According to the "Measures for the Administration of Pension Security Management Business" (Baojianfa [2015] No. 73), the pension security management business refers to the pension insurance company as the manager, accepting clients from groups such as government agencies, enterprises and institutions, and other social organizations.

and entrusted by individual clients to provide them with pension security and fund management services related to pension security, including plan design, trustee management, account management, investment management, benefit payment, salary deferral, welfare plans, talent retention incentives and other services

matter.

Although by definition, pension security management products are a comprehensive service, when implemented into products, it can be understood that pension security management products are financial products sold by pension insurance or pension companies to individuals or institutions.

Since there is no upper limit of 200 people or a minimum investment threshold of 1 million, its essence is similar to that of public funds.

At present, ***7 pension insurance companies (Taiping, Yangtze River, Ping An, China Life, Xinhua, Taikang, Anbang) and 1 pension management company (Jianxin) have issuance qualifications.

?The current stock size is estimated to be tens of billions.