Normal pension age.

Earliest age at which a member can receive full pension benefits. It is not necessarily the same as normal pension date or normal retirement age.

on risk date

In an annuity purchase, this is the date deemed to be the date at which the risk fora particular set of members istransferred to a provider in exchange for a premium.

Occupational Pensions Regulatory Authority.

Established by the Pensions Act 1995, OPRA was responsible for supervising occupational pension schemes. OPRA was superseded by The PensionsRegulator with effect from April 2005.

options

A contract with a bank, which is paid for upfront and which will allow the investor to buy or sell certainspecified assets at an agreed price at some time in the future. The market value of those assets may have moved in a way which makes the contract disadvantageous for the bank at the time it is exercised.

par value

The value of a loan at the time it is made by the original investor, also known as the 'maturity value' or 'face value'. It is the amount which the issuer will pay back to the current owner ofthe bond at the agreed maturity date. For index-linked gilts, the par value is the size of the original loan uplifted to take account of inflation in the meantime.

partial projected unit method

method for calculating technical provisions that takes some (but not full) account of future salary increases (eg salary increasesfor a limited period perhaps where scheme closure is envisaged).

participating employer

An employer who contributes or has contributed to a multi-employer or industry-wide occupational pension schemeand has been admitted to participate in the scheme under the scheme rules.

passive fund management

The management of assets, eg equities, gilts, by holdingan exact replica of a given index, eg FTSE100, FTSE350,with the result that the assetsin question move exactly in line with the chosen

List of banks found in Hong Kong

A BN AMRO Bank
38/F Cheung Kong Centre
2 Queen's Road Central, Hong Kong
Tel: (852) 2176 8888
Fax: (852) 2845 9049
E-mail: customer.feedback@hk.abnamro.com
Website: www.abnamro.com.hk
Agricultural Bank of China
23/F, Tower I, Admiralty Centre, 18 Harcourt Road, Hong Kong
Tel: (852) 2861 8033
Fax: (852) 2866 0133
E-mail:
Website: www.abchina.com.hk
American Express Bank Ltd
36th Floor, One Pacific Place,88 Queensway,
Hong Kong
Tel: (852) 2844 0688
Fax: (852)2845 3637
E-mail:
Website: www.americanexpress.com/hk/
Asia Commercial Bank Ltd
Asia Financial Centre 120 DesVoeux Road,
Central,Hong Kong
Tel: (852) 2545 3115
Fax: (852) 2815 3157
E-mail: contact@afh.com.hk
Website: www.abchina.com.hk
Australia & New Zealand Banking Group
Suites 3101-5, One ExchangeSquare
8 Connaught Place, Central, Hong Kong
Tel: (852) 2843 7111
Fax: (852) 2868 0089
E-mail: chank5@anz.com
Website: www.anz.com
B ank of China
1 Garden Road, Hong Kong
Tel: (852) 2291 8000
Fax: 852) 2537 1266
E-mail:
Website: www.bochk.com
Bank of East Asia
10 Des Voeux Road, Central, Hong Kong
Tel: (852) 2842 3200
Fax :(852) 2845 9333
E-mail: info@hkbea.com
Website : www.hkbea.com
Baden-Wurttembergische Bank, B-W Bank
20/F., Entertainment Building
30 Queen's Road Central, Hong Kong
Tel: (852) 2849 9680
Fax: (852) 2849 9600
E-mail: hongkong.branch@bw-bank.com.hk
Website: www.bw-bank.com
Banca di Roma
16/F., The Hong Kong Club Building 3A Chater Road, Central Hong Kong
Tel: (852) 2521 2221
Fax: (852) 2868 0034
E-mail:
Website: www.bancaroma.it
Banca Intesa S. P. A.
33/F., Edinburgh Tower, TheLandmark 15 Queen's Road Central Hong Kong
Tel: (852) 2532 2700
Fax: (852) 2845 0209
E-mail:
Website: www.bancaintesa.it
Banca Monte dei Paschi di Siena, S.P.A.
15/F., International Finance Centre 1 Harbour View Street, Central Hong Kong
Tel: (852) 2295 2800
Fax: (852) 2295 3131
E-mail:
Website: www.mps.it
Banca Nazionale del Lavoro S.P.A.
Suite 1501, 15/F., Cheung Kong Centre 2 Queen's Road Central, Hong Kong
Tel: (852) 2101 0700
Fax: (852) 2810 5243
E-mail:
Website: www.bnl.it
Banco Bilbao Vizcaya Argentaria, S.A.
33/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong.
Tel: (852) 2582 3111
Fax: (852) 2824 4868
E-mail:
Website: www.bbva.es
Bangkok Bank Public Company Ltd
Bangkok Bank Building 28 Des Voeux Road Central Hong Kong
Tel: (852 )2801 6688
Fax: (852) 2810 5679
E-mail:
Website:
Bank Melli Iran
Room 704 - 706 Wheelock House 20 Pedder Street, Central Hong Kong
Tel: (852) 2521 1127
Fax: (852)2868 4692
E-mail:
Website:
Bank of America (Asia) Ltd
41/F Two International Finance Centre
8 Finance Street, Central,Hong Kong
Tel: (852) 2805 2383
Fax: (852) 2597 3300
E-mail:
Website: www.bankofamerica.com/hk
Bank of Communications
20 Pedder Street Central Hong Kong
Tel: (852) 2269 9699
Fax: (852) 2810 6993
E-mail: enquiry@bankcomm.com.hk
Website: www.bankcomm.com.hk
Bank of India
2/F., Dina House, 11 Duddell Street, Central Hong Kong
Tel: (852) 2524 0186
Fax: (852) 2877 1178
E-mail: boihk@netvigator.com
Website: www.bankofindia.com.hk
Bank of Baroda (HK) Ltd.
Room. 302, Ruttonjee Centre,Dina Hse., 11 Duddell Street,Central, Hong Kong
Tel: (852) 25215166
Fax: (852) 28684702
E-mail: bobhkg@netvigator.com
Website:
Bank of Montreal
3606 One Exchange Square Central Hong Kong
Tel: (852) 2522 4182
Fax: (852) 2810 4520
E-mail: enquiry@bmo.com.hk
Website: www.bmo.com.hk
Bank of New York
6/F., New Henry House 10 Ice House Street, Central Hong Kong
Tel: (852) 2840 9888
Fax: (852) 2810 5279
E-mail:
Website: www.bankofny.com
Bank of Nova Scotia
25/F., United Centre 95 Queensway Hong Kong
Tel: (852) 2529 5511
Fax: (852) 2527 2527
E-mail:
Website: www.scotiabank.com
Bank of Scotland
15/F., Jardine House 1 Connaught Place Hong Kong
Tel: (852) 2521 2155
Fax: (852) 2845 9007
E-mail:
Website: www.bankofny.com
Bank of Taiwan
4/F 9 Queen's Road Central Hong Kong
Tel: (852) 2521 0567
Fax: (852) 2869 4957
E-mail: enquiry@bmo.com.hk
Website: www.bot.com.tw
Bank of Tokyo-Mitsubishi
14/F., Tower 1, Admiralty Centre 18 Harcourt Road Hong Kong
Tel: (852) 2823 6666
Fax: (852)2529 3821
E-mail:
Website: www.bankofny.com
Bank SinoPac
23/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong
Tel: (852) 2801 2801
Fax: (852) 2851 3163
E-mail:
Website: www.banksinopac.com.tw
Barclays Bank Plc
42/F., Citibank Tower, 3 Garden Road, Hong Kong
Tel: (852) 2903 2000
Fax: (852) 2903 2999
E-mail: internationalbanking@barclaysasia.com
Website: www.barclays.co.uk/hongkong
Bayerische Hypo- und Vereinsbank AG
13/F Citic Tower 1 Tim Mei Avenue, Central
Hong Kong
Tel: (852) 2533 4000
Fax: (852) 2533 4700
E-mail:
Website: www.hvbasia.com
Bayerische Landesbank
19/F Standard Chartered Bank Building 4-4A Des Voeux Road Central Hong Kong
Tel: (852) 2978 8333
Fax: (852) 2877 3817
E-mail:
Website: www.blb.de
Belgian Bank
33/F ICBC Tower
3 Garden Road, Central, Hong Kong
E-mail: info@belgianbank.com.hk
Website: www.belgianbank.com.hk

JPMorgan, Credit Suisse paying $417million in SEC case

WASHINGTON -- JPMorgan Chase and Credit Suisse have agreedto pay a combined $417 million to settle federal civil charges of deceiving investors through sales of risky mortgage bonds ahead of the 2008 financial crisis.
The Securities and Exchange Commission saysJP Morgan failed to tell investors that mortgages tied to the bonds were delinquent. And both banks failed to properly disclose practices that allowed them to profit while investors lost millions.
JPMorgan is paying$296.9 million. Credit Suisse will pay $120 million. The money will go to the investors, the SEC said.