Provisions of Shanghai Municipality on Cancellation of Foreign Accounts

Legal analysis: The retirement rules for foreign registered permanent residence in Shanghai are as follows: 1. Those who have paid social security 15 years in Shanghai and reached the legal retirement age can go through the relevant formalities of retirement certificates at the social security centers in various districts and counties, and handle pension accounts at designated banks, and remit their pensions to their accounts on time every month. If it is unpaid for more than 15 years, Shanghai social security can be transferred to local social security, and only a certain proportion can be transferred to local social security funds to enjoy the local social security quota; 2. Retirees from other places can't increase their pensions every year like retirees from Shanghai. Shanghai's pension system is to share the fruits of reform and appropriately subsidize Shanghai retirees; 3. Educated youth may have subsidy policies, such as those from branches, frontier areas, going to the countryside and other places, and now retire to Shanghai; 4, began to apply for retiree supplementary medical insurance registration. Those who have not been dealt with in the unit, or who are not unemployed or co-insured, can go to the neighborhood Committee for treatment.

Legal basis: Interim Measures for the Transfer and Continuation of the Basic Old-age Insurance Relationship for Employees of Urban Enterprises Article 6 If the insured persons who are employed across provinces meet the conditions for receiving benefits, the place for receiving benefits shall be determined in accordance with the following provisions: (1) If the basic old-age insurance relationship is located at the domicile, the domicile shall be responsible for handling the procedures for receiving benefits and enjoying the basic old-age insurance benefits. (2) If the basic old-age insurance relationship is not located in the domicile, but the accumulated payment period in the domicile of the basic old-age insurance relationship has reached 10 years, the local treatment collection procedures shall be handled and the local basic old-age insurance benefits shall be enjoyed. (3) If the basic old-age insurance relationship is not located at the domicile, and the cumulative payment period in the locality where the basic old-age insurance relationship is located is less than 10 year, the basic old-age insurance relationship will be transferred back to the original insured place, and the payment period will be 10 year, thus enjoying the basic old-age insurance benefits. (4) If the basic old-age insurance relationship is not located at the domicile, and the accumulated payment period in each insured place is less than 10 year, the basic old-age insurance relationship and corresponding funds shall be collected at the domicile, and the domicile shall go through the formalities for receiving the benefits according to regulations and enjoy the basic old-age insurance benefits.