An arrangement has been made to the Life Annuity Scheme that will enable retirees with a certain amount of assets to receive a regular annuity payment without compromising their eligibility for the Old Age Living Allowance.

Chief Secretary Matthew Cheung made the statement today, noting the portion of assets contributed by senior citizens to buying the annuity will not be counted as assets in determining their eligibility for the Old Age Living Allowance.

He said this will allow more people to join the Life Annuity Scheme.