On November 25, the Ministry of Human Resources and Social Security announced the launch of the private pension plan. In accordance with the unified arrangements of the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Taxation Administration, China Banking and Insurance Regulatory Commission, and China Securities Regulatory Commission, the Postal Savings Bank of China (PSBC), as one of the first banks, officially launched private pension accounts and private pension fund trading services in 36 pioneer cities and regions nationwide. At the same time, it launched the first batch of agency private pension funds, providing investors with services like pension fund purchase, redemption, conversion, and automatic investment plan.
Participants can open private pension accounts, pay contributions, and subscribe for pension products through online and offline channels such as mobile banking and outlets of PSBC. PSBC has particularly set up pension financial services in mobile banking, offering customers one-stop services such as opening accounts, paying contributions, and checking transaction statements. At the same time, it has selected and launched a number of high-performance pension funds, ready to be chosen by investors in accordance with their retirement date, risk appetite, and so on.