WEDNESDAY, NOVEMBER 2, 1994
8
REGISTRATION OF OCCUPATIONAL RETIREMENT SCHEMES
* * *
A
FOLLOWING IS A QUESTION BY THE HON PETER WONG HONG-YUEN AND REPLY BY THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY):
QUESTION: WILL THE ADMINISTRATION INFORM THIS COUNCIL:
SCHEMES
(A) OF THE NUMBER OF NEW OCCUPATIONAL RETIREMENT
THAT HAVE BEEN REGISTERED OR SUBMITTED FOR REGISTRATION UNDER THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE;
(B)
NEW OCCUPATIONAL OF THE RATIO BETWEEN THE NUMBER OF RETIREMENT
REFERRED SCHEMES
TO IN
AND THE (A) ESTIMATED NUMBER OF EXISTING SCHEMES; AND
REPLY:
(C)
AN OVERWHELMING STEPS ARE BEING TAKEN TO AVOID WHAT RUSH TO REGISTER JUST BEFORE THE DEADLINE OF 1995?
OCTOBER
MR PRESIDENT,
(A)
AS
(B)
1
1994,
AT
THERE NOVEMBER
300 WERE ESTABLISHED OCCUPATIONAL RETIREMENT SCHEMES WHICH BEEN REGISTERED OR HAD APPLIED FOR REGISTRATION THE OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE.
NEWLY
HAD
UNDER
OF THE 1017 APPLICATIONS FOR REGISTRATION OR EXEMPTION SCHEMES OF NEW AND EXISTING OCCUPATIONAL
RETIREMENT
HOWEVER
WE PROGRESS
RECEIVED SO FAR, 30% ARE FOR NEWLY ESTABLISHED SCHEMES AND 70% FOR EXISTING SCHEMES. IT IS UNLIKELY THAT SUCH A RATIO WILL BE MAINTAINED AS TOWARDS THE FULL REGISTRATION OF THE 20,000 TO PRIVATE RETIREMENT SCHEMES ALREADY IN OPERATION IN HONG KONG.
25,000
(C)
TO AVOID AN OVERWHELMING RUSH TO REGISTER SCHEMES JUST BEFORE THE DEADLINE OF OCTOBER 1995, FOLLOWING MEASURES HAVE BEEN TAKEN
RETIREMENT
THE
I}
THE OFFICE OF THE
REGISTRAR
OF OCCUPATIONAL
INCLUDING
AUTHORIZED
ADMINISTRATORS,
TRUST
RETIREMENT SCHEMES HAVE MAINTAINED CLOSE WITH MAJOR OPERATORS OF
MANAGERS, URGING THEM TO APPLY FOR REGISTRATION AS EARLY AS POSSIBLE AND ASSISTING THEM IN MAKING APPLICATIONS AS NECESSARY;
RETIREMENT
LIAISON SCHEMES,
INSURERS,
SCHEME
COMPANIES
AND
FUND
/II) A PUBLICITY