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MPF Update

 

The Industry Scheme

 

"The Industry Scheme" is targeted at workers in sectors with particularly high rates of labour mobility.  A casual employee who is a member of the Scheme will not need to change MPF scheme when changing employment, thus minimizing the administrative burden and costs to such workers. The scheme will even cover casual employees who are paid or employed on a daily basis.

The Scheme will offer its members a choice of Constituent Funds in which to invest. The different funds are aimed to suit the personal and financial needs of different scheme members.

 

Recent Survey

 

Recent surveys (published on May 17th 2000) show that most employers consider the experience in managing provident funds is more important than historical investment performance. Employers also rank the credentials of the professional staff as equally important as the fees of the service providers. 

Furthermore, the survey shows that by mid-March, only a relatively small minority of employers have completed the process of selecting a service provider. And if you are one of those employers then please read on and submit your information via email or simply call our HOTLINE 2529-8828 so that we can help you choose your MPF service provider efficiently and independently. 

 

 

MPFA Approved Trustees:

 

Aetna Trust Limited
American International Assurance Company (Trustee) Limited
AXA China Region Trustees Limited
Bank Consortium Trust Company Limited
Bank of Communications Trustee Limited
Bank of East Asia (Trustees) Limited
Bermuda Trust (Far East) Limited
BOC Group Trustee Company Limited
Butterfield Trust (Hong Kong) Limited
CEF Trustees Limited
China Life Trustees Limited
Cititrust Limited
CMG Asia Trustee Company Limited
CRC Protective Trustees Limited
HSBC Provident Fund Trustee (Hong Kong) Limited
Manulife Provident Funds Trust Company Limited
Pacific Century Trustees Limited
Principal Trust Company (Asia) Limited
Royal Bank of Canada Trust Company (Asia) Limited
The Tai Ping Trustees (H.K.) Limited
Zurich Financial Services Pensions & Trustees (Hong Kong) Limited

 

 

 

MPF TimeTable

 

Key Stage

Schedule

Regulation of MPF Intermediaries

Examination for MPF Intermediaries

August 1999 onwards

Licensing

Commencement of submission of applications for registration of MPF schemes, approval of corporate trustees and approval of pooled investment funds

3 August 1999

Cut-off date for submission of the first batch of applications for registration of master trust schemes, approval of corporate trustees and approval of pooled investment funds

31 August 1999

Tendering of Industry Schemes

End 1999

Completion of registration of the first batch of master trust schemes

31 January 2000

Applications for registration of employer sponsored schemes

3 August 1999 to 3 May 2000

Exemption of ORSO Schemes from MPF Requirements

Commencement of submission of applications for MPF exemption

3 January 2000

Deadline for lodgment of applications

3 May 2000

Notification of results by MPFA

May to July 2000

Enrolment

Marketing of and enrolment into MPF Schemes

1 February 2000 to November 2000

Collection of Contributions

December 2000

 

 

 

What to look for in choosing your MPF Provider?

 

There are factors that should be taken into account when deciding whether a particular company is the one that the employer wants to work with on MPF. These factors can be summarized as:

 

Past experience in provident funds

Financial strength and commitment

Knowledge of the Hong Kong market

Value-added service

Customer-friendly product

Value for money/ Fees

Flexibility

Investment expertise

Effective communication/ Customer Support

Knowledge of MPF regulations

 

 

Fee Comparison Table

 

Please e-mail us at MPF@e-insurancehk.com for a copy of the MPF service providers' fee comparison table.

 

 

MPF Service Provider information brochures

 

Please e-mail us at MPF@e-insurancehk.com to obtain a brochure of the MPF service provider of your choosing.

 

 

Information Request Form

Select the items that apply, and then let us know how to contact you.

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