The Life Insurance Council of the Hong Kong Federation of Insurers (HKFI) has recently established a focus group comprising experts on pensions and annuities.
The HKFI's move follows a suggestion by Hong Kong's leader, Chief Executive Mrs Carrie Lam, in her policy address in October, to convert assets in Mandatory Provident Funds (MPF) into annuities to strengthen retirement protection.
Explaining the formation of the focus group, the HKFI said in its November 2021 newsletter, "As an industry body with expert knowledge of international and local pensions and annuities, the HKFI has expressed our interest in being part of the discussions with the Labour & Welfare Bureau (LWB)."
HKFI will engage officials from the LWB to explore the most optimal way of leveraging annuity and other insurance instruments to close the retirement gap.
Under the Governing Committee of the HKFI, there are two councils responsible for dealing with all technical matters concerning general insurance and life insurance respectively. These are the General Insurance Council and the Life Insurance Council.