SUNDAY, OCTOBER 10, 1993
REGULATION OF RETIREMENT SCHEMES TAKES EFFECT
TONIGHT THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, DESCRIBED THE COMMENCEMENT OF THE OCCUPATIONAL RETIREMENT ORDINANCE IN THE MIDDLE OF THIS MONTH AS "A MILESTONE".
FOR THE FIRST TIME, ALL PRIVATE RETIREMENT
UNDER A BROUGHT
RESPECT REGULATORY FRAMEWORK IN SOLVENCY AND OTHER MONITORING REQUIREMENTS.
(SUNDAY) SCHEMES
BE
SCHEMES WILL OF REGISTRATION,
MR MACLEOD WAS SPEAKING AT A DINNER TO MARK THE OPENING OF INTERNATIONAL PENSION FUND CONFERENCE.
MORE
EMPLOYERS
THE
WERE OFFERING
11E NOTED THAT IN HONG KONG, RETIREMENT BENEFIT PLANS TO EMPLOYEES TO ATTRACT AND RETAIN QUALITY STAFF.
HR POINTED
ESTABLISHMENTS
THAT AS AT JULY 1992, OUT
SOME 22,000 PROVIDED
BENEFIT SOME FORM OF RETIREMENT STAFF, COVERING ONE-THIRD OF THE TOTAL WORKING POPULATION.
BUSINESS FOR THEIR
THERE WERE TREMENDOUS OPPORTUNITIES FOR THE FURTHER DEVELOPMENT OF THE PENSION INDUSTRY #FRE, HE SAID.
FOR
FFTIREMENT PROMISED EXPLAINED.
те
THE EMPLOYERS,
OF THE IMPLEMENTATION ORDINANCE WOULD ENSURE THAT SCHEMES
THEM WOULD BE PAID WHEN
THEY WERE
THE OCCUPATIONAL RETIREMENT BENEFITS
DUE,
MR MACLEOD
FOR THE PENSION INDUSTRY, HE ADDED, IT WOULD PROVIDE A ENVIRONMENT FOR FURTHER GROWTH.
HE SAID THE KEY ELEMENTS OF THE FUNDING" AND "SECURITY OF SCHEME ASSETS".
HEALTHY
ORDINANCE
WERE "ADEQUATE
ΤΟ
ENSURE ADEQUATE FUNDING, THE EMPLOYER WOULD BE REQUIRED
THE SCHEME IN ACCORDANCE WITH THE TERMS OF MAKE CONTRIBUTIONS ENSURE THAT THE SCHEME WAS SOLVENT.
ΤΟ
AND
11
IF THERE IS A SHORTFALL, IT MUST BE MADE GOOD YEAR GRACK PERIOD FROM COMMENCEMENT OF THE ORDINANCE,
WITHIN THE FIVE-
HE SAID.
TO ENHANCE THE SECURITY OF SCHEME ASSETS, THE MANAGEMENT OF THE AN INDEPENDENT SCHEME AND ITS ASSETS WOULD HAVE TO BE UNDERTAKEN BY PARTY, #R NOTED.
"EXCEPT IN CERTAIN SPECIAL CASES,
ORDINANCE
SHOULD
SCHENES REGISTERED UNDER
REGULATED BY KITHER BE GOVERNED BY A TRUST OR INSURANCE ARRANGEMENT," HE SAID.
THE
AN
REGISTERED
HE ADDED THAT ALL EXISTING SCHEMES WOULD HAVE TO BE WITH THE REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES WITHIN TWO YEARS OF THE COMMENCEMENT OF THE ORDINANCE.
"ALL NEW SCHEMES MUST ALSO BE REGISTERED.
/"EXEMPTION COULD