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A regulation to standardize management of pension funds is likely to be issued next year, the Vice-Minister of Labor and Social Security Liu Yongfu said yesterday. Although "Therefore, we are working on a formal regulation, but it won't be finished this year," Liu told China Daily yesterday at an international corporate annuity forum. The lack of a legal framework is a major problem facing In 2005, 37 financial institutions, including insurers, securities and trust companies, were able to act as pension fund custodians, asset managers and bookkeepers. And the list of institutions is likely to be adjusted or expanded this year, Liu said. "We will have a meeting in Shenzhen next month to discuss whether to adjust the list or not," Liu told China Daily. "Due to the rapid growth of pension funds in According to the World Bank, But the lack of a sound information release system or a uniform preferential taxation regime poses major challenges for "To make the management of pension funds transparent, there must be a solid system to monitor the scale, participants and operation of the fund," said Liu, adding the government would have a supervisory role. Although most local governments released favorable taxation policies on pension funds last year, problems remain in terms of criteria and non-standard implementation. And no such policies exist for central State-owned enterprises now. The ministry's main focus this year is establishing annuity plans for small and medium-sized enterprises, said Cai Zhenhong, director of the ministry's pension department. (
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