On November 18, the CBRC officially issued the Notice of the CBRC on Printing and Distributing the Interim Measures for the Administration of Personal Pension Business of Commercial Banks and Wealth Management Companies (CBRJG [2022] No. 16).
The Interim Measures for the Administration of Personal Pension Business of Commercial Banks and Wealth Management Companies has six chapters and 62 articles, including: First, general provisions. The formulation purpose, relevant definitions of personal pension business, industry platform functions and regulatory subjects were clarified. Second, the personal pension business of commercial banks. Clarified the scope of personal pension business, and put forward specific requirements for personal pension fund accounts and personal pension products. Third, personal pension business of financial management companies. It specifies the types of personal pension financial products and the requirements that financial management companies and other institutions participating in this business should meet. Fourth, information submission. Put forward requirements for commercial banks and wealth management companies to submit information to industry platforms and report to regulatory authorities. Fifth, supervision and management and supplementary provisions. The commercial banks, wealth management companies and wealth management products shall be subject to the list management and dynamic supervision.
The personal pension system is at the initial stage, with large coverage, high business requirements, and concerns the vital interests of the people. It has high requirements on the business operation, customer service, risk management, social responsibility and other aspects of the commercial banks and wealth management companies involved.
Therefore, in the Notice on Printing and Distributing the Interim Measures for the Administration of Personal Pension Business of Commercial Banks and Wealth Management Companies, the CBRC made it clear that by the end of the third quarter of 2022, national commercial banks with a net tier one capital of more than 100 billion yuan and major prudential regulatory indicators in line with regulatory provisions, and urban commercial banks with strong cross regional service capabilities, As well as financial management companies that have been included in the pilot scope of pension financial products by the end of the third quarter of 2022, they can start personal pension business.
When answering questions from reporters, the person in charge of relevant departments of the China Banking and Insurance Regulatory Commission said that participants can purchase personal pension savings, personal pension financial products, personal pension insurance products, personal pension public fund products and other personal pension products through their personal pension fund accounts. Among them, savings deposits issued by commercial banks that run personal pension business (including specific pension deposits, excluding savings for other specific purposes) can be included in the purchase scope
In order to meet the special needs of the personal pension system, the Interim Measures for the Administration of Personal Pension Business of Commercial Banks and Wealth Management Companies stipulates that the personal pension fund account is a special special account, which is managed by reference to the category II account under the personal RMB settlement account, and makes exception provisions on matters different from category II accounts. The personal pension fund account will be closed until the conditions for receiving pension fund specified by the state are met.
At the same time, the Opinion stipulates that the upper limit for participants to pay personal pension is 12000 yuan per year. According to the requirements of the Opinions, the Interim Measures for the Administration of Individual Pension Business of Commercial Banks and Wealth Management Companies do not allow overpayment. For individuals who need further investment in pension products, they can purchase commercial pension financial products through other accounts.
The CBRC said that it will continue to urge commercial banks and wealth management companies to standardize the development of personal pension business, practice the people's character in financial work, effectively meet the diversified pension needs of the people, and help the healthy development of the third pillar pension insurance system.
Related links：
http://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=1082268&itemId=915
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