BEIJING -- China on Friday rolled out a detailed implementation plan for private pensions, following the release of a guideline on pushing forward the development of private pensions to complement the nation's current pension system in April.

The implementation plan was issued by five government departments: the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Taxation Administration, the China Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission.

It specifies the participation process, capital account management, the management of institutions and products, information disclosure, and supervision.

Individuals can now make voluntary annual deposits of up to 12,000 yuan ($1,653) into a pension account, and the funds can be used to purchase financial products that are of relatively low risk and have long-term investment horizons.

Workers who currently contribute to China's basic pension insurance plan can participate in the private pension plan.

The private plan will complement the country's current pension system consisting of a basic old-age pension, enterprise annuities and commercial insurance for the elderly, offering another layer of support for the country's aging population.