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Retirement

We team with organisations in Hong Kong and Macau to determine how to approach retirement plan design and administration, including navigating the Mandatory Provident Fund (MPF), Occupational Retirement Schemes Ordinance (ORSO), funding, governance and communication.

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Corporations strive to strike a balance between providing effective and competitive retirement programs while managing cost and risk. A well-constructed benefit mix can help your organisation recruit and retain key talent, while helping your employees build the savings they need to become financially independent in retirement.

Hong Kong Landscape

Hong Kong has one of the oldest populations in the world and, as such, many people are thinking carefully about and planning for their retirement. A recent WTW survey found that retirement was ranked highest when employees were asked what support they look for from their employer. In addition, 38% of employees agreed that the retirement plan was an important reason they decided to work for their current employer.

Which of the following would you most want your employer to support you with or focus on? Ranked in top 3.

38% of Hong Kong employees are looking for employer support in retirement and flexible work; 33% in health
Figure 1. Hong Kong employees are looking for employer support in retirement

Source: 2022 Global Benefit Attitudes Survey, Hong Kong

The most significant retirement pillar in Hong Kong is the Mandatory Provident Fund (MPF). It’s a fast-moving environment where members must keep on top of performance and other changes to the MPF system. We’ve got the requisite experience and market knowledge to help you navigate the MPF and other retirement scheme matters.

Our Services

Our capabilities in Hong Kong include:

  1. MPF-related services
    • Market data, benchmarking, scheme strategy and design
    • MPF scheme provider review, implementation and member communications
    • Retirement scheme governance and ongoing monitoring
    • MPFexpress.com
  2. ORSO-related services
    • Actuarial services for ORSO schemes, share schemes and for LSP
    • Market data, benchmarking, scheme strategy and design
    • Asset Liability Modelling (ALM)
    • ORSO scheme provider review, implementation and member communications
    • Retirement scheme governance and ongoing monitoring
    • Retirement scheme administration
  3. Market data, benchmarking, scheme strategy and design
    • Benefits database covering data from 400+ HK companies
    • Anecdotal insights, being actuaries and advisers to a significant number of retirement schemes in HK
    • Cost / benefit analyses and projections to support design decision making
  4. Other retirement-related services
    • Member communications
    • Retirement savings technology, including calculators and projectors
    • Financial Wellbeing services

Why WTW?

20+ yrs Experience of our lead consultants in retirement consulting at WTW

45+ yrs Partnering with clients in Hong Kong

400+ Clients in Hong Kong retirement consulting

10+ Qualified actuaries, the largest pool of pension actuaries in Hong Kong

 

To learn more about WTW’s MPF Advisory Services download the pdf and / or visit MPFexpress.com.

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Title File Type File Size
MPF Advisory Services PDF .1 MB


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