The Hong Kong Federation of Insurers (HKFI) welcomes the Government’s official announcement today on the list of Qualifying Deferred Annuity Policies (QDAPs) aiming to encourage the working population to save for the future.

“QDAP is an effective planning tool to incentivise saving and provide policyholders with a stable stream of post-retirement income. The HKFI is pleased to have played an instrumental role in the design of QDAP,” said Ms Charity Au, Chairman of Life Insurance Council (LIC).

The HKFI has been actively assisting the Government to roll out QDAP over the past few months. To ensure that QDAP meets the needs of different sectors, the LIC under HKFI has set up a Special Committee (SC) with experts from the field to work with the Insurance Authority (IA) and Financial Services and the Treasury Bureau (FSTB). “Within a short span of one year, we are able to work out a QDAP governance framework with the regulator and thus enable policyholders to start saving and enjoy tax concession at the earliest possible opportunity,” added Mr Edward Moncreiffe, Chairman of SC.

With the successful rollout of QDAP, the HKFI would like to thank all parties involved for their valuable contributions, in particular the SC. A vote of thanks is due to the Hon K P Chan as well as the IA and FSTB for their support and guidance.

Annuity insurance products have become increasingly popular in the recent years, and members of the public are keen to obtain further information for making a purchase decision. In this connection, we will work with all stakeholders to help foster a better understanding of QDAP among the public in Hong Kong.

At the same time, the HKFI will provide suitable training for insurance intermediaries to fully comprehend how QDAP works, the protection it offers and how policyholders can enjoy the tax incentives offered by the Government. For more information about the training we provide, please visit HKFI website: https://event.hkfi.org.hk/en_US/event.