The defined contribution pension system introduced in 2001 has been steadily expanding its scale. Based on the Defined Contribution Pension Act revised in January 2017, the individual-type Defined Contribution pension plan (iDeCo) is available now for every person between 20 and 59 years of age, including public employees, full-time homemakers and company employees who have joined corporate pension plans. The number of participants in iDeCo has increased to 1.56 million persons (as of the end of March 2020).
Moreover, the number of participants in corporate-type defined contribution pension plans (“corporate DC plans”) in Japan has reached approximately 7.30 million and the number of enterprises that have introduced corporate DC plans is approximately 36,000. The corporate DC plans are expected to spread among small- and medium-size enterprises in the future.
Furthermore, SBI Benefit Systems, as a fiduciary of plan administration and record-keeping for iDeCo and corporate DC plans, handles over 500,000 participants in total. The number of fiduciary institutions for corporate DC plans has also expanded to more than 5,000.
SBI Benefit Systems was established in March 2001 as the country's only operational management institution that developed its own defined-contribution pension plan record keeping system. Our mission is to contribute to the sound development of the pensions industry through optimum use of our efficient infrastructure provision capability and the provision of low-cost defined contribution pension systems to everyone who wishes to join the system.
To fulfill the important proposition of self-reliant retirement preparation systems in an era of a declining and aging population, we are committed to providing customers with stable services over the long term and strive to continuously create innovations in the defined contribution pension industry.
