HKMC Hosts Event to Promote Retirement Planning with HKMC Retire 3 Products

HKMC organises public education event to promote 'HKMC Retire 3' and retirement planning information

The following is issued on behalf of the Hong Kong Monetary Authority:

​The Hong Kong Mortgage Corporation Limited (HKMC) organised a public education event at the Hong Kong Convention and Exhibition Centre today (July 14) to advocate making good use of the "HKMC Retire 3" products, namely the Reverse Mortgage Programme (RMP), the Policy Reverse Mortgage Programme (PRMP) and the HKMC Annuity Plan (see Note 1), to create lifelong payouts for a more stable retirement life.

The event has attracted around 300 participants, and it included a talk on the "HKMC Retire 3", a Q&A session, one-on-one consultations and giveaway games. In addition, as a retirement planning partner of the citizens, the HKMC invited AWEsum Care, a social enterprise and charity, to introduce to the participants how to plan ahead with the "Three Instruments of Peace" (i.e. a Will, an Enduring Power of Attorney and an Advance Medical Directive) according to their wishes as early as possible, providing protection for individuals and their families in the event of mental incapacity or passing.

The Executive Director and Chief Executive Officer of the HKMC,Mr Colin Pou,said, "The 'HKMC Retire 3' can provide retirees with immediate, stable and lifelong streams of income, and it has helped around 40 000 customers enhance the quality of their retirement lives. We will enhance promotion of the 'HKMC Retire 3' and support financial education for the elderly, such as by organising over 150 seminars this year, in support of the Government's initiative to promote silver economy. In fact, the retirement planning market in Hong Kong still has a lot of room for development. We will proactively co-operate with different institutions and continue to promote retirement planning concepts to the public."

For public enquiries on the product features or application methods of the "HKMC Retire 3", please call the hotline at 2536 0833.

Note 1:The RMP and the PRMP are operated by HKMC Insurance Limited, and the HKMC Annuity Plan is underwritten by HKMC Annuity Limited. HKMC Insurance Limited and HKMC Annuity Limited are wholly-owned subsidiaries of the HKMC.

HKMC organises public education event to promote 'HKMC Retire 3' and retirement planning information Source: HKSAR Government Press Releases

HKMC organises public education event to promote 'HKMC Retire 3' and retirement planning information Source: HKSAR Government Press Releases

Incoming passenger convicted and jailed for possession of duty-not-paid cigarettes

An incoming passenger was sentenced to 29 days of imprisonment by the Fanling Magistrates' Courts today (May 23) for possessing duty-not-paid cigarettes and failing to declare them to Customs officers, in contravention of Dutiable Commodities Ordinance (DCO).

Customs officers intercepted the incoming 58-year-old male passenger at the Lok Ma Chau Spur Line Control Point yesterday (May 22) and seized 1 981 sticks of duty-not-paid cigarettes from him. The estimated market value of the seized cigarettes was about $8,100, and the duty potential was about $6,500. He was subsequently arrested.

Customs welcomes the sentence, noting that even a first-time offender may still be imprisoned. The custodial sentence has imposed a considerable deterrent effect and reflects the seriousness of the offences. Members of the public should not defy the law.

Customs reminds members of the public that under the DCO, cigarettes are dutiable goods to which the DCO applies. Any person who imports, deals with, possesses, sells or buys illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $2 million and imprisonment for seven years.

Members of the public may report any suspected illicit cigarette activities to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Incoming passenger convicted and jailed for possession of duty-not-paid cigarettes Source: HKSAR Government Press Releases