The Mandatory Provident Fund (MPF) is a compulsory pension fund designed by the Hong Kong government as a major protection scheme for the aged and retired residents. Most employees and their employers are required to contribute monthly. A 2012 study by the Consumer Council shows that almost half of the MPF funds have posted losses in each of the past five years.
The Mandatory Provident Fund is a good thing because it forces very low income groups to save money, which they otherwise might not do.
Letter to the editor,October 21Tuesday, 23 October, 2012, 4:19am 3 comments
Successive governments have ruled out a universal retirement pension. But recent events have revived the issue. One is the threat by some political parties to oppose funding for a boosted old-age allowance unless the government drops its plan to means test it.22 Oct 2012 - 2:52am
sfc.hk and mpfa.org.hk22 Oct 2012 - 1:54am
The regulator of the Mandatory Provident Fund scheme is warning of problems if the government steps in to administer workers' retirement savings.21 Oct 2012 - 4:19am 2 comments
"Hong Kong is a free market. However, if free market competition pressure cannot bring fees down we have to consider adding a cap."
Diana Chan Tong Chee-ching, MPF Schemes Authority, SCMP, October 1921 Oct 2012 - 1:39am 3 comments
Old and new MPF set-up impractical
The Mandatory Provident Fund is a good thing, because it forces very low-income groups to save money, which they otherwise might not do.
Even though the actuaries will argue that the savings are quite inadequate to meet retirement needs, the MPF is nonetheless a step in the right direction.21 Oct 2012 - 1:39am
Mandatory Provident Fund providers hit back at the pension regulator's proposal to cap fees, warning it would hurt the city's image as a free market and limit investor choice.20 Oct 2012 - 3:28am 3 comments
Hong Kong's pension regulator is considering capping the fees of Mandatory Provident Fund providers amid concerns they are charging too much.
Diana Chan Tong Chee-ching, managing director of the Mandatory Provident Fund Schemes Authority, said yesterday the authority had appointed accounting firm Ernst & Young to carry out a study on ways to reduce MPF fees.19 Oct 2012 - 7:25am 4 comments
The Consumer Council found huge variations in management fees with the MPF fund expense ratio (FER) - fees and charges as a percentage of the total fund size - ranging from 0.17 per cent to 4.62 per cent.
SCMP, October 1618 Oct 2012 - 4:47am 3 comments
It is time for providers of involuntary pension programmes to cut down their service charges, the consumer watchdog reiterated on Wednesday.29 Aug 2013 - 4:13am