The Hong Kong Federation of Insurers, the Hong Kong Investment Funds Association, the Hong Kong Trustees Association have joined forces to form the Retirement Schemes Industry Group (RSIG).
Announcing the initiative, RSIG chairman Douglas Naismith said the group aims to provide a cross-association forum for the discussion of issues relating to the long-term development of Hong Kong’s retirement funds industry.
“We aim to work with the government, regulators and legislators as well as the community to foster the development of the retirement fund industry in Hong Kong to promote the best interest of scheme members and best practice with reference to international professional standards,” he said.
The RSIG’s functions will be to:* Provide a forum for the government and related authorities to conduct industry consultation on policy issues and proposed legislative amendments* Work with the legislators and the relevant authorities to develop new legislation to further promote a retirement platform for Hong Kong’s working population* Obtain consensus of opinions across associations and put forward suggestions to the government on issues affecting the retirement fund industry* Share information on the retirement fund industry to enable the information of practical and efficient solutions
Naismith noted: “Specifically, we would like to see that the Hong Kong retirement fund industry, in particular the Mandatory Provident Fund (MPF) system, can further develop to promote the provision of efficient and robust retirement services for the benefit of all users.”
The RSIG said it supports the enhancement of the MPF in the following areas:* Develop a clearly delineated regulatory system* Streamline the administration of contributions and benefits* Remove undue constraints on investments to enable fund managers to effectively balance risk and return in global investment opportunities for scheme members* Introduce measures to encourage members to develop supplemental pensions plans and retain their benefits in the system beyond retirement
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