Aegon plans China fund venture

Dutch insurer Aegon plans to set up a fund management venture in partnership with China National Offshore Oil Corp as part of an effort to break into China's corporate pensions market, Bloomberg reported. The Chinese government started giving out corporate pension licenses this month to companies including commercial insurers and fund managers because existing contributions are insufficient to meet retirement demand. With less than 25 % of China's total working population covered by basic pensions, private pension schemes are expected to grow by RMB100 billion annually.