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Life annuity scheme for Hong Kong people

A gist of the blog:

Last Monday, I chaired the board meeting of the Hong Kong Mortgage Corporation Limited (HKMC) and approved in principle the introduction of a brand new life annuity scheme targeting permanent Hong Kong residents aged 65 or above. The Scheme intends to provide an option for the retirees, to help them turn cash lump sums into life-long, stable and reliable streams of fixed monthly income. This Scheme is another important initiative, alongside the Reserve Mortgage Programme, that can help retired elders better enjoy the rest of their lives.

The HKMC is proceeding with the preparatory work of the Scheme, and will endeavor to launch the Scheme by the middle of next year. We are prepared to prudently consider increasing the scale of the Scheme if it is well received by the community.

April 16, 2017