In the light of the rapidly ageing population of Hong Kong, enhancing the quality of living of the elderly after their retirement is one of the key policy focuses of the HK Government. The introduction of a brand new life annuity scheme was announced by The Hong Kong Mortgage Corporation Limited (HKMC) in April this year. The design of the HKMC life annuity scheme intends to provide immediate lifetime payouts to annuitants aged 65 or above after a lump-sum premium payment. A cap and a floor on the premium amount will be set for each annuitant (tentatively at HK$1 million and HK$50,000 respectively).

TMA is delighted to have invited Mr. Raymond LI Ling Cheung, Executive Director and Chief Executive Officer, The Hong Kong Mortgage Corporation Limited, to share with members the features of the Life Annuity Scheme.

Mr. Raymond Li is a Senior Executive Director of the Hong Kong Monetary Authority (HKMA).  He was seconded to the Hong Kong Mortgage Corporation as its Executive Director and Chief Executive Officer.  Mr Li joined the Hong Kong Government as an Administrative Officer in 1982 and became Principal Assistant Secretary (Monetary Affairs) in 1990.  He joined the HKMA in 1993 and took up various posts since then.  His projects included interest rate deregulation, financial disclosure by authorized institutions, property lending and mortgage policies, supervisory framework for stored value cards and money brokers, electronic banking, market risks, year 2000 issue, and anti-money laundering.  He was responsible for the establishment of the deposit protection scheme and the credit referencing infrastructure of Hong Kong.  Before being seconded to the HKMC in January 2013, he was Director-General (Enforcement) of the HKMA. 

TMA Individual Members are entitled to receive 1 CPT (TMA) credits upon completion of the seminar. TMA is a recognized institution for providing continuous professional training (CPT) of the Securities and Futures Commission (SFC). The CPT hours can be used to meet CPT requirements of the SFC.  TMA Office will update your CPT record with the TMA (i.e. your CPT record as a TMA Individual Member) after the seminar is held.