November 30,“Connecting with you for your retirement, I want you to be safe—fulfilling the employer’s responsibilities and enhancing the company’s core competitiveness”The seminar was successfully held in Beijing. The conference was hosted by Lenovo Group and co-organized by Ping An Pension Insurance Co., Ltd. (hereinafter referred to as “Ping An Pension Insurance”). Based on the pension issues of employees of non-state-owned enterprises, the conference explored the ideas of employer responsibility management in the new environment, in order to improve employee happiness and enhance corporate cohesion. Give advice and suggestions.
It is reported that this meeting invited Gao Lan, Senior Vice President of Human Resources and Chief Human Resources Officer of Lenovo Group, Gan Weimin, Secretary of the Party Committee and Chairman of Ping An Pension Insurance, and Dong Ke, Secretary-General of the Pension Finance 50 Forum and Professor of the School of Public Administration of Renmin University of China. Used for topic sharing.
Adhere to long-termism No. 0001’s 17-year long run
As early as 1991, the State Council issued the “Decision on the Reform of the Pension Insurance System for Enterprise Employees” to encourage enterprises to establish supplementary pension plans for workers. In 2004, the “Trial Measures for Enterprise Annuities” were promulgated, officially proposing the term enterprise annuity.It marks the official launch of the market-oriented operation of China’s second pillar and opens the way for the standardized, professional and market-oriented operation of my country’s supplementary pension insurance funds.
In 2006, Lenovo Group took the lead in establishing an enterprise annuity plan in China and was approved by the former Ministry of Labor and Social Security. It became the “0001” in the history of China’s annuity development and was a milestone for the development of China’s enterprise annuity industry.
Looking back at the original intention of setting up an annuity plan,Gao Lan shared that firstly, in response to the country’s call to establish a multi-level pension system, the second pillar should be established as soon as possible on the basis of basic pension insurance; secondly, Lenovo’s corporate culture emphasizes people-oriented and caring for employees, and annuity projects are important to strengthen employee pension security. Measures; third, Lenovo has always insisted on fulfilling corporate social responsibilities and promoting the establishment of corporate annuity will effectively help solve social pension problems.
Based on a full understanding of Lenovo Group’s management philosophy, Ping An Annuity became the trustee of Lenovo Group’s corporate annuity plan. The two parties have been working together for 17 years, and the employee-selected management model of multi-risk preference investment portfolios has become an industry model.
Gan Weimin said that in 2006, China’s corporate annuity market was still in its infancy. To enable employees to choose their own investment in corporate annuities, Ping An Pension had made a lot of efforts and attempts, including fully investigating the personnel structure of Lenovo Group.Set up investment portfolios with different risk characteristics under the plan to adapt to the diverse needs of employees, and select the most suitable investment management institution for investment management under different investment strategies.At the same time, differentiated investment performance comparison benchmarks and a long-term investment assessment mechanism are established to ensure the long-term stability of planned investment operations.
Over the years, Ping An Pension has continuously optimized its management methods, independently developed the industry’s first set of entrusted asset management systems, and established a professional entrusted asset management organizational structure.Established an industry-leading multi-dimensional management system,Innovatively formulating the fiduciary asset management fitting index, and through the continuous improvement of the fiduciary asset management capabilities, we can protect the value preservation and appreciation of the assets of the majority of annuity customers, including Lenovo Group.
Gao Lan said that Lenovo has been exploring and innovating in the management of corporate annuities, continuously lowering the threshold for joining, accelerating the vesting of rights and interests, and is the first company on the market to launch a plan that allows employees to flexibly choose their personal contribution ratio.Continue to carry out employee promotions to attract and encourage more employees to participate in the plan;In terms of investment management, we cooperate with excellent managers, adhere to the long-term investment return strategy, and support employees to make personalized choices of investment proportions and combinations based on their life stages and risk tolerance levels to ensure the long-term stable growth of annuity assets.
After 17 years of careful management, the number of employees participating in Lenovo Group’s enterprise annuity plan has grown from 3,000 to more than 20,000 now. The asset size of Legend Annuity has exceeded 4.4 billion, which is six times higher than when it was established.In the past three years, employee satisfaction with pension benefits has been above 90%. Lenovo’s investment in employee pension benefits fully reflects Lenovo’s people-oriented corporate culture and is an important measure for the implementation of Lenovo’s ESG strategy.Lenovo Group has been selected as Mercer China’s Excellent Health Employer, Fortune Global’s Best Employers, and Forbes’ Global Best Employers for many times.
Focusing on the “major issue” of pension, it is urgent to expand the coverage of enterprise annuity
At present, the institutional framework of China’s multi-level and multi-pillar pension system has been completed.Among them, 503 million people are covered by the basic pension insurance for urban employees in the first pillar. However, the average social wage replacement rate is not high, and it can only achieve the goal of “guaranteing the basics.”The second pillar includes enterprise annuities and occupational annuities, which already cover more than 70 million people. However, compared with the scale of urban employee basic pension insurance participation, the coverage rate of the system is not high. The third pillar of personal pensions is still being promoted, and national pension awareness still needs to be stimulated.
Dong Keyong said that in the context of population aging, relying solely on pay-as-you-go or complete accumulation cannot achieve the full coverage, adequacy, and sustainable system goals that the pension system hopes to achieve.
He believes that establishing an enterprise annuity plan and deeply participating in the construction of my country’s multi-level and multi-pillar pension insurance system are important manifestations of enterprises actively fulfilling their social responsibilities and will help enterprises carry out human resources management more efficiently.By establishing an enterprise annuity plan, on the one hand, enterprises can enjoy preferential tax policies and enrich the employee welfare system at a relatively lower cost.On the other hand, it can effectively benefit the employee group, help the company’s employees cope with the risk of fluctuations in the basic pension insurance replacement rate, and enhance the sense of gain, security and happiness of retired employees’ lives.
Ping An Pension Insurance, as my country’s first annuity trustee management institution to participate in the construction of the pension security system, is an important “window” for Ping An Group to serve the elderly and protect people’s livelihood. The company does not forget its original intention and keeps its mission in mind, and continues to serve the people’s livelihood and pension security. Exploration and innovation always aim at serving the overall situation of the country with a high position, promoting industry development with high standards, and improving management levels with high requirements.As of June 2023, the scale of Ping An Pension’s annuity trust business has exceeded RMB 700 billion, and its business scale has reached a new level.Ping An Annuity’s annuity trustee services have covered 33 agents in all provincial-level coordinating areas of occupational annuity, 36 first-level central enterprises, and nearly 28,000 enterprises in all provinces, cities and regions across the country, including trustee asset management, trustee operation services and supporting supporting services. System capabilities have become the industry benchmark.
Gao Lan said that from the establishment of the annuity plan in 2006 to the 17th anniversary now, the process has not been easy and full of challenges. Faced with the pressure of high costs, Lenovo chose to insist on caring for its employees, giving back to the society, and encouraging more employees to join through continuous communication. In the future, Lenovo will continue to insist on program innovation, continue to communicate with employees, and strengthen the guidance and support for employees’ personal pension reserves.
Gan Weimin said that currently, the development of enterprise annuities is facing major opportunities, and the 14th Five-Year Plan has clearly stated “increasing the coverage rate of enterprise annuities.” At the same time, the country continues to promote the national coordination of basic employee pension insurance, which will create a broader space for the future development of enterprise annuities.Ping An Pension will also continue to aim at “becoming China’s leading pension asset management institution”.Continuously improve professional capabilities, continuously accumulate management experience, strengthen the construction of its own trust management and risk control capabilities system, strive to create greater and more value for all clients, including Lenovo, and continue to contribute to a better and happier retirement life for the vast number of employees in the future. The power of peace.