities.

the directors of the enterprise annuity Council shall be honest and trustworthy, have no record of major violations of laws, and shall not collect fees in any form.

Article 12 A legal person trustee shall meet the following conditions: (1) It is registered in China with the approval of the state financial supervision department;

(2) The registered capital is not less than 1 million yuan, and the net assets of not less than 15 million yuan are maintained at all times;

(3) It has a sound corporate governance structure;

(4) The number of full-time employees who have obtained the qualification of enterprise annuity fund has reached the specified number;

(5) Having a business place, safety precautions and other facilities related to the entrusted management of enterprise annuity funds that meet the requirements;

(6) Having a sound internal audit monitoring system and risk control system;

(7) There has been no major violation of laws and regulations in recent 3 years;

(8) other conditions stipulated by the state.

Article 13 The trustee shall perform the following duties:

(1) Select, supervise and replace account managers, custodians, investment managers and intermediary service agencies;

(2) to formulate the investment strategy of enterprise annuity fund;

(3) Prepare the management and financial accounting reports of enterprise annuity funds;

(4) to supervise the management of enterprise annuity funds according to the contract;

(5) collecting enterprise and employee contributions according to the contract, and paying enterprise annuity treatment to the beneficiaries;

(6) accepting inquiries from clients and beneficiaries, and regularly providing enterprise annuity fund management reports to clients, beneficiaries and relevant regulatory authorities. When a major event occurs, report to the client, beneficiary and relevant regulatory authorities in a timely manner;

(7) to keep records related to the management of enterprise annuity funds for at least 15 years according to state regulations;

(8) other duties stipulated by the state and agreed in the contract.

article 14 the term beneficiary as mentioned in these measures refers to the employees of the enterprise who participate in the enterprise annuity plan and enjoy the right to benefit.

Article 15 A legal person trustee has the business qualification of account management or investment management, and may concurrently serve as an account manager or an investment manager, but the independence of each management shall be guaranteed.

Article 16 In any of the following circumstances, the duties of the legal person trustee shall be terminated:

(1) Violating the contract with the client;

(2) using the property of the enterprise annuity fund to seek benefits for it, or to seek illegitimate interests for others;

(3) being dissolved, revoked, declared bankrupt or taken over according to law;

(4) being disqualified from the entrusted management of enterprise annuity funds according to law;

(5) The trustor has evidence that it is in the interest of the beneficiary to replace the trustee; (six) the relevant regulatory authorities have sufficient reasons and basis to believe that the replacement of the trustee is in the interest of the beneficiary;

(7) other circumstances stipulated by the state and agreed in the contract.

under any of the circumstances specified in the preceding paragraph, the enterprise annuity Council shall be reorganized according to the provisions of the state.

article 17 if the duties of the trustee are terminated, the trustor shall appoint a new trustee within 3 days. Where the duties of the trustee are terminated, the entrusted management information of the enterprise annuity fund shall be properly kept, and the entrusted management business shall be handed over in time, and the new trustee shall receive it in time.

article 18 where the duties of the trustee are terminated, an accounting firm shall be engaged to audit the entrusted management in accordance with the provisions, and the audit results shall be reported to the client and the relevant regulatory authorities for the record. Article 19 The term "account manager" as mentioned in these Measures refers to the professional institution entrusted by the trustee to manage the accounts of enterprise annuity funds.

Article 2 An account manager shall meet the following conditions:

(1) An independent legal person registered in China with the approval of relevant state departments;

(2) The registered capital is not less than 5 million yuan;

(3) It has a sound corporate governance structure;

(4) The number of full-time employees who have obtained the qualification of enterprise annuity fund has reached the specified number;

(5) Having a corresponding enterprise annuity fund account information management system;

(6) Having a business place, safety precautions and other facilities related to the enterprise annuity fund account management business that meet the requirements;

(7) Having a sound internal audit monitoring system and risk control system;

(8) other conditions stipulated by the state.

Article 21 An account manager shall perform the following duties:

(1) Establish enterprise accounts and personal accounts of enterprise annuity funds;

(2) recording the contributions of enterprises and employees and the investment income of enterprise annuity funds;

(3) check the payment data and the property changes in the enterprise annuity fund account with the custodian in time;

(4) calculate the enterprise annuity treatment;

(5) Providing information inquiry service for enterprise accounts and personal accounts of enterprise annuity funds;

(6) submit enterprise annuity fund account management reports to the trustee and relevant regulatory authorities on a regular basis;

(7) keep the enterprise annuity fund account management files for at least 15 years in accordance with state regulations;

(8) other duties stipulated by the state and agreed in the contract.

Article 22 The duties of the account manager shall be terminated under any of the following circumstances:

(1) Violating the contract with the trustee;

(2) using the property of the enterprise annuity fund to seek benefits for it, or to seek illegitimate interests for others;

(3) being dissolved, revoked, declared bankrupt or taken over according to law;

(4) The qualification of enterprise annuity fund account management is cancelled according to law;

(5) The trustee has evidence that it is in the interest of the beneficiary to change the account manager;

(6) the relevant regulatory authorities have sufficient reasons and grounds to believe that changing the account manager is in the interest of the beneficiary;

(7) other circumstances stipulated by the state and agreed in the contract. Article 23 If the duties of the account manager are terminated, the trustee shall appoint a new account manager within 3 days.

if the duties of the account manager are terminated, the account management information of the enterprise annuity fund shall be properly kept, and the account management business shall be handed over in time, and the new account manager shall receive it in time.

article 24 if the duties of an account manager are terminated, an accounting firm shall be engaged to audit the account management according to the regulations, and the audit results shall be reported to the trustee and the relevant regulatory authorities for the record. Article 25 The term "custodian" as mentioned in these Measures refers to a commercial bank or professional institution entrusted by the trustee to keep the property of the enterprise annuity fund.

the custodian of a single enterprise annuity plan is a commercial bank or professional institution.

Article 26 A custodian shall meet the following conditions:

(1) An independent legal person registered in China with the approval of the state financial supervision department;

(2) Its net assets are not less than 5 billion yuan;

(3) The number of full-time employees who have obtained the qualification of enterprise annuity fund has reached the specified number;

(4) Having the conditions for keeping the property of the enterprise annuity fund;

(5) Having a safe and efficient clearing and delivery system;

(6) Having a business place, safety precautions and other facilities related to the enterprise annuity fund custody business that meet the requirements;

(7) Having a sound internal audit monitoring system and risk control system;

(8) other conditions stipulated by the state.

as a custodian, a commercial bank shall set up a special fund custody department.

Article 27 A custodian shall perform the following duties:

(1) Safely keep the property of the enterprise annuity fund;

(2) opening fund accounts and securities accounts of fund property in the name of enterprise annuity fund;

(3) Set up separate accounts for different enterprise annuity fund properties under custody to ensure the integrity and independence of the fund properties;

(4) according to the trustee's instructions, distribute the enterprise annuity fund property to the investment manager;

(5) according to the investment instructions of the investment manager, timely handle the liquidation and delivery matters;

(6) Responsible for accounting and valuation of enterprise annuity funds, and recheck and examine the net asset value of the funds calculated by the investment manager;

(7) check the relevant data with the account manager and investment manager in time, and supervise the investment operation of the investment manager in accordance with the regulations;

(8) submit enterprise annuity fund custody and financial accounting reports to the trustee on a regular basis;

(9) submit enterprise annuity fund custody reports to relevant regulatory authorities on a regular basis;

(1) keep records, account books, statements and other relevant materials of enterprise annuity fund custody business for at least 15 years in accordance with state regulations;

(11) other duties stipulated by the state and agreed in the contract.

article 28 if the custodian finds that the investment instructions of the investment manager violate laws, administrative regulations, other relevant provisions or contractual stipulations, it shall refuse to execute them, immediately notify the investment manager and report to the trustee and relevant regulatory authorities in a timely manner.

if the custodian finds that the investment instructions that have come into effect by the investment manager in accordance with the trading procedures violate laws, administrative regulations, other relevant provisions or contractual stipulations, it shall immediately notify the investment manager and report to the trustee and relevant regulatory authorities in a timely manner.

Article 29 The duties of the custodian shall be terminated under any of the following circumstances:

(1) Violating the contract with the trustee;

(2) using the property of the enterprise annuity fund to seek benefits for it, or to seek illegitimate interests for others;

(3) being dissolved, revoked, declared bankrupt or taken over according to law; (four) the enterprise annuity fund custody business has been cancelled according to law;

(5) The trustee has evidence that it is in the interest of the beneficiary to change the custodian;

(6) the relevant regulatory authorities have sufficient reasons and grounds to believe that the replacement of the custodian is in the interest of the beneficiary;

(7) other circumstances stipulated by the state and agreed in the contract.

Article 3 If the duties of the custodian are terminated, the trustee shall appoint a new custodian within 3 days.

if the duties of the custodian terminate, the custodian shall properly keep the custody materials of the enterprise annuity fund, handle the custody business transfer formalities in time, and the new custodian shall receive them in time.

article 31 if the duties of the custodian are terminated, an accounting firm shall be engaged to audit the custody in accordance with the regulations, and the audit results shall be reported to the trustee and the relevant regulatory authorities for the record.

Article 32 A custodian is prohibited from any of the following acts:

(1) The managed enterprise annuity fund property and its inherent property are mixed;

(2) The managed enterprise annuity fund property is mixed with other managed properties;

(3) mixed management of different enterprise annuity funds entrusted;

(4) misappropriating the entrusted enterprise annuity fund property;

(5) other acts prohibited by state regulations and contract stipulations. Article 33 The term "investment manager" as mentioned in these Measures refers to the professional institution entrusted by the trustee to invest in the management of enterprise annuity fund property.

Article 34 An investment manager shall meet the following conditions:

(1) An independent legal person registered in China with the approval of the national financial supervision department and qualified for entrusted investment management, fund management or asset management;

(2) The registered capital of a comprehensive securities company is not less than RMB 1 billion, and it maintains its net assets of not less than RMB 1 billion at any time; Fund management companies, trust and investment companies, insurance asset management companies or other professional investment institutions have a registered capital of not less than 1 million yuan, and maintain a net asset of not less than 1 million yuan at any time;

(3) It has a sound corporate governance structure; (four) the number of full-time employees who have obtained the qualification of enterprise annuity fund has reached the prescribed number;

(5) Having a business place, safety precautions and other facilities related to the investment management business of enterprise annuity funds that meet the requirements;

(6) Having a sound internal audit monitoring system and risk control system;

(7) There has been no major violation of laws and regulations in recent 3 years;

(8) other conditions stipulated by the state.

Article 35 An investment manager shall perform the following duties:

(1) Investing in the assets of the enterprise annuity fund;

(2) timely check with the custodian the accounting of the enterprise annuity fund and