Legal basis: Article 3 of the Social Insurance Law of the People's Republic of China. After reaching the statutory retirement age, individuals who have paid the basic old-age insurance for employees for less than 15 years (including extending the payment in accordance with Article 2) may apply for transfer to the new rural social endowment insurance or urban residents' social endowment insurance where they are registered, 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 may 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 old-age insurance relationship for employees. After my written confirmation, it will terminate the basic old-age insurance relationship for employees and pay the amount stored in the personal account to me in one lump sum.