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- MPFA welcomes HKMC’s offering a life annuity scheme
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MPFA welcomes HKMC’s offering a life annuity scheme
Chairman of the Mandatory Provident Fund Schemes Authority (MPFA) Dr David Wong welcomes the announcement by the Hong Kong Mortgage Corporation Limited (HKMC) today (10 April) that they will offer a life annuity scheme in 2018.
Dr Wong said the Mandatory Provident Fund (MPF) System plays an important role in the overall retirement protection system in Hong Kong and the MPF is an important part of scheme members’ retirement savings. As at February 2017, the MPF System has accumulated more than $680 billion assets and will continue to grow.
He indicated that under the MPF legislation, scheme members can withdraw their MPF benefits upon reaching the age of 651. With Hong Kong people having one of the world’s longest life expectancy, the MPFA welcomes new financial tools, such as the life annuity scheme to be offered by the HKMC, so that scheme members may, depending on their personal circumstances, decide whether to manage the longevity and investment risks by converting their assets into a steady stream of retirement income.
－Ends－
10 April 2017
Dr Wong said the Mandatory Provident Fund (MPF) System plays an important role in the overall retirement protection system in Hong Kong and the MPF is an important part of scheme members’ retirement savings. As at February 2017, the MPF System has accumulated more than $680 billion assets and will continue to grow.
He indicated that under the MPF legislation, scheme members can withdraw their MPF benefits upon reaching the age of 651. With Hong Kong people having one of the world’s longest life expectancy, the MPFA welcomes new financial tools, such as the life annuity scheme to be offered by the HKMC, so that scheme members may, depending on their personal circumstances, decide whether to manage the longevity and investment risks by converting their assets into a steady stream of retirement income.
－Ends－
10 April 2017
1Except under certain circumstances as specified in the MPF legislation
