LS&A works with People’s Republic of China to assist with pension supervision
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LS&A works with People’s Republic of China to assist with pension supervision |
LS&A is assisting China's pension regulator, the Ministry of Labour and Social Security, with the development of a risk based approach to supervision for the country's new Enterprise Annuity system, now being implemented. The project is being supervised by the World Bank and funded by FIRST Initiative. The new Enterprise Annuity system is a defined contribution voluntary pension scheme provided through employers on a tax beneficial basis. The Enterprise Annuity system is intended to be an important pillar in the country's social security framework. As part of the project, a delegation of nine officials and financial industry specialists visited Canada in May 2006 to study Canadian methods of pension supervision and administration. Canadian pension supervisors at the Office of the Superintendent of Financial Institutions (Canada) and the Financial Services Commission of Ontario, each provided a half day of instruction and illustration with regard to their approaches to risk based pension supervision. They also provided information about their IT systems for pension supervision and about Canada's social security system in general.?Half day meetings were also arranged with major Canadian pension players, Manulife Financial and Sun Life Financial. These international organizations, both of which are active in the Chinese market, provided the delegates with insights about their approaches to investment and risk management in the pension field. The delegation also had extensive meetings with the U.S. Department of Labor prior to their Canadian visit. By all accounts members of the delegation found the visit to be constructive and beneficial. The head of the delegation, Madame Zhang Hao, Deputy Director of Pension Supervision at the Ministry of Labour and Social Security, said the meetings provided her and her officials with many ideas that will be helpful in designing the system of supervision in China. The Canadian study tour was arranged by LS&A under the auspices of the World Bank and FIRST Initiative. In the meantime, work continues on the China pension supervision project, which is expected to be completed in early 2007.
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To contact us: Lawrie Savage & Associates Inc.
Phone: (416) 916-0702
222 The Esplanade, Suite 201 |
