Private pension fund assets expand 17.6 pct as at Q3-end

Total scheme members amounted to 138,691 at the end of the quarter

A total of MOP16.5 billion (US$2.1 billion)-worth in pension fund assets were under the management of nine local private fund managers as at the end of September, growing by 17.6 per cent compared to MOP13.6 billion for the same period last year.
According to the latest official data of the Monetary Authority of Macau (AMCM), there were a total of 58 registered pension funds in the city, of which 54 were open funds while the other four were closed.
Meanwhile, the number of registered pension plans totalled 1,006 as at the end of September, an increase of 4.4 per cent year-on-year, of which 998 were defined-benefit plans while only eight were defined-contribution plans.
Of the total pension fund assets under management, 35.3 per cent, or MOP5.8 billion, were managed by AIA international Ltd, a surge of 22.8 per cent from MOP4.7 billion one year ago.
Meanwhile, Luen Fung Hang Life Ltd also saw the value of pension fund assets under its management grow by 22.1 per cent year-on-year, from MOP3.4 billion to MOP4.2 billion, accounting for 25.3 per cent of the total.
The other major fund managers were ICBC (Macau) Pension Fund Management Co. Ltd. and Macau Life Insurance Company, who were managing pension fund assets worth MOP1.8 billion and MOP1.3 billion as at the end of quarter, accounting for 12.5 per cent and 10.9 per cent of the total, respectively.

Increased scheme members
The total number of pension scheme members reached 138,691 as at the end of September, rising by 3.8 per cent year-on-year, and covering around 41 per cent of the city’s total work force.
Of the total, 64,549 scheme members were working for the local gaming industry, suggesting 80.2 per cent of the city’s 80,500 gaming workers were contributing to private pension plans – the highest ratio among the major industries.
Meanwhile, some 11,530 pension scheme members were working for the wholesale and retail trade sector, while some other 23,952 were employed in the hotels, restaurants and similar activities sector.
In terms of coverage, following the gaming industry, the electricity, gas and water supply sector saw 73.5 per cent of its workers contributing to retirement plans, while the education field saw 60 per cent of its labour force doing so.