Approved Retirement Schemes
China Life Central Provident Fund is established under a master trust deed. China Life Central Provident Fund is governed by a single trust which applies to all participating schemes to meet the needs of small and large employer alike. It has the following two characteristics:
- to provide a cost effective and efficient way for a participating employer to register his participating scheme; and
- to enable assets of each participating scheme to be “pooled” so that the scope of investment can be enlarged and thereby investment returns can be obtained.
The Trustee of the China Life Central Provident Fund is China Life Trustees Limited (the “Trustee”) which undertakes to manage the Fund. All assets under the China Life Central Provident Fund are vested in the Trustee to ensure that the investments are properly managed.
The Trustee has appointed China Life (Overseas) as the administration manager of participating schemes. Its team of experienced personnel supported by an automated administrative system is able to render the following services to each participating employer:
- to keep proper accounts and records of the participating scheme and to prepare annual financial statements of the participating scheme for audit and filing purposes;
- to assist in participating scheme design and advise on subsequent improvement and changes;
- to obtain registration from relevant authorities;
- to assist in organizing enrollment;
- to calculate and pay benefits; and
- to prepare annual statements for both employers and employees.
All assets under the China Life Central Provident Fund will be invested and managed by Taiping Assets Management (HK) Limited (“TAMHKL”). TAMHKL is a professional investment manager and has a team of experienced investment personnel including accountants and investment experts who are able to react quickly to changes in the marketplace with first-hand knowledge of local conditions.
For further details, including product features and risk involved, please refer to Principal Brochure of China Life Central Provident Fund.