China accepts pension license applications

Fund managers, custodians, trustees and record keepers must apply for enterprise annuities business this month.

China's Ministry of Labour and Social Security MoLSS has begun accepting applications for a license to provide services to the embryonic enterprise annuities voluntary corporate pensions industry.

The ministry has given service providers two weeks to submit, with the deadline the end of May, according to fund management executives in Shenzhen. Fund houses are desperate to be allowed into the pensions space, following four years of dreadful stock market performance that has damaged industry assets under management, and damaged confidence in investing in equities.

Enterprise annuities already exist in experimental form, with the MoLSS guessing there is already Rmb26 billion $3.14 billion of annuity assets...

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