I. Product Overview
Custody services for pension products refer to the services provided by ICBC, entrusted by the investment managers of pension products, including providing asset custody, capital clearing, securities delivery & collection, accounting, asset valuation, and investment supervision for pension products, in accordance with laws and regulations and custody contracts.
The introduction of custody mechanism can effectively grantee the safety, independence and integrity of pension product assets, raise the operational efficiency of pension products and increase the return on such products.

II. Target Customers
Annuity fund investment and management agencies which provide pension products.

III. Scope of Services
1.Asset custody: Set separate accounts for independent safekeeping of pension products, to ensure the safety, independence and integrity of them.
2.Capital clearing: Handle the clearing of pension products and delivery & collection of securities according to relevant contracts and the instructions of the party concerned.
3.Asset valuation and accounting: Conduct accounting and valuation for pension product assets, and review, check and identify the results calculated by investment managers of pension products.
4.Investment supervision: Supervise the investment and operation of pension product assets according to relevant national laws and regulations as well as custody contracts. Promptly notify the investment managers to make adjustments when problems are discovered; if they fail to make adjustments within the prescribed time limit, ICBC shall promptly report to the regulatory authorities.
5.Information disclosure: Submit the statements or reports on custody service for pension product assets on a regular basis, as required by the regulator.
6.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.
7.Other services: Other custody services upon request of investment managers.

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. The Bank ranks first in the market in terms of the scale of pension products under custody, covering all types of pension products in the market. 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 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 annuity and pension 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 annuity and pension products.
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 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: Investment managers of pension products may contact ICBC;
2.Signing of agreement: The investment manager of pension products signs the Custody Contract for Pension Products with ICBC;
3.Opening of account: Fund custody accounts and securities accounts of pension products will be opened as required by regulatory authorities;
4.Custody operation: Services including asset custody, accounting, asset valuation, clearing and delivery, and investment supervision will be provided according to custody contracts. The reports on asset custody for pension products will be offered to the regulator regularly.

VI. Contact Information
If you would like to apply for any service, please contact 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