XN000022-1990-01-10 — Page 15

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WEDNESDAY, JANUARY 10, 1990

MR YEUNG SAID THAT FROM THE END OF 1986-87 TO

YEAR, FIGURES MONTHS OF THE CURRENT FINANCIAL

'THE FIRST NINE SHOWED A CUMULATIVE THE COMMISSIONER

OF

BY GROWTH OF 3,434 RETIREMENT SCHEMES APPROVED INLAND REVENUE, REPRESENTING A GROWTH OF 71 PER CENT.

SURVEY

HE SAID THAT ACCORDING TO A AND STATISTICS DEPARTMENT IN JULY LAST YEAR,

IN ABOUT

26,000 ESTABLISHMENTS

THE

PRIVATE 618,000

BY CONDUCTED

IT WAS ESTIMATED THAT

HAD SECTOR

UP

OR EMPLOYEES,

ABOUT

THE

CENSUS

SET

RETIREMENT SCHEMES WHICH COVERED ABOUT 28 PER CENT OF ALL PERSONS ACTUALLY EMPLOYED AT THAT TIME.

THE OVER MR YEUNG SAID THE LABOUR DEPARTMENT HAD, YEARS, ENCOURAGED EMPLOYERS IN THE PRIVATE SECTOR TO SET UP FUNDS AND OTHER SCHEMES OF RETIREMENT BENEFIT.

PAST THREE PROVIDENT

TO ACCORDING

FIGURES, THE NUMBER OF

APPROVED

RETIREMENT

AND

HAD

SCHEMES STOOD AT 4,826 AT THE END OF 1986-87; IT INCREASED BY 976 TWO YEARS AND THE NUMBER 1,379 RESPECTIVELY IN THE FOLLOWING GROWN BY A FURTHER 1,079 IN THE FIRST NINE MONTHS OF 1989-90.

"TO

PROMOTIONAL EFFORTS OF

HE SAID.

THE

LABOUR

EXTENT THIS

THE DEPARTMENT CAN BE SAID TO HAVE BEEN EFFECTIVE,

IN THE NUMBER OF MR YEUNG SAID ANY DETAILS ABOUT THE GROWTH

THESE UNDER

APPROVED BENEFICIARIES

SCHEMES WERE RETIREMENT

NOT WERE AVAILABLE AS EMPLOYERS APPLYING TO THE INLAND REVENUE DEPARTMENT NOT REQUIRED TO SUPPLY DETAILS OF THE NUMBER OF EMPLOYEES INVOLVED

ASSUME THAT SOME OF THE AND INSURANCE OR THOSE ADMINISTERED

COVER PROFESSION,

"NEVERTHELESS, IT IS REASONABLE TO APPROVED SCHEMES, PARTICULARLY THOSE OPERATED BY BANKS COMPANIES ON BEHALF OF A GROUP OF BUSINESSES, BY TRUSTEES ON BEHALF OF AN ORGANISED NUMBERS OF EMPLOYERS AND EMPLOYEES, HE SAID.

VERY LARGE

THE

INTENDED SCHEMES

+

BILL WOULD THE SEPARATION

PROVIDE FOR

OF THE

THE ASSETS

REGISTRATION

OF

OF RETIREMENT

ASSETS,

PROMPT

RETIREMENT SCHEMES FROM THOSE OF THE EMPLOYER'S BUSINESS, ADEQUATE

PRUDENT INVESTMENT OF

DISCLOSURE INFORMATION, AND THE EXPOSURE OF ALL SCHEMES TO ANNUAL PERIODIC ACTUARIAL REVIEW.

PROVIDENT

FUNDING, THE RELEVANT

OF AUDIT AND TO

ENCOURAGE AS TO THE MEASURES TAKEN BY THE LABOUR DEPARTMENT TO

ΤΟ PRIVATE SECTOR EMPLOYERS

SET UP

FUNDS AND OTHER REGULAR RETIREMENT BENEFIT SCHEMES, MR YEUNG SAID THESE INCLUDED THE

FUNDS ISSUE OF NEWSLETTERS DESIGNED TO GENERATE INTEREST IN PROVIDENT

SEMINARS AND AND RETIREMENT SCHEMES, AND THE HOSTING OF CONFERENCES, EXHIBITIONS FOR THOSE EMPLOYERS WHO HAD SHOWN INTEREST.

*THE CONTENT OF

THIS

PROMOTIONAL

ACTIVITY

INCLUDES

AND

EMPLOYEES.

HELPFUL ADVICE ON THE WAY IN WHICH SUCH SCHEMES CAN BE SET UP AND TAX BENEFITS THAT WOULD ACCRUE TO BOTH EMPLOYERS ADDED.

/14

BOTH

THE

T

HE