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2016 OECD/IOPS Global Forum on Private Pensions held in Hong Kong for the first time
More than 100 international experts and industry players on private pensions gathered in Hong Kong to discuss the challenges facing private pensions systems around the world and to exchange views on how to address them at the OECD/IOPS Global Forum on Private Pensions, which kicked off today.
The annual Forum, whose theme this year is “Making Private Pensions Work Better”, is co-hosted by the Mandatory Provident Fund Schemes Authority (MPFA), the Organisation for Economic Co-operation and Development (OECD) and the International Organisation of Pension Supervisors (IOPS).
The two-day event, which is being held in Hong Kong for the first time from 9 to 10 November, is a highlight to celebrate the 15th anniversary year of the Mandatory Provident Fund (MPF) System’s coming into operation.
Today’s discussions covered the major developments in Hong Kong’s retirement savings systems, current trends in other Asian and global pension systems, and major policy changes and supervisory challenges.
In the opening address, MPFA Chairman Dr David Wong said, “The issue of pensions and retirement savings is a crucially important one all around the world. The Forum confronts many aspects of a broad challenge that all jurisdictions represented here have to grapple with – how to provide income security for the elderly in an increasingly ageing world.”
He added that events such as the Forum, which allow members to share ideas and experience, and the work of the IOPS were of great value in helping all members make private pensions work better.
Mrs Carrie Lam Cheng Yuet-ngor, Chief Secretary for Administration of the Hong Kong Special Administrative Region (HKSAR) Government, spoke on the topic “Making the Pension Pillars Work Better in Hong Kong” in her keynote speech. She said that the challenges being faced by policy makers in making the multi-pillar retirement protection system adopted in Hong Kong work better could be summarised in terms of affordability, sustainability, equity and comprehensive protection.
“Confronted by these challenges, policy makers have to adhere to guiding principles in finding solutions. In this case, our multi-pillar retirement protection system is built upon the key principle that caring for the elderly is a responsibility to be shared by individuals, families and the community. For our system to be sustainable in the long run, it should continue to encourage private savings among those able and willing to work so that public resources can be targeted to those in need. The Government should play a crucial role in making each of the pillars, namely the social security pillar, the in-kind support pillar, the voluntary savings pillar and the MPF pillar, work better,” she said.
Speaking in Session One on Hong Kong’s retirement protection system, Secretary for Labour and Welfare Mr Matthew Cheung Kin-chung of the HKSAR Government noted that the SAR Government’s over-arching strategies for population ageing would go beyond a comprehensive review of our retirement protection system. He said, “In charting our way forward in preparing Hong Kong for a fast ageing community, we will leave no stone unturned in building community consensus and devising pragmatic, sustainable and viable solutions. This is a mammoth task but we believe that we shall overcome.”
Tomorrow’s sessions of the Forum will involve discussions of the challenges of rationalizing the costs of private pension arrangements and the interaction between private and public pensions in some countries.
For more details about the Forum, please click here.
The IOPS, which is the standard-setting body for pension supervisory issues, was founded in 2004 with the objective of improving the quality and effectiveness of the supervision of private pensions systems around the world. With 87 members and observers from 75 countries and territories, the IOPS co-operates closely with other international organizations involved in pension supervision, policy development and dialogue, such as the OECD, the World Bank and the International Monetary Fund.
Mrs Carrie Lam Cheng Yuet-ngor, Chief Secretary for Administration of the Hong Kong Special Administrative Region Government, spoke on the topic “Making the Pension Pillars Work Better in Hong Kong” in her keynote speech.
MPFA Chairman Dr David Wong said in the opening address that the issue of pensions and retirement savings is a crucially important one all around the world.
– Ends –
9 November 2016
The annual Forum, whose theme this year is “Making Private Pensions Work Better”, is co-hosted by the Mandatory Provident Fund Schemes Authority (MPFA), the Organisation for Economic Co-operation and Development (OECD) and the International Organisation of Pension Supervisors (IOPS).
The two-day event, which is being held in Hong Kong for the first time from 9 to 10 November, is a highlight to celebrate the 15th anniversary year of the Mandatory Provident Fund (MPF) System’s coming into operation.
Today’s discussions covered the major developments in Hong Kong’s retirement savings systems, current trends in other Asian and global pension systems, and major policy changes and supervisory challenges.
In the opening address, MPFA Chairman Dr David Wong said, “The issue of pensions and retirement savings is a crucially important one all around the world. The Forum confronts many aspects of a broad challenge that all jurisdictions represented here have to grapple with – how to provide income security for the elderly in an increasingly ageing world.”
He added that events such as the Forum, which allow members to share ideas and experience, and the work of the IOPS were of great value in helping all members make private pensions work better.
Mrs Carrie Lam Cheng Yuet-ngor, Chief Secretary for Administration of the Hong Kong Special Administrative Region (HKSAR) Government, spoke on the topic “Making the Pension Pillars Work Better in Hong Kong” in her keynote speech. She said that the challenges being faced by policy makers in making the multi-pillar retirement protection system adopted in Hong Kong work better could be summarised in terms of affordability, sustainability, equity and comprehensive protection.
“Confronted by these challenges, policy makers have to adhere to guiding principles in finding solutions. In this case, our multi-pillar retirement protection system is built upon the key principle that caring for the elderly is a responsibility to be shared by individuals, families and the community. For our system to be sustainable in the long run, it should continue to encourage private savings among those able and willing to work so that public resources can be targeted to those in need. The Government should play a crucial role in making each of the pillars, namely the social security pillar, the in-kind support pillar, the voluntary savings pillar and the MPF pillar, work better,” she said.
Speaking in Session One on Hong Kong’s retirement protection system, Secretary for Labour and Welfare Mr Matthew Cheung Kin-chung of the HKSAR Government noted that the SAR Government’s over-arching strategies for population ageing would go beyond a comprehensive review of our retirement protection system. He said, “In charting our way forward in preparing Hong Kong for a fast ageing community, we will leave no stone unturned in building community consensus and devising pragmatic, sustainable and viable solutions. This is a mammoth task but we believe that we shall overcome.”
Tomorrow’s sessions of the Forum will involve discussions of the challenges of rationalizing the costs of private pension arrangements and the interaction between private and public pensions in some countries.
For more details about the Forum, please click here.
The IOPS, which is the standard-setting body for pension supervisory issues, was founded in 2004 with the objective of improving the quality and effectiveness of the supervision of private pensions systems around the world. With 87 members and observers from 75 countries and territories, the IOPS co-operates closely with other international organizations involved in pension supervision, policy development and dialogue, such as the OECD, the World Bank and the International Monetary Fund.
Mrs Carrie Lam Cheng Yuet-ngor, Chief Secretary for Administration of the Hong Kong Special Administrative Region Government, spoke on the topic “Making the Pension Pillars Work Better in Hong Kong” in her keynote speech.
MPFA Chairman Dr David Wong said in the opening address that the issue of pensions and retirement savings is a crucially important one all around the world.
– Ends –
9 November 2016
