Core Viewpoint - The Ministry of Finance and the People's Bank of China have issued a notification to include electronic savings bonds in the personal pension product range, supporting the development of a multi-tiered pension insurance system starting from June 2026 [1][3]. Group 1: Notification Details - From June 2026, institutions authorized to conduct personal pension business must provide services for purchasing electronic savings bonds to pension investors who have opened personal pension accounts [3]. - Institutions must establish dedicated savings bond accounts for pension investors to track their purchases and holdings of electronic savings bonds [3]. - The notification outlines that the funds and tax policies related to these accounts must comply with personal pension regulations [3]. Group 2: Issuance Quotas - The issuance quota for selling electronic savings bonds to pension investors will follow the guidelines set in the "Management Measures for the Issuance Quota of Savings Bonds" [4]. - The Ministry of Finance and the People's Bank of China will allocate basic sales quotas to authorized institutions, with a portion designated as exclusive quotas for pension investors [4]. - The distribution ratio of exclusive quotas will be adjusted quarterly based on the proportion of uninvested amounts in pension accounts [4]. Group 3: Additional Regulations - Institutions must separately manage the sales quotas for pension investors and other investors when utilizing unallocated quotas [5]. - Unused exclusive quotas will be reclaimed by the Ministry of Finance and added to the unallocated quotas the following day [5]. - The notification also includes requirements for the modification of business systems, information exchange between systems, and data reporting [6].

智通财经APP获悉，11月21日，财政部、中国人民银行联合发布《关于储蓄国债(电子式)纳入个人养老 金产品范围有关事宜的通知》，其中提到，开办机构在养老金投资者购买储蓄国债(电子式)前，应当为 其开立个人养老金专用国债账户(以下称养老金国债账户)，用于记录养老金投资者购买的储蓄国债(电子 式)期次、数量以及持有变动等情况。养老金国债账户应当与投资者本人的养老金资金账户绑定，资金 往来、领取条件和税收政策遵从个人养老金制度有关规定。开办机构注销养老金投资者在本机构开立的 养老金资金账户前，应当确认对应的养老金国债账户中无未到期的储蓄国债(电子式)，并注销对应的养 老金国债账户。 原文如下： 关于储蓄国债(电子式)纳入个人养老金产品范围有关事宜的通知 (三)开办机构在按规定抓取未分配机动代销额度时，应当分别抓取向养老金投资者和其他投资者销售的 额度。发行通知规定的定期调整日终，开办机构未售出的养老金专属额度由财政部收回，于次日纳入未 分配机动代销额度。向养老金投资者销售的未分配机动代销额度抓取规则，参照《储蓄国债发行额度管 财债〔2025〕5号 有关储蓄国债承销团成员，中央国债登记结算有限责任公司： 为支持多层次 ...

Core Viewpoint - The Ministry of Finance and the People's Bank of China announced that starting from June 2026, qualified savings bonds (electronic) will be included in the scope of personal pension products, allowing pension investors to purchase these bonds through designated institutions [1] Group 1: Policy Implementation - From June 2026, members of the savings bond underwriting group will provide services for purchasing electronic savings bonds to pension investors who have opened personal pension accounts [1] - Institutions must establish dedicated accounts for pension investors to purchase savings bonds, which will be linked to their pension fund accounts [1] Group 2: Allocation and Distribution - The allocation ratio for dedicated pension bond quotas will be adjusted quarterly, with the initial distribution ratio based on the proportion of uninvested amounts in all pension fund accounts opened by each institution [1]