I. Product Overview
Custody services for enterprise annuity funds mean that ICBC, entrusted by enterprise annuity fund councils or legal entities, provides safe custody services for enterprise annuity fund assets and conducts business such as clearing for annuity fund, securities delivery & collection, asset valuation and accounting, investment supervision, payment of benefits and information disclosure.

II. Target Customers
1.Enterprises which have established or will establish enterprise annuity system;
2.Trustees which manage enterprise annuity funds, including enterprise annuity councils and legal entities;
3.Social insurance agencies which manage previous enterprise annuity funds;
4.Management institutions for non-staff members of government departments and public institutions.

III. Scope of Services
1.Asset custody: Set separate accounts for independent safekeeping, to ensure the safety, independence and integrity of enterprise annuity fund.
2.Contribution sweep: Provide enterprises with convenient, safe and fast annuity fund sweep services.
3.Capital clearing: Handle the clearing of enterprise annuity fund and delivery & collection of securities according to relevant contracts and the instructions of the party concerned.
4.Asset valuation and accounting: Conduct accounting and asset valuation for enterprise annuity fund, and check the results with investment managers to reflect the net asset value and change of funds.
5.Investment supervision: Supervise the investment and operation of enterprise annuity fund assets according to relevant national laws and regulations as well as custody contracts, and if any problems are found, promptly report to regulatory authorities and trustees.
6.Payment of benefits: Make timely and accurate payment of annuity benefits to employees across the country in centralized batch and point-to-point manner when they require the payment due to retirement and for other reasons.
7.Information disclosure: Submit financial statements, custody reports, major issue reports and other tailored reports for enterprise annuity fund to trustees on a regular basis.
8.Safekeeping of information: Keep written documents, investment instructions, transaction records, accounting documents, back-up data, accounting statements and other information related to the transfer of information between the trustee and the investment manager in accordance with laws and regulations and policies.
9.Value-added service: Provide various value-added services such as performance evaluation and bond default warning according to the needs of trustors and trustees.

IV. Product Advantages
1.Fully licensed pension custody business
ICBC was one of the earliest institution to obtain the qualification for custody and account management in 2005 and obtained the qualification for trustee and investment management in 2007, with the full license of annuity fund management service. This shows that the Bank is the pioneer and frontrunner in putting annuity fund into practice. In custody business, ICBC is one of the few commercial banks that is also fully licensed to provide custody services for the four major funds, namely the national social security fund, the basic pension insurance fund, the enterprise annuity fund, and the occupational annuity fund. The Bank is a trustworthy pension custodian bank with strong brand advantages and industry influence.
2.Absolute leadership in the custody market of enterprise annuity
ICBC is the largest custodian bank in China and the largest custodian bank for enterprise annuity funds. Since being one of the first institutions to qualify for a custodian of enterprise annuity funds in August 2005, ICBC has always ranked the first in the market in terms of the custody scale of such funds, with customers covering more than 20 sectors such as petroleum, electricity, coal, tobacco, finance, information and communication, iron and steel, automobile, machinery, civil aviation, publishing and distribution, IT, construction, commerce and trade and pharmaceuticals, and with more than 20,000 enterprises of various natures, including state-owned, collective, private, and foreign-funded enterprises.
3.Professional custody service team for enterprise annuity
As the earliest institution in China to establish an enterprise annuity system and provide custody services for enterprise annuity funds to the outside world, ICBC has always been committed to building a high-level and professional annuity service team, with sufficient annuity fund custody professionals, serving as members of industry expert groups. The Bank thus serves as a major participant in the formulation of enterprise annuity industry standards.
4.Leading custody service system in the market
ICBC is the only custodian bank in Chinese mainland that constantly adheres to independent R&D of custody business systems and has always attached great importance to the input of information technology into the custody business. In recent years, the science and technology R&D investment in the custody business line has been increasing at a rate of about 10% every year. With the support of the system, a number of custody business processing procedures by ICBC have become industry standards and the Bank won the annual Banking Technological Development Award from PBC for multiple times. The ecological construction project of intelligent banking (ECOS) that was released in 2019 and of which the intelligent custody system is an important part, was awarded the only Special Award for 2020 Fintech Development of PBC. In March 2021, ICBC released ICBC Intelligent Custody System, opening the 2.0 era of building custody system in the domestic asset management industry, comprehensively improving ICBC’s comprehensive custodian service capability through 5 platforms and 3 levels driven by science and technology.
5.All-around investment supervision
In accordance with laws and regulations as well as contractual requirements, ICBC carries out a whole-process supervision of investment before, during and after the transaction. Ex-ante supervision is made by the signing of agreements and procedure control before the transaction; in-event supervision is made by reviewing the instructions that can be effectively controlled one by one; ex-post supervision is made for the instructions that have already come into effect after the transaction has been confirmed and valued, to safeguard the interests of the trustors.
6.Integrated custody and accounting management services
ICBC’s automated custody and accounting management payment mode (referred to as “integrated custody and accounting management”) can effectively cut the operating costs of annuity funds, to provide customers with safer, more efficient and more convenient custody and accounting management services in payment of benefits, fund allocation and asset pricing. The coordination and cooperation within ICBC’s custody and accounting management team can timely reduce customers’ investment in system development in terms of connecting with the custody system, instruction transmission and report submission, and help respond more quickly to customers’ personalized needs; the direct connection with the custody and accounting management system makes the direct processing of benefit payment business possible, which significantly improves the overall payment efficiency and accuracy of the payment of enterprise annuity benefits.
7.The most secure business disaster recovery system among peers
ICBC has a complete business disaster recovery management and information system emergency response mechanism, with a combination of “at-home processing” and “off-site switching” emergency response programs that are ahead of its peers and comparable to those of major international custodian banks. This has enabled the Bank to successfully cope with the severe tests brought about by the flooding in Henan Province and the control of epidemics in Shenzhen, Shanghai, Beijing and other regions, and to ensure the continuity and security of its custody services through science and technology.
8.The most awarded custodian bank in China
Since 2004, ICBC has won 102 custodian bank awards selected by authoritative financial media at home and abroad, such as the Asian Banker, Global Custodian, Securities Times, Shanghai Securities News, making it the most honored domestic custodian bank, which fully reflects how ICBC is praised by customers, industry experts and authoritative institutions in custodian business.

V. Business Guide
1.Business contact: Trustors and trustees may contact local branches of ICBC;
2.Signing of agreements: The trustor signs the Trustee Management Contract for Enterprise Annuity Fund with the enterprise annuity trustee, and the trustee signs the Custody Contract for Enterprise Annuity Fund with ICBC;
3.Opening of account: Fund custody accounts and securities accounts will be opened as required by regulatory authorities;
4.Handover of assets: Annuity fund assets will be handed over, including funds and various portfolios in the account;
5.Custody operation: Services including asset custody, annuity fund collection, benefit payment, accounting, asset valuation, capital clearing, and performance evaluation will be provided according to custody contracts. The investment and operation of enterprise annuity fund will be supervised, and the relevant reports will be offered to the regulator and trustee regularly.

VI. Contact Information
If you would like to apply for any service, please contact your local branch or the Social Security Fund Division of Asset Custody Department under the Head Office of ICBC:
Contact: Li Hanxi
Tel.: (8610) 66104786
E-MAIL: hanxi.li@icbc.com.cn