I. Product Overview
Custody services for pension security products refer to the services provided by ICBC, entrusted by pension insurance companies or pension management companies, including providing capital clearing, securities delivery & collection, accounting, asset valuation, and investment supervision for pension security fund assets, in accordance with laws and regulations and custody contracts.

II. Target Customers
1.Government agencies, enterprises and public institutions and other social organizations with diverse needs for elderly care, and compensation and welfare management, such as pension security, salary deferral, employee shareholding, and talent incentives;
2.Pension insurance companies and pension management companies that release and manage pension security products.

III. Scope of Services
1.Collection and payment: Provide pension security fund collection and benefit payment services.
2.Asset custody: Set separate accounts for independent safekeeping, to ensure the safety, independence and integrity of pension security fund assets.
3.Capital clearing: Handle the clearing of pension security fund assets 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 pension security fund assets, and check the results with investment managers.
5.Investment supervision: Supervise the investment and operation of pension security 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.Information disclosure: Submit the report on custody service for pension security fund and financial statements to trustees on a regular basis.
7.Safekeeping of materials: Keep custody records, account books, reports and other related materials in connection with pension security fund assets according to national regulations.
8.Other services: Other custody services upon request of 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 leading advantage in pension custody market
ICBC is the largest custodian bank in China and the largest custodian bank for 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 pension security products
As the earliest institution in China to establish an annuity system and provide custody services for annuity funds to the outside world, ICBC has always been committed to building a high-level and professional service team for pension security products, with sufficient custody professionals, serving as members of industry expert groups. The Bank thus serves as a major participant in the formulation of industry standards for pension.
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 five platforms and three 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 investors.
6.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.
7.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 Pension Security Products with the trustee, and the trustee signs the Custody Contract for Pension Security Products with ICBC;
3.Opening of account: Fund custody accounts and securities accounts will be opened as required by regulatory authorities;
4.Custody operation: Services including asset custody, benefit payment, accounting, asset valuation, capital clearing, and performance evaluation will be provided according to custody contracts. The investment and operation of pension security fund assets 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: Tang Yun
Tel.: (8610) 66104969
E-MAIL: yun.tang@icbc.com.cn