Initiatives
Objectives
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The Hong Kong MPF system has been introduced for almost 20 years and it has provided a saving platform for majority of employees in Hong Kong to assist their retirement needs. However, pre-retirement planning alone is not enough. Post-retirement planning also formed a critical part of retirement solutions. We have been soliciting with MPFA to include post-retirment solutions in the MPF system in an ongoing manner.
In early 2019, MPFA has formed working group to discuss post-retirement arrangement on the MPF system. PSA was invited and has provided some constructive suggestions.
We will continue to provide our members' collective suggestions to MPFA. |
Progress & Activities
The PSA has undertaken extensive research on retirement solutions and proposed recommendations aimed at enhancing Hong Kong’s retirement framework. The key areas are outlined below:
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Key Area |
Recommendations |
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Retirement Income and Financial Security |
Explore sustainable retirement income solutions to help individuals convert their accumulated MPF savings into a stable and reliable source of retirement income. The Association also advocates reviewing contribution adequacy and encouraging voluntary contributions to strengthen retirement preparedness. |
|
Retirement Education and Member Empowerment |
Enhance retirement education and financial literacy by improving understanding of retirement planning, decumulation strategies and post-retirement cash flow management, empowering individuals to make better retirement decisions. |
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Digitalisation and Personalised Support |
Leverage the eMPF Platform, AI and robo-advisory technologies to deliver personalised retirement planning support, enhance retirement planning efficiency. |
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Innovation in Retirement Products and Investment Solutions |
Promote the development of innovative retirement products and investment solutions, including new asset classes and retirement income products, to meet the diverse and evolving needs of individuals throughout their retirement journey. |
The Association believes that retirement planning should extend beyond the accumulation of retirement savings. As Hong Kong faces an ageing population and increasing longevity, greater focus should be placed on helping the public to manage and draw down their retirement assets effectively. Through sustainable retirement income solutions, financial education, digital innovation and product development, the Association seeks to support better retirement outcomes and enhance the retirement readiness of Hong Kong's workforce.