Two years after China introduced a pilot private pension scheme to address the challenges of its rapidly ageing population, the programme will be pushed out nationwide with the addition of 85 index funds.
The individual pension account programme was initially rolled out in November 2022 across 36 cities including Beijing, Shanghai, Guangzhou and Shenzhen. Investors can put up to Rmb12,000 ($1,670) annually into tax-free accounts, mirroring the 401(k) plans in the US.
Despite more than 60mn accounts being opened, the actual money invested in tens of millions of private pension scheme accounts remains very low or at zero. Even with the expansion, analysts highlight that further reforms and liberalisation are needed.
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