Manulife (International) has launched a pension scheme for workers in Macau.
Called Manulife (Macau) Pension Fund Scheme it comprises five open pension funds with different investment objectives and risk/return levels, catering for diverse investment appetites and retirement needs. It went live on January 1.
The scheme is composed of five open pension funds tailored to the Macau market, spanning a variety of investment objectives and risk appetites. They are: Pacific Asia Bond Fund (Macau), Stable Growth Fund (Macau), Balanced Fund (Macau), HK & China Equity Fund (Macau) and Healthcare Fund (Macau).
Both the Pacific Asia Bond Fund (Macau) and Healthcare Fund (Macau) are unique in the local pension market. The Pacific Asia Bond Fund (Macau) will invest in bonds from the Asia-Pacific region, including Chinese bonds, while the Healthcare Fund (Macau) is the only fund in Macau investing in pharmaceutical products.
The five funds offer a wide array of investment options, which include a bond fund, an equity fund, a sector fund and two mixed assets funds. Companies are able to access this diversified fund platform for the varying retirement needs of their employees.
Luzia Hung, vice-president of employee benefits, at Manulife (International) said Macau people enjoyed a long lifespan and many of them were becoming increasingly aware of the need for retirement planning. “By offering a pension fund scheme that complements the benefits package their companies offer, Macau employers may attract and retain quality employees, enhance morale and build loyalty while also enjoying tax benefits on contributions made to pension funds," she said.
She said Manulife was drawing on its 77 years of pension management in Hong Kong and was committed to providing customised services for its customers. The company wanted to help employers set up and manage their pension accounts “more efficiently by providing scheme design, enrolment briefings to employees, regular account statements”, she added.
