Pension insurance transfers allowed

Beginning this year, Chinese people can now freely transfer their pension funds from one province to another across the country. The new policy will benefit urban employees, migrant workers, and farmers in rural areas.

On the first working day in the new year, Miss Guo travels to the social security institution to transfer her pension fund. She has been working in Guangzhou for three years. But she plans to return to her hometown of Hunan.

Miss Guo, pension recipient, "I have to do something for the future. I earned money at young age aiming for retirement."

Miss Guo says in the past some of her colleagues cancelled their funds because they were unable to transfer their pensions to their hometowns.

The first day the policy was implemented, Guangzhou's social security center transferred the pensions of almost a hundred people.

The new rules simplify procedures for transferring funds. Urban employees only need to submit a written application and receipt of payment to social security institutions. The institutions will then complete the transfers in 45 working days.

According to the new rules, a pensioner has many choices for their retirement savings.

Huang Xianfeng, Spokesman of Shenzhen Social Security Fund Bureau, said, "A retiree can choose to have their funds sent to a household registration office. All their payment records and funds will be transferred to the appointed place."

Participants can also choose where they set up their funds -- their hometown, or the city they currently live-in. And they will be able to enjoy the same pension level in different provinces.