XN000022-1993-01-06 — Page 5

WEDNESDAY, JANUARY 6, 1993

BODIES

"THE ORDINANCE IS THE PRODUCT OF THIS SCRUTINY AND TAKES INTO AS WELL AS THE ACCOUNT COMMENTS FROM THE PROFESSIONAL

THE SPOKESMAN SAID. EMPLOYERS' AND EMPLOYEES' ORGANISATIONS,

THE

ORDINANCE ESTABLISHES

RETIREMENT

*

A REGISTRATION

IN

SYSTEM FOR ALL SCHEMES OPERATING

HONG KONG.

ON OCCUPATIONAL

ΤΟ COMMENCEMENT OF THE ORDINANCE, ALL RETIREMENT SCHEMES ARE REQUIRED

WILL BE GRANTED TO BE REGISTERED WITH THE GOVERNMENT; EXEMPTION PARTICULAR CATEGORIES.

PRIOR

то

THE

"RETIREMENT SCHEMES WHICH ARE IN OPERATION COMMENCEMENT OF THE ORDINANCE MUST APPLY FOR REGISTRATION OR EXEMPTION IS BROUGHT INTO LEGISLATION FROM TWO YEARS

THE DATE THE WITHIN EFFECT," THE SPOKESMAN SAID.

"ALL APPLICATIONS SHOULD BE DIRECTED TO THE OFFICE REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES WHICH WILL RESPONSIBILITIES FOR ADMINISTERING THE ORDINANCE,

THE

KEY

FOLLOWS

PROVISIONS

OF THE ASSUME THE

+

HE SAID.

ARR FRAMEWORK

AS

OF

THE

REGULATORY

* THE ASSETS OF A REGISTERED SCHEME MUST BE KEPT SEPARATE

THOSE OF THE EMPLOYER OR SCHEME ADMINISTRATOR AND FREE ENCUMBRANCES AT ALL TIMES;

FROM

FROM

* ALL SCHEMES MUST HAVE ADEQUATE ASSETS TO MEET THEIR AGGREGATE

VESTED LIABILITIES;

* INDEPENDENT

AUDIT

ON COMPLIANCE

WITH THE STATUTORY

REQUIREMENTS; AND

* DISCLOSURE

OF

ESSENTIAL

INFORMATION

ΤΟ RELATING

THE

RETIREMENT SCHEME TO THE SCHEME MEMBERS.

HAVE ΤΟ

"ALTHOUGH THE MAJOR GUIDING PRINCIPLES AS SET OUT ABOVE NOT BEEN ALTERED, WE HAVE MADE A CONSIDERABLE NUMBER OF AMENDMENTS THE OCCUPATIONAL RETIREMENT SCHEMES BILL IN THE LIGHT OF DISCUSSIONS WITH THE LEGCO AD HOC GROUP AND OF COMMENTS RECEIVED ON THE BILL WHICH

THE SPOKESMAN SAID. WE CONSIDERED TO BE REASONABLE AND APPROPRIATE,

**

ANTI-AVOIDANCE

"ONE

OF THESE RELATES TO COMMENCEMENT OF THE ORDINANCE, ANY PROMISE MADE BY THE PROVIDE RETIREMENT

WOULD BE PROTECTION

PROVISIONS.

REGARDED

ON EMPLOYER TO ΤΟ AMOUNTING

AS

OPERATING A RETIREMENT SCHEME AND, THEREFORE, SUBJECT TO THE STATUTORY REQUIREMENTS," THE SPOKESMAN EXPLAINED.

THE SPOKESMAN ADDED THAT A NUMBER OF MEASURES HAD ALSO INCLUDED IN THE ORDINANCE TO ENHANCE PROTECTION FOR SCHEME MEMBERS.

BILI, SCHEMES

BEEN

WHEN GAZETTED THE OCCUPATIONAL RETIREMENT

A HONG KONG LAST YEAR PROVIDED THAT ONLY A SCHEME MEMBER WHO WAS

RESIDENCY REQUIREMENTS PERMANENT RESIDENT OR WHO SATISFIED CERTAIN

EMPLOYER MIGHT APPLY TO THE HONG KONG COURT FOR JUDGEMENT AGAINST THE IN THE EVENT OF ANY SHORTFALL ON TERMINATION OF THE SCHEME BETWEEN HIS ENTITLEMENT AND THE BENEFIT HE RECEIVED.

"TO ENSURE