I. BACKGROUND - ABOUT US

1.1 The HKRSA was formed in 1996.

1.2 The MPF started on 1 December 2000 and by the end of 2003 had around 2 million non-ORSO members and HK$90 billion in assets.

1.3 ORSO remains vitally important - more than 5,000 schemes are exempted for MPF with 600,000 members or above and approximately HK$130 billion in assets.

1.4 While Provident Funds are important, there is a need to focus on the broader concept of Retirement Protection as the community develops a more conscious interest in the concept. Therefore, the focus of the HKRSA is:

1.5 The HKRSA was formed with a view to safeguard the best interests of Schemes and their members. At 30 April 2004, HKRSA has over 120 members representing a significant number of scheme members.

II. MISSION

2.1 To act and to be recognised as an authoritative body in the retirement protection industry.

2.2 To promote best practice for all stakeholders involved with retirement schemes.

2.3 To increase awareness of retirement protection issues, principally financial aspects.

2.4 To promote professional education and training in retirement protection.

2.5 To assist in building and promoting Hong Kong as a Centre of Excellence in retirement protection matters.

2.6 To maintain contact with Mainland China and Macau and promote awareness of financial protection and provision.

III. 5-YEAR OBJECTIVES

3.1 To recruit as members 50% or above of large ORSO/MPF schemes, including the 200 largest retirement schemes in Hong Kong, thus representing one million plus members.

3.2 To act as a respected contributor to research and Government policy in the area of retirement protection.

3.3 To promote best practice in management of retirement protection, including communication and corporate governance issues.

3.4 To contribute to education in retirement protection.

3.5 To build partnership with retirement organizations and align strategically with Greater China and other national pension scheme associations, to increase our knowledge and thereby our influence.

IV. ORGANIZATIONAL STRUCTURE

The committee structure of the Association is now structured as follows:

4.1 Executive Committee

Objective:

To manage the objectives and set the policies of the Association

Focus:

(1) Put in place a 5-year plan and monitor progress

(2) Ensure the implementation of the 5-year plan

(3) Ensure the financial and other resources of the Association are appropriate to achieve its objectives

4.2 Development Committee

Objective:

To promote education, best practice and sound corporate governance in the retirement industry of the HKSAR

Focus:

(1) Provide education to professionals, members and other interested parties

(2) Promote best practice in all areas, especially corporate governance

(3) Encourage the development of long-term policies on retirement protection in HK

4.3 Membership Committee

Objective:

To recruit and retain members in line with the objectives of the Association

Focus:

(1) Membership

(2) Fees and programmes (generating annual revenues of HK$1 million p.a.)

(3) Communication, including website and newsletter

(4) Speaker / event programmes (including luncheons & seminars)

4.4 Relations Committee

Objective:

To develop relations and co-operation locally and internationally with relevant organizations to foster the work of the Association

4.5 China Committee

Objective:

To develop links and opportunities with Mainland China bodies from the public and private sector on the financial aspects of retirement protection and provision.

Focus:

(1) Follow developments in retirement protection and provision inMainland China (such as Enterprise Annuities).

(2) Monitor and comment on developments, exchange information and disseminate information to our members.

(3) Promote best practice and provide recommendations to Mainland China.

(3) Monitor the employer and human resource issues relating to cross border employment.

(4) Maintain contact with bodies in Mainland China, international bodies with an interest in Mainland China and organise visits and other events to or from Mainland China.

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