The $9 billion National Council for Social Security Fund NCSSF in Beijing has yet to decide whether to operate under the aegis of the country's recently created trust law. This has surprised its foreign advisers and the Fund's decision will have weighty consequences, not just for itself but for the nation's entire emerging pensions system.
This is one of a host of question marks hovering over the trust law, says Iain Batty, partner at law firm CMS Cameron McKenna, who has advised various Beijing ministries on designing its trust law via a mandate from the Asian Development Bank. It also is unknown whether fund management companies or yet-to-be-established voluntary supplemental funds i.e. third-pillar pension...
