In 2009, as approved by CIRC, the company completed a transfer of partial shares and capital increase to create a multi-level pension insurance system, further regulate enterprise annuity management and its operation system in Shanghai under the leadership and support of the Shanghai Municipal Government, the Ministry of Human Resources and Social Security (MOHSS, originally the Ministry of Labor and Social Security) and the China Insurance Regulatory Commission (CIRC),. Presently, its registered capital totals 787.6 million Yuan.
In 2007, Changjiang Pension was simultaneously accredited the qualifications for trustee, investment manager and account administrator of enterprise annuity fund by MOHSS. At the end of 2007, Changjiang Pension started to the process of taking over of original assets of the Shanghai Enterprise Annuity Fund. By overcoming significant difficulties caused by staff shortages, limited time and a heavy workload, Changjiang Pension successfully worked out a transition plan for Shanghai Enterprise Annuity in July 2008, smoothly accomplished the entire takeover of retirement and annuity accounts of 5,646 companies and 750,000 individuals with assets totaling 18.6 billion Yuan, and started providing comprehensive services to its external clients.
Within less than 2 years, Changjiang Pension professionally and smoothly carried out the Shanghai Enterprise Annuity transition plan in an orderly fashion. Based on its human-focused, greening, intensive and responsive “Changjiang Joy Annuity Service”, Changjiang Pension won recognition from all companies and their employees. In a difficult economic environment, Changjiang Pension, as a trustee with a status of a legal person, implemented stable asset allocation and correct investment policies to successfully increase the accumulated rate of return on trusted assets of Shanghai enterprise annuity transitive plan to 11.272%, far beyond benchmark rate of return in the annuity investment market and ranking as an industry leader in China, while maintaining and increasing the value of the assets of the beneficiaries.
By the end of 2009, the Shanghai enterprise annuity transition plan came to its end. Changjiang Pension launched the first batch of “Changjiang golden family of collective enterprise annuity plans”, once again successfully realizing smooth and orderly conversion of 24.6 billion assets and nearly 830,000 accounts in a market-oriented manner. By that time, the largest enterprise annuity transition plan in China was officially concluded.
Building a perfect pension insurance system is a long-term goal for the Communist Party of China and helps the country to focus on the people’s living standard, to safeguard social equity and to construct a harmonious society. Changjiang Pension takes the task of providing pension insurance and provides professional services for wide variety of companies, targets improving and safeguarding the future standard of living for the pension beneficiaries, inherits the operational policy of “being professional, prudent, faithful, responsible and putting the customer first”, takes lessons from advanced international pension company methods and ideas and makes continuous efforts to implement market-oriented and regulatory operations, to advance China’s pension insurance industry for healthy and quick development, and to build a professional pension company leading the industry with global perspectives.