The Mandatory Provident Fund Authority is considering changing the name of its Capital Preservation Fund after unionists accused it of misleading employees who invested in the fund.
Cheung Lai-ha, the vice-chairwoman of the Confederation of Trade Unions, said many workers blamed the authority for misleading them by promoting the fund as a conservative, low-risk investment product.
'Many workers thought they could preserve every penny of their MPF contribution in their accounts if they placed their money in the Capital Preservation Fund,' Ms Cheung said.
'But the fact is, they can still suffer losses ... they feel cheated after finding out there was no way for them to avoid losses in this difficult time.'
Workers voiced their discontent over the MPF scheme at a seminar organised by the union in December. Some had also complained about management fees deducted from their accounts each month to pay the trustees, Ms Cheung said.
The authority said a name change might be in order.