The State Council released a guideline to speed up the development of commercial pension insurance.

According to the guideline, commercial pension insurance, provided by commercial insurance institutions, is defined as insurance products and services that mainly serve an older age group with major functions, including pension risk control and old pension fund management.

The move is aimed at establishing a multi-level, old age security system, as a way to cope with the aging population and to improve people’s livelihoods.

Until 2020, commercial pension insurance will play a major role in the promotion of both individual and family commercial pension plans, as well as in the healthy development of elderly care service industries, so as to become a stable contributor to financial safety and economic growth.

To achieve the target, the guideline required related industries and departments to supply diversified and individualized pension insurance products and services according to people’s demands.

Healthy development of elderly care service should be stepped up with a better risk control mechanism. To guarantee the safe management of pension insurance funds, it can be guided to invest in major national strategies, especially those affecting people’s wellbeing.

In addition, to ensure smooth implementation of the plan, related departments are urged to provide supportive policies while creating a favorable environment.