Pension experts from China, Hong Kong, Taiwan and Macau exchanged views and shared best practices on pensions and retirement savings issues across the region at the 10th Annual Cross Strait Pension Forum hosted by Hong Kong Retirement Schemes Association (HKRSA). The implementation of a Central Provident Fund (CPF) in Macau and the introduction of a tax deferral scheme for private pensions in China were among key milestones in 2018 for the pension sector, according to HKRSA Chairman Janet Li.

The forum, themed InnoPension, was held in Hong Kong on October 22. Its aim was to find ways to cater to the needs of retirees through innovation on the structure, product, new concept and technology fronts. The one-day forum was attended by senior representatives from industry bodies and associations from China, Hong Kong, Taiwan and Macau, government officials, asset managers and service providers.

Ms. Li, who was among industry experts and officials who spoke at the event, said she is hopeful the pace of reforms for the pension sector will gather momentum on the back of government-led initiatives. She also believes recent advances in finance and technology that are now shaping the industry will have a significant impact on pensions.

She described the creation of the Greater Bay Area plan as a “game changer”, with the opening of new markets expected to underpin pension developments. The Greater Bay Area Plan is a cross-border initiative to build a world-class city cluster across the Guangdong-Hong Kong-Macau region by 2030.

Hu Xiao Yi, chairman of the China Social Insurance Association, noted that Beijing unveiled several measures in 2018 to facilitate pension reform in a move to lower fees for small- and mid-sized enterprises and improve retirement protection coverage throughout the country.

But ongoing pension reform in Taiwan, including reduced monthly pension payments for civil servants, have not been well received, according to Jennifer Wang, chairman of Taiwan’s Pension Fund Association (PFA). She said there is a lot of work to be done to address the issue.

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