The Hong Kong Federation of Insurers (HKFI) yesterday announced its statistics on long term insurance in-force business for the territitory's 15 major life insurers, representing more than 86% of total market share.
For new pension business from occupational retirement schemes exempted under the Mandatory Provident Fund Schemes (MPF) Ordinance, annualised first year contributions recorded a substantial negative growth of 56% compared with the corresponding period last year, due largely to the fact that no new occupational retirement scheme was permissible after the Ordinance came into effect on December 1, 2000.
New business derived from group life business, apart from a few exceptions, enjoyed a significant growth rate in the first two quarters of this year, according to the HKFI.
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.