The China Banking and Insurance Regulatory Commission and the people's Bank of China recently jointly issued the notice on carrying out the pilot work of specific pension savings to launch the pilot work of specific pension savings. The official said that the move aims to accelerate the development of commercial pension financial business, further enrich the supply of pension financial products, and meet the diversified pension needs of the public. The above notice was officially announced on July 29. The notice specifies that four large banks, industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank, will carry out specific pension savings pilot projects in Hefei, Guangzhou, Chengdu, Xi'an and Qingdao. The pilot scale of a single bank will not exceed 10billion yuan (RMB, the same below), and the pilot period is one year. Specific pension savings products include three types: lump sum deposit and withdrawal, lump sum deposit and withdrawal and lump sum deposit and withdrawal. The product term is divided into four grades: 5 years, 10 years, 15 years and 20 years. The product interest rate is slightly higher than the listing interest rate of five-year time deposits in large banks. The upper limit of depositors' deposit principal of specific pension savings products in a single pilot bank is 500000 yuan. Since the reform of the pilot banking system will take some time, the pilot will start around November 2022. The notice requires pilot banks to do a good job in product design, internal control, risk management and consumer protection, so as to ensure the steady operation of specific pension savings business. In the next step, the China Banking and Insurance Regulatory Commission and the people's Bank of China will closely track the pilot of specific pension savings, strengthen supervision and management, ensure the safe and steady implementation of the pilot, and effectively safeguard the legitimate rights and interests of consumers. At the same time, timely summarize and evaluate the pilot situation, timely study and promote the pilot experience, and promote commercial banks to better serve the construction of multi-level and multi pillar endowment insurance system. (Xinhua News Agency)