Schroders sets out Hong Kong retirement scheme proposals

Based on the proposal to be launched by Hong Kong Mortgage Corporation (HKMC) in the middle of next year, people aged 65 and above will be allowed to invest up to HK$1 million (US$128,000) in exchange for a guaranteed monthly income until death. “While we welcome the plan, it may not be adequate,” says Lesley-Ann Morgan, Global Head of Defined Contribution and Retirement at Schroders. She explains that there are three key risks that people face in retirement: living longer than ex…