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Karen Yeung

Hong Kong’s Mandatory Provident Fund Schemes Authority, which regulates the city’s compulsory pension scheme, has promoted Alice Law Shing-mui as managing director for a three-year term, replacing Diana Chan Tong Chee-ching from July 1.
Law, who has been the chief operating and executive director since July 2012, formulated public policy and financial regulation, as well as implemented reform measures to enhance the MPF system.
“I am confident that she will be able to lead the MPFA in meeting the challenges ahead and in continuing to refine the MPF system,” said chairman David Wong.

Chan joined MPFA in 2000, and was the executive director of corporate services and chief operating officer of corporate affairs before being appointed managing director in July 2004.
A major reform to the retirement savings scheme was the offering of a new “default investment option” along with other initiatives in 2016, that reduced the average handling fees of all MPF schemes.
Meanwhile, the Hong Kong government has been proposing a controversial MPF offsetting mechanism that lets employers take cash from the pot to offset long-service or severance payments to workers.
The government hopes the proposed bill will pass by 2020 and come into effect by 2022.
But business and labour leaders remain unconvinced after several unsuccessful attempts to remove the mechanism despite assurances from government officials that they have considered the affordability of the plan.
In February, the 481 funds that invest in the MPF reported its first monthly loss in over a year by an average of 2.94 per cent, according to data by Thomson Reuters Lipper, apparently falling alongside a correction in global markets.
The retirement scheme had HK$843.5 billion in assets last year, which covers 2.8 million people in the city. The plan is forecast to reach HK$1 trillion (US$127.4 billion) by 2020, according to the Pension Schemes Association, an industry body for MPF providers.


Global retail investors shift to cash, but Asia still draws wealthy clients: Schroders CEO

MPF’s 10-month rally runs out of steam as assets drop 6 per cent in March

Hong Kong’s MPF set to report worst performance in 3 years in March

MPF scheme must move with the times to better meet worker needs

Mandatory Provident Fund (MPF)

Alice Law to oversee MPF – Hong Kong’s compulsory retirement plan – from July 1

Alice Law Shing-mui takes over as managing director of the Mandatory Provident Fund Schemes Authority from July 1. Photo: Edmond So

Alice Law Shing-mui, Chief Operating Officer-Executive, Mandatory Provident Fund Schemes Authority attends Governance Charter pledging Ceremony for MPF Trustees at HKEX (Hong Kong Exchanges and Clearing) Connect Hall in Central. 24MAY18 SCMP / Edmond So

Can plan to scrap MPF offset mechanism move by Lunar New Year? Unlikely, Hong Kong’s business sector says

With the Lunar New Year just round the corner, business sector leaders say more time is needed to negotiate and assess the proposal. Photo: Sam Tsang

Chief Secretary Matthew Cheung Kin-chung attends National Constitution Day Forum at Grand Hyatt Hong Kong in Wan Chai. 04DEC17 SCMP / Winson Wong

Executive Council backs HK$7.9 billion plan to scrap contentious MPF offset mechanism

Chief Executive Leung Chun-ying concedes that last-minute decision could be altered by next administration under Carrie Lam

Members of The Hong Kong Federation of Trade Unions protest outside Legco Building before Chief Executive Leung Chun-ying announces his policy address. 18JAN17 SCMP / Edward Wong

Chief Executive Leung Chun-ying and Chief Secretary Matthew Cheung defend the decision on abolishing the MPF offset mechanism. Photo: David Wong

First-time buyers in Hong Kong may be allowed to use MPF savings to buy a house … but don’t hold your breath

The idea of allowing Hongkongers to withdraw their MPF savings to buy property has been under consideration for some time. Photo: Felix Wong

JPG for ONLINE

HK$17.2 billion MPF subsidy offered as Hong Kong officials push to ditch controversial offset mechanism 

Chief Secretary Matthew Cheung and Secretary for Labour and Welfare Law Chi-kwong try to drum up support from business sector and workers’ representatives for new proposal

Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor attends the Art Basel media reception at the Hong Kong Convention and Exhibition Centre in Wan Chai. 27MAR18 SCMP / Xiaomei Chen

(left to right): Financial Secretary, Paul Chan Mo-po; and Secretary for Labour and Welfare, Law Chi-kwong, speak to the press at Central Government Offices in Tamar. Paul Chan announces that a third of Hongkongers will get a cash handout of up to HK$4,000 each. 23MAR18 SCMP / Sam Tsang

The MPF is meant to give workers a nest egg for retirement. Illustration: Martin Chan

Average MPF pension values almost triple in a decade, with total fund now standing at US$99b

David Wong Yau-kar, chairman of the Mandatory Provident Fund Schemes Authority. Photo: Bruce Yan