Pension Fund Management

Original Language Title: 企业年金基金管理办法

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Read the untranslated law here: http://www.chinalaw.gov.cn/article/fgkd/xfg/gwybmgz/201108/20110800347817.shtml

Pension fund management

    (February 12, 2011 human resources and Social Security Ministry, the China Banking Regulatory Commission, China Securities Regulatory Commission and China insurance regulatory Commission announced as of May 1, 2011, 11th) Chapter I General provisions

    First to maintain the legitimate rights and interests of all parties of enterprise annuity, standardize Enterprise annuity fund management, according to the labor law, trust law, contract law, the securities investment fund law and relevant regulations of the State Council, these measures are formulated.

    Second pension fund entrusted with the management, account management, custody, investment management, supervision and administration of the application of this approach.

    Enterprise annuity Fund mentioned in these measures refers to funds raised according to the law of Corporation pension plan and investment benefits to the enterprise supplementary old-age insurance funds.

    Article to establish pension plans of enterprises and their workers as a client and the enterprise annuity Council or body corporate trustee (hereinafter referred to as the trustee) sign a trustee contract.

    Trustees and pension fund management institution (hereinafter referred to as account manager), the Trustees of occupational pension funds (hereinafter referred to as the trustee) and pension fund investment management institutions (hereinafter referred to as the investment manager) signed management contracts.

    Fourth trustee should be entrusted with the management of contracts and management contracts at human resources and social security administration departments.

    Fifth article of a pension plan shall have only one trustee, an account manager and a custodian, according to asset size select the right amount of investment managers.

    Sixth article same enterprise annuity plans in the, trustee people and managed people, and managed people and investment management people shall not for same people; established enterprise annuity plans of enterprise established enterprise annuity Council as trustee people of, the enterprise and managed people shall not for same people; trustee people and managed people, and managed people and investment management people, and investment management people and other investment management people of General Manager and Enterprise annuity practitioners, shall not mutual who.

    In the same pension plan, corporate trustee account management or investment management qualification, can serve as account manager or investment manager.

    Article seventh when corporate trustee serves as the investment manager, risk control system should be established to ensure operational independence between; an independent fiduciary business and investment business sectors, Office areas, management processes, and the business system should be strictly separated; directly responsible for senior management, fiduciary business staff and the investment services sector shall not be concurrently with each other.

    In the same pension plan, corporate trustee treated the investment manager shall implement uniform standards and processes that reflect the principles of openness, fairness and justice. Eighth Enterprise annuity Fund must collect to fiduciary trust accounts, and investment assets within 45 days in custody account.

    Pension Fund assets independent of the trustor, trustee, account managers, custodians, investment managers and others provide services for enterprise annuity fund management of natural persons, legal persons or other organizations ' own assets and other property management.

    The management of corporate pension fund assets, use or any other use of property and proceeds obtained shall be retained in the Fund assets.

    The Nineth trustee, trustee, account managers, custodians, investment managers and other pension fund management services natural person, legal person or other organization, dissolved, revoked or declared bankrupt according to law or other reasons for termination and liquidation of, property is not part of the corporate pension fund assets to be liquidated. Tenth claim property of the enterprise annuity Fund, shall not be the trustee and trustee, account managers, custodians, investment managers and other pension fund management services natural person, legal person or other organization inherent property of debts set off against each other.

    Different pension plans of the debts of the enterprise annuity Fund, shall not be set off against each other.

    11th not from corporate pension fund assets themselves debt shall not be enforceable against the Fund assets.

    12th the trustee, account managers, custodians, investment managers and others provide services for enterprise annuity fund management of natural persons, legal persons or other organizations to fulfill their duties to fulfil obligations of honesty, faith, prudence, diligence. 13th Department of human resources and social security is responsible for the development of enterprise annuity fund management related policies.

    Human resources and social security administrative departments to supervise the management of the enterprise annuity Fund.

    Chapter trustee

    Trustee in 14th article of the rules, is the pension fund entrusted with the management of enterprises in accordance with regulations of the State pension fund management companies and other legal persons of a trustee (hereinafter referred to as corporate trustee) or an annuity Board.

    15th set up occupational pension schemes of enterprises, through workers ' or the workers ' Congress should be discussed, select the corporate trustee as trustee, or establishment of the enterprise annuity Council acting as trustee. 16th the enterprise annuity Council, made up of business representatives and trade union representatives and other personnel can also employ professionals outside of the enterprise, in which staff representatives of not less than one-third.

    Council shall be equipped with a number of full-time staff. 17th of the enterprise annuity Council staff representatives and professionals from outside the Enterprise Trade Union General Assembly, the representatives of the employees or other forms of democratic elections.

    Business representative appointed by the company. Members for a term prescribed by the Statute of the enterprise annuity Council, for a term not exceeding three years.

    Governing term and shall be eligible for re-election.

    18th Enterprise annuity Council shall meet the following conditions:

    (A) have full capacity for civil conduct;

    (B) honesty and trustworthiness, no criminal record;

    (Iii) has engaged in legal, financial, accounting, social security or other performance enterprise annuity Council duties required expertise;

    (Iv) decision-making capacity;

    (E) the relatively large amount of the personal debt is overdue.

    19th Enterprise annuity Council, according to the independent management of the Affairs of the enterprise annuity Fund, without interference from the company shall not engage in any form of commercial activity shall not be extracted from the property of the enterprise annuity fund management fees.

    The 20th meeting of the enterprise annuity Council, attended by the Director himself; Director is unable to attend, may delegate in writing any other Member to attend, the proxy shall set forth the scope of authorization. Council resolutions shall be adopted by the directors by more than two-thirds.

    Council shall record on the formation of the decisions on matters considered at the meeting, members attending the meeting shall sign the minutes of the meeting. 21st Governing should be responsible for the enterprise annuity Council resolution. Council resolutions in violation of laws and administrative regulations, these regulations or the Council regulation, causing property losses of occupational pension funds, directors shall be liable.

    But evidence has shown that objection during the vote and recorded in the meeting minutes, the Member may be exempted from liability.

    Enterprise annuity Council signed contracts should be signed by all the directors.

    22nd corporate trustee shall meet the following conditions:

    (A) approved by the State financial regulators, independent legal entity registered in China;

    (B) the registered capital of no less than 500 million Yuan, and at all times maintain not less than 500 million Yuan RMB of net assets;

    (C) having a sound corporate governance structure;

    (D) to acquire Enterprise annuity funds reach the required number of qualified full-time staff;

    (E) meet the requirements of the business premises, safety precaution facilities and pension fund entrusted with the management of other business-related facilities;

    (F) has a comprehensive internal auditing and monitoring system and risk control system;

    (VII) almost 3 years with no significant violations;

    (VIII) other conditions stipulated by the State.

    23rd the trustee shall perform the following duties:

    (A) select, monitor, replace account managers, custodians, investment managers;

    (B) develop enterprise Pension Fund's strategic asset allocation strategies;

    (C) supervision of the enterprise annuity fund management under the contract;

    (D) according to the contract business and employee contributions, to pay to the beneficiary enterprise annuity benefits and stipulated in the specific performance of the contract; (E) accept client queries, regular corporate pension funds to the client management and financial accounting reports.

    When a significant event occurs, timely report to the principal and the relevant regulatory authorities regularly submitted to the relevant authorities to carry out corporate pension fund entrusted with the management operations of the report;

    (F) in accordance with State requirements to keep records relating to the management of the enterprise annuity Fund at least 15 years from the date of termination of the contract;

    (G) the national provisions and other duties stipulated in the contract.

    24th beneficiaries mentioned in these measures refers to participate in the pension plan and employees the right to enjoy the benefits.

    25th under any of the following circumstances, the legal responsibilities of the trustee end:

    (A) in violation of the contract with the client;

    (B) the use of pension fund assets for their benefit, or for others to seek illegitimate interests;

    (C) dissolved, is revoked, is declared bankrupt or is lawfully taken over;

    (D) cancel corporate pension fund entrusted with the management of qualification according to law;

    (E) there is evidence that the client replace the trustee in the interests of the beneficiary;

    (F) the relevant regulatory authorities have sufficient reason and grounds for believing that the replacement of Trustees in the interests of the beneficiary;

    (G) the national provisions and the other conditions stipulated in the contract. Enterprise annuity Council preceding paragraph (b) of, responsibilities of the Pension Board end, corporate trustee selected by the client to serve as trustee.

    Enterprise annuity Council under subsections (a) and (c) to (g) circumstances specified, should be reconstituted in accordance with national or corporate trustee selected by the client to serve as trustee.

    The 26th of the responsibilities of the trustee end, the principal shall, within 45 days of the appointment of new trustees.

    Responsibilities of the trustee end, shall properly keep the pension fund entrusted with the management of information within 45 days they completed entrusted management business transfer procedures, new trustee shall receive and to exercise the corresponding duties.

    Chapter account manager

    The 27th article of the referred account manager refers accepts trustee entrusted management of the enterprise annuity Fund account of the professional institutions.

    28th account administrator shall satisfy the following conditions:

    (A) approved by the relevant departments of the State, independent legal entity registered in China;

    (B) the registered capital of no less than 500 million Yuan, and at all times maintain not less than 500 million Yuan RMB of net assets;

    (C) having a sound corporate governance structure;

    (D) to acquire Enterprise annuity funds reach the required number of qualified full-time staff;

    (E) have appropriate information management system of enterprise annuity Fund account;

    (F) meet the requirements of the business premises, safety precaution facilities and other facilities related to pension fund management business;

    (VII) has comprehensive internal auditing and monitoring system and risk control system;

    (VIII) almost 3 years with no significant violations;

    (IX) other conditions stipulated by the State.

    29th account manager shall perform the following duties:

    (A) the establishment of enterprise annuity funds business accounts and personal accounts;

    (B) recording enterprises, workers ' pay and pension fund investment income;

    (C) the trustee on a regular basis to check the payment data, as well as changes in pension fund accounts property, checks in a timely manner the results submitted to the trustee;

    (D) calculation of the enterprise annuity benefits;

    (E) to businesses and beneficiaries of pension funds business accounts and personal account information inquiry service to provide annual reports to the beneficiary;

    (F) regular accounts to the trustee management data and other information and a pension fund account management reports regularly submitted to the relevant authorities to carry out corporate pension fund management operations of the report;

    (G) saving account management of enterprise annuity Fund in accordance with national archives at least 15 years from the date of termination of the contract;

    (H) the national provisions and other duties stipulated in the contract.

    30th under any of the following circumstances, account management responsibilities of termination:

    (A) breach of contract with the trustee;

    (B) the use of pension fund assets for their benefit, or for others to seek illegitimate interests;

    (C) dissolved, is revoked, is declared bankrupt or is lawfully taken over;

    (D) was cancelled by the legal status of enterprise annuity fund management business;

    (E) there is evidence that the replacement of Trustees account management in the interests of the beneficiary;

    (F) the relevant regulatory authorities have sufficient reason and grounds for believing that the replacement account management in the interests of the beneficiary;

    (G) the national provisions and the other conditions stipulated in the contract.

    31st termination of account manager duties, the trustee shall, within 45 days of new account manager.

    Termination of account manager duties, shall take good care of the enterprise annuity Fund account management information, completed account management service within 45 days the transfer formalities, new account manager shall receive and to exercise the corresponding duties.

    The fourth chapter trustee

    Article 32nd custodian mentioned in these measures refers accepts trustee property of the enterprise annuity Fund Bank of bailment.

    Article 33rd custodian shall meet the following requirements:

    (A) approved by the State financial regulators, independent legal entity registered in China;

    (B) the registered capital of no less than 5 billion yuan, and maintain at all times not less than 5 billion yuan of net assets;

    (C) having a sound corporate governance structure;

    (D) has a special asset management Department;

    (E) to acquire Enterprise annuity funds reach the required number of qualified full-time staff;

    (Vi) has custody of enterprise annuity Fund property conditions;

    (VII) with the secure and efficient clearing and settlement systems;

    (VIII) have to meet the requirements of business premises, safety precaution facilities and other facilities associated with the enterprise annuity funds custody business;

    (IX) has a comprehensive internal auditing and monitoring system and risk control system;

    (X) almost 3 years with no significant violations;

    (11) other conditions stipulated by the State.

    Article 34th custodian shall perform the following duties:

    (A) the safe custody of pension fund assets;

    (B) of the enterprise annuity funds fund name of the account and securities account;

    (C) on the settings for different corporate pension fund assets managed by account, ensure the integrity and independence of Fund assets;

    (D) the trustee instructions, allocation of pension fund assets to investment managers;

    (E) timely clearing and settlement matters;

    (Vi) is responsible for the corporate pension fund accounting and valuations, review, review and validation of investment managers calculate the net value of the Fund assets;

    (G) the trustee instructions, issued to the beneficiary enterprise annuity benefits;

    (VIII) check with your account manager, the investment managers on a regular basis data;

    (I) in accordance with the provisions for the monitoring of the investment operations of the investment manager, and report periodically to the trustee investment oversight;

    (J) the regular pension fund managed to the Trustees and financial and accounting reports regularly submitted to the relevant regulatory bodies of enterprise annuity funds custody business reports;

    (11) in accordance with the State Pension Fund-managed business activity records, books, reports, and other relevant information from the date of termination of the contract at least 15 years;

    (12) national provisions and other duties stipulated in the contract.

    35th custodian found investment managers investment instruction transaction procedures had not yet been established in violation of the law, administrative regulations, other relevant provisions or the contract, should refuse to implement, immediately inform investment manager and timely report to the trustee, and the relevant regulatory authorities.

    Custodian found investment managers investment instruction transaction procedures have been set up in violation of the law, administrative regulations, other relevant provisions or the contract, it shall immediately inform investment manager and timely report to the trustee, and the relevant regulatory authorities.

    36th under any of the following circumstances, responsibilities of the trustee end:

    (A) breach of contract with the trustee;

    (B) the use of pension fund assets for their benefit, or for others to seek illegitimate interests;

    (C) dissolved, is revoked, is declared bankrupt or is lawfully taken over;

    (D) cancel the qualification of enterprise annuity funds custody business in accordance with law;

    (E) there is evidence that the replacement of Trustees Trustees in the interests of the beneficiary;

    (F) the relevant regulatory authorities have sufficient reason and grounds for believing that replacement custodian in the interests of the beneficiary;

    (G) the national provisions and the other conditions stipulated in the contract.

    37th of the responsibilities of the trustee end, the trustee shall identify new trustees within 45 days.

    Responsibilities of the trustee end, shall take good care of the enterprise annuity fund information within 45 days for the complete transfer of custody procedures, the new trustee shall receive and exercise the corresponding duties.

    38th prohibits the trustee of any of the following acts:

    (A) managed the occupational pension mixed with his own property management;

    (B) the managed property mixed with other managed assets of the enterprise annuity fund management;

    (C) managed the different pension schemes, different annuity portfolio mix of enterprise annuity Fund and property management;

    (D) to embezzle managed pension fund assets;

    (E) national regulations and other acts prohibited by contract.

    Chapter fifth investment managers

    39th investment managers in these measures refers accepts trustee entrusted investment management of pension fund assets of professional bodies.

    40th investment manager shall meet the following conditions:

    (A) approved by the State financial regulatory agencies, registered in China, with fiduciary investment management, fund management or asset management independent legal person qualification; (Ii) has securities assets management business of securities company registered capital many Yu 1 billion Yuan Yuan, and in any when are maintained not less than 1 billion Yuan Yuan of net worth; pension management company registered capital many Yu 500 million Yuan Yuan, and in any when are maintained not less than 500 million Yuan Yuan of net worth; trust registered capital many Yu 300 million Yuan Yuan, and in any when are maintained not less than 300 million Yuan Yuan of net worth; fund management company, and insurance assets management company, and

    Asset management company or other professional investment institutions registered capital of no less than 100 million Yuan, and at all times maintain not less than 100 million Yuan RMB of net assets;

    (C) having a sound corporate governance structure;

    (D) to acquire Enterprise annuity funds reach the required number of qualified full-time staff;

    (E) meet the requirements of the business premises, safety precaution facilities and other facilities related to the pension fund investment management business;

    (F) has a comprehensive internal auditing and monitoring system and risk control system;

    (VII) almost 3 years with no significant violations;

    (VIII) other conditions stipulated by the State.

    41st investment manager shall perform the following duties:

    (A) the investment of enterprise annuity Fund property;

    (B) timely and custodian reconciliation of pension fund accounting and valuation;

    (C) the establishment of occupational pension fund investment management risk reserve;

    (D) periodic occupational pension fund investment management report to the trustee regularly submitted to the relevant authorities to carry out corporate pension fund investment management operations of the report;

    (E) in accordance with State property to save the enterprise annuity fund accounting vouchers, account books, annual financial report and record of at least 15 years from the date of termination of the contract;

    (F) the national provisions and other duties stipulated in the contract.

    42nd under any of the following circumstances, the investment manager shall promptly report to the Trustees:

    (A) the Pension Fund Unit net worth fluctuate considerably;

    (B) likely to have major impact on corporate pension fund assets of related matters;

    (C) the national provisions and the other conditions stipulated in the contract.

    43rd under any of the following circumstances, investment manager mandate terminated:

    (A) breach of contract with the trustee;

    (B) the use of pension fund assets for their benefit, or for others to seek illegitimate interests;

    (C) dissolved, is revoked, is declared bankrupt or is lawfully taken over;

    (D) cancel the qualification of occupational pension fund investment management business according to law;

    (E) there is evidence that the replacement of Trustees investment management in the interests of the beneficiary;

    (F) the relevant regulatory authorities have sufficient reason and grounds for believing that the replacement investment management in the interests of the beneficiary;

    (G) the national provisions and the other conditions stipulated in the contract.

    44th investment manager mandate termination, the trustee shall, within 45 days of identifying new investment manager.

    Investment Manager mandate is terminated, shall properly keep the occupational pension fund investment management information management operational procedures for the transfer of completed investment in 45 days, new investment manager shall receive and to exercise the corresponding duties.

    45th prohibits investment managers in any of the following acts:

    (A) will confuse his own property or the property of others in corporate pension fund assets;

    (B) unfair treatment management of corporate pension fund assets and other property;

    (C) the unfair treatment of its pension fund assets managed;

    (D) to embezzle corporate pension fund assets;

    (E) commitments, disguised us the guarantee capital preservation or income;

    (Vi) the use of other assets under management for pension plans settler, the beneficiary or the relevant Manager to seek illegitimate interests;

    (VII) national regulations and other acts prohibited by contract.

    Sixth chapter funds

    46th occupational pension fund investment management should be followed carefully, the principle of risk diversification, fully consider the safety of the corporate pension fund assets, profitability and liquidity, professional management.

    47th article Enterprise annuity Fund property limited to territory investment, investment range including bank deposits, and bonds, and Central Bank notes, and bonds repo, and universal insurance products, and investment links insurance products, and securities investment fund, and stock, and credit grade in investment level above of financial debt, and Enterprise (company) debt, and can conversion debt (containing separation trading can conversion debt), and short-term financing coupons and medium-term notes, financial products.

    48th article of each portfolio's corporate pension fund assets should be managed by an investment manager, pension fund assets in portfolio fair value calculation shall meet the following requirements:

    (A) investment banks demand deposits, Central Bank bills, repo and other mobility products as well as the proportion of money market funds, equity shall not be lower than the portfolio of enterprise annuity Fund 5%; liquidation reserve, securities settlement accounts securities and primary market purchasing funds as liquidity assets; investment bonds buy-back shall not exceed the proportion of the portfolio Enterprise annuity Fund equity 40%.

    (Ii) investment banking regularly deposits, and agreement deposits, and bonds, and financial debt, and Enterprise (company) debt, and short-term financing coupons, and medium-term notes, and universal insurance products, fixed returns class products and can conversion debt (containing separation trading can conversion debt), and bonds Fund, and investment links insurance products (stock investment proportion not above 30%) of proportion, shall not above investment combination Enterprise annuity Fund property net of 95%. (C) equity products such as stocks and stock funds, mixed funds, investment-linked insurance products (equity ratio greater than or equal to 30%) shall not be higher than the portfolio of enterprise annuity Fund equity 30%.

    Among them, the Pension Fund shall not be invested in warrants, but by investing in stocks, the separate trading convertible bonds and other investments and derivative warrants shall, within 10 days of the date the listing of warrants sold.

    According to the functioning of the money market and investment of 49th article, Department of human resources and social security, in conjunction with the China Banking Regulatory Commission, China Securities Regulatory Commission and China insurance regulatory Commission, timely adjustment of the investment scope and proportion. 50th article single investment combination of enterprise annuity Fund property, investment Yu a enterprise by issued of stock, single period issued of same varieties short-term financing coupons, and medium-term notes, and financial debt, and Enterprise (company) debt, and can conversion debt (containing separation trading can conversion debt), single securities investment fund, single universal insurance products or investment links insurance products, respectively shall not over the enterprise above securities circulation, and the Fund share or the insurance products assets management scale of 5%; according to fair value calculation,

    Shall not exceed the net value of the property portfolio of enterprise annuity Fund of the 10%.

    A single portfolio of corporate pension fund assets, invest in the record of compliance with the 48th CT investment proportion provision of pension products shall not exceed the net value of the property portfolio of enterprise annuity Fund of 30%, is not subject to such limitations as provided by 10%.

    51st investment managers of occupational pension fund assets invested in their financial products to be agreed by the Trustees.

    52nd due to fluctuation in the stock market and listed company merger, change in the size and other factors in addition to investment management measures for pension fund investment does not comply with the 48th, 50th the ratio or proportion of contracted investment, the investment manager shall within 10 days from the date the listing process is completed.

    53rd securities transactions of the enterprise annuity Fund in cash or by other methods prescribed by the State Council, shall not be used for loans and guarantees to others.

    Investment managers shall not engage in the property shall bear unlimited liability of the corporate pension fund investments.

    The seventh chapter income distribution and cost

    54th account manager shall share measurement approach to account management, according to net pension fund units, by the week or by the day in full to the pension fund business accounts and personal accounts.

    55th Annual extraction of the trustee's management fees no higher than entrusted with the management of the enterprise annuity Fund equity 0.2%.

    56th account management fees in accordance with limit of no more than 5 Yuan per household per month, paid separately by the establishment of corporate pension plan business.

    Reserve accounts and retirement accounts account management fees are borne by the beneficiary as contracted, deducted from the personal accounts of the beneficiary.

    57th annual extraction of the trustee's management fees than managed pension fund equity 0.2%.

    58th annual extraction of the investment manager fees no higher than the investment management of the enterprise annuity Fund equity 1.2%.

    59th according to the management of the enterprise annuity Fund, Ministry of human resources and social security, in conjunction with the China Banking Regulatory Commission, China Securities Regulatory Commission and China insurance regulatory Commission, timely adjustment of the relevant management fee.

    60th investment manager from management fees charged to the current period, extract 20% as investment manager of pension fund risk reserve, earmarked to cover the contract termination of the enterprise annuity fund portfolio when the investment losses of investment assets in the current period.

    61st article Dang contract terminated Shi, as by management investment combination of enterprise annuity Fund property NET below Dang period delegate investment assets of, investment management people should with risk reserves make up the points of Dang period delegate investment assets losses, until the investment combination risk reserves make up finished; as by management investment combination of enterprise annuity Fund Dang period delegate investment assets no occurred investment losses or risk reserves make up Hou has remaining of, risk reserves was placed under the investment management people all. 62nd Enterprise annuity investment management risk reserve fund shall be deposited in the Fund Investment Manager in the special deposit accounts opened by the custodian Department, balance reaches investment managers manage portfolio fund equity 10% can no longer extract.

    The custodian shall not charge a fee for investment management risk reserve account. 63rd risk reserve managed by the investment manager, and can be invested in bank deposits, Treasury bonds and other high liquidity and low-risk financial products. Risk reserve investment income, should be integrated into risk management.
    Eighth chapter, program management and information disclosure

    64th refers to Trustees of the enterprise annuity single individual clients in the delivery of enterprise annuity Fund, separate trustee pension plans.

    Means the same Trustees of enterprise annuity set multiple client delivery of enterprise annuity Fund, focusing on entrusted management of occupational pension schemes.

    65th corporate trustee set up collection schemes, should develop a collection plan fiduciary management contracts, for each plan account manager and the custodian of the collection, investment manager at least three members and signed with their management contracts.

    Collection plans developed collection schemes should be entrusted with the management of contracts, signing management contracts as well as the collection portfolio statement reported to the Department of human resources and social security records. 66th a occupational pension scheme trustee can only establish a single enterprise annuity plan or join a collection of corporate pension plans.

    Client to the collection after 3 years ' plan, according to the trustee contract opt-out collection plan.

    67th case of the following circumstances, a single plan of enterprise annuity change:

    (A) occupational pension scheme trustees, account manager, trustee, or investment manager changes;

    (B) pension fund management contract the main content changes;

    (C) occupational pension plan name change;

    (D) other circumstances as stipulated by the State.

    Occurs when the circumstances set forth in the preceding paragraph, the trustee should be related to pension fund management contract to human resources and social security administration departments. 68th single enterprise annuity upon termination of the plan, the trustee shall organize liquidation liquidation of enterprise annuity Fund property.

    Liquidation costs deducted from pension fund assets.

    Liquidation by business representatives, trade union representative, trustee, account managers, custodians, investment managers and Trustees to hire accounting firms, law firms, and other components.

    The liquidating Committee shall within 3 months after completion of the liquidation, submitted to human resources and social security administrations and beneficiaries by an accounting firm and law firm provide legal opinion letters liquidation report.

    Human resources and social security administrative departments shall be revoked for the corporate pension plans. 69th beneficiary changes, new work units have established pension plans, annuity accounts benefits should be transferred to the new workplace pension scheme management.

    New job without the establishment of corporate pension plan, their interests would be in the original pension personal accounts corporate trustee initiated plans to retain a collection account management; the former trustee of the enterprise annuity Council, corporate trustee selected by the enterprise in consultation with staff management.

    The 70th single enterprise annuity upon termination of the plan and beneficiary interests of pension personal accounts should be transferred to the corporate trustee initiated plans to retain a collection account management; the former trustee of the enterprise annuity Council, corporate trustee selected by the enterprise in consultation with staff management. The 71st under the following circumstances, the Trustees shall engage certified public accountants audit of occupational pension schemes.

    Audit fees deducted from pension fund assets.

    (A) when a pension plan operations for three consecutive fiscal years;

    (B) upon termination of the pension plan administrator responsibilities;

    (C) other circumstances as stipulated by the State. Account Manager, trustee, investment manager shall from the date of occurrence of the above situation combined with certified public accountants audit of occupational pension schemes.

    Trustees shall from the date of occurrence of the above situation within 50 days of the client, and submission of audit reports by human resources and social security administration.

    72nd the trustee shall, after each quarter ends 30th Enterprise annuity fund management quarterly report to the client and should be submitted within 60 days of the end of the year the principal pension fund management and financial accounting annual reports.

    73rd account administrator shall at the end of each quarter in the 15th to submit to the trustee account management of enterprise annuity fund quarterly report, and shall within 45 days after the end of the year the Trustees submitted to the pension fund account annual report.

    74th custodian shall at the end of each quarter in the 15th to submit to the trustee pension funds managed quarterly report and financial accounting, and shall within 45 days after the end of the year the Trustees submitted to the pension fund managed annual report and financial accounting.

    75th investment managers should be at the end of each quarter in the 15th to submit to the trustee by the trustee confirm financial management the portfolio of enterprise annuity fund quarterly report and should be submitted to the trustees within 45 days after the end of the year as custodian identified financial management data, investment manager of pension fund annual report.

    76th corporate trustee, account managers, custodians and investment managers of any of the following circumstances shall be promptly reported to the Department of human resources and social security; account manager, custodian and investment manager shall at the same time copy to the trustee.

    (A) to reduce capital, merger, Division, dissolved, being revoked, the decision to file for bankruptcy or bankruptcy;

    (B) is involved in material lawsuits or arbitration;

    (C) the Chairman and General Manager, is directly responsible for enterprise Annuity business senior management changes;

    (D) other circumstances as stipulated by the State.

    77th trustee, account manager, custodian and investment manager shall report the matter in accordance with the provisions of the enterprise annuity fund management, and take responsibility for the authenticity and integrity of the content of the report.

    Nineth part inspection 78th corporate trustee, account manager, trustee, investment manager ' annuity fund management business, an application shall be submitted to the Department of human resources and social security.

    Corporate trustee, account management, investment managers should be obtained before application to the Department of human resources and social security business regulators agreed, before the trustee to apply to the Department of human resources and social security should be made to its operational supervision departments. 79th human resources and Social Security Department received the corporate trustee, account manager, after the application of the trustee, investment manager, expert review Committee should be organized, in accordance with the provisions of prudential assessment.

    Accredited qualified, confirmed by the relevant departments of the Ministry of human resources and social security, in conjunction with notice review does not meet the criteria, and shall notify the applicant in writing. Expert Review Committee made up of representatives from relevant government departments, and community professionals.

    Each time the experts participating in the review should be randomly generated from an expert review Committee.

    80th trustee, account manager, trustee, investment manager of pension fund management related business should be regulated by the Administrative Department of human resources and social security.

    Corporate trustee, account managers, custodians and investment managers of business regulatory oversight of their operations in accordance with their respective responsibilities.

    81st to perform their duties of supervision and administration the Department of human resources and social security, you can take the following measures:

    (A) query, record, copy, under investigation related to pension fund management contracts, financial reports and other material;

    (B) the matter of inquiry and investigation units and individuals concerned, its comment on related issues, providing the relevant supporting documents;

    (C) other measures stipulated by the State.

    The trustor, trustee, account managers, custodians, investment managers and others provide services for enterprise annuity fund management of natural persons, legal persons or other organizations, should actively cooperate with inspections, provide relevant information, and may not refuse or obstruct or avoid detection, shall not misrepresent, conceal or destroy relevant evidence.

    82nd article Department of human resources and social security law to an investigation or inspection shall be carried out jointly by at least two people, and to produce documents, undertake the following obligations:

    (A) perform duties according to law, enforce laws justly, not used his position for personal gain;

    (B) keeping business secrets obtained at the time of investigation or inspection;

    (C) confidentiality for spotters. 83rd corporate trustee and the central enterprise group established the enterprise annuity Council, account manager, trustee, investment manager who contravenes the regulations or corporate pension fund management fees, disclosure rules, by the Department of human resources and social security shall be ordered to correct.

    Other companies (including subsidiaries of Central enterprises) establishment of the enterprise annuity Council, in contravention of this regulation or the enterprise annuity fund management fees, disclosure rules, by the location of the management contract of provinces, autonomous regions, municipalities or cities with municipal human resources and social security administrative departments shall be ordered to correct. 84th trustee, account manager, custodian, investment managers are illegal activities may affect the safety of corporate pension fund assets, or be ordered to correct and not correct, received by the Department of human resources and social security suspended its new pension fund management business.

    Cause damage to property or the beneficiary of the Pension Fund shall bear liability constitutes a crime, criminal responsibility shall be investigated according to law. 85th Department of human resources and social security legal trustee, account manager, trustee, investment manager violations, consequences, and correct the record, with a copy to the business regulator.

    During the period of pension fund management qualification, have three or more record or more than once shall be ordered to correct and not correct in their eligibility expires after 5 years, is no longer accepting applications for its corporate pension fund management business.

    86th public accounting firm and law firm providing intermediary services of enterprise annuity shall strictly comply with the relevant professional standards and industry norms.

    The tenth chapter supplementary articles

    87th Enterprise annuity Fund, as otherwise provided by the State Council, from its provisions. 88th these measures come into force on May 1, 2011. Labor and Social Security Ministry, the China Banking Regulatory Commission, China Securities Regulatory Commission and China insurance regulatory Commission on February 23, 2004, publication of the provisional measures on the administration of the Pension Fund (Ministry of labor and social security, the 23rd) repealed simultaneously.