Legal basis: Article 3 of People's Republic of China (PRC) Social Insurance Law. After reaching the statutory retirement age, if an individual pays the employee's basic old-age insurance premium for less than 15 years (including extending the payment in accordance with the provisions of Article 2), he may apply for transfer to the new rural social endowment insurance or urban residents' social endowment insurance where his domicile is located, and enjoy the corresponding old-age insurance benefits.
Individuals who participate in the basic old-age insurance for employees reach the statutory retirement age, and the accumulated payment is less than fifteen years (including the extension of payment in accordance with the provisions of Article 2), and have not been transferred to the new rural social endowment insurance or urban residents' social endowment insurance, individuals can apply in writing to terminate the basic old-age insurance relationship for employees. After receiving the application, the social insurance agency shall inform it in writing of its right to transfer to the new rural social endowment insurance or urban residents' social endowment insurance and the consequences of terminating the basic endowment insurance relationship for employees. After my written confirmation, I will terminate the employee's basic old-age insurance relationship and pay me the amount stored in my personal account in one lump sum.