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Taikang Life Insurance Company, China's fifth largest life insurance company, said it plans to set up a pension insurance company as the country encourages voluntary contributions for retirement.

Taikang Life is in the process of getting approval from the China Insurance Regulatory Commission (CIRC), the company's vice president Ma Yun said yesterday.

The company expects to win the approval from the regulator in the near future and is now preparing to apply for a pension trustee licence from the Ministry of Labour and Social Security, Ma said.

Its asset management company will also apply for an investor licence to handle pension funds from the labour ministry. After the pension insurance company is set up, a complete chain of pension management system will be put into operation, according to Ma.

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The full text is available in the January Issue of China Insurance.

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