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Financial and Monetary Affairs
Statistics on MPF schemes and MPF-exempted Orso Registered Schemes (year end)
Number of MPF-enrolled participants
(Estimated rate)
Employers
Relevant employees
SEPS
2014
2015
2016
271,500
276,000
277,200
(99%)
(100%)
(100%)
2,506,600
2,548,800
2,583,800
(99%)
(100%)
(100%)
208,000
205,300
202,200
(66%)
(68%)
(68%)
MPF schemes
Number of registered schemes
38
38
36
Number of approved constituent
458
459
484
funds
Aggregate NAV ($ billion)
565
591
646
MPF-exempted Orso registered schemes14
Number of schemes
3,500
3,382
3,294
Number of participating employees
341,894
337,627
333,394
Aggregate NAV ($ billion)
278
290
294
MPF schemes are privately managed and stringently regulated. At the year end, there were 14 active approved MPF trustees providing MPF schemes and funds and 33,022 registered MPF intermediaries engaging in regulated activities such as selling and advising on MPF schemes.
Mandatory Provident Fund Schemes Authority
The Mandatory Provident Fund Schemes Authority, established under the Mandatory Provident Fund Schemes Ordinance, regulates and supervises the MPF System. One of its objectives is to ensure compliance with MPF legislative requirements, thus protecting the interests of scheme members. It monitors MPF trustees, investigates cases of non-compliance, conducts inspections and takes enforcement action. Furthermore, it arranges programmes to strengthen the public's understanding of new developments of the MPF System, and to educate scheme members on MPF investments. It is also the Registrar of Occupational Retirement Schemes.
Recent Developments
The Mandatory Provident Fund Schemes (Amendment) Ordinance 2016 was passed by LegCo in May. It regulates the default investment arrangement for all MPF schemes by requiring MPF trustees to provide in each scheme a highly standardised and fee-controlled default investment strategy. The strategy follows a globally diversified and de-risking investment strategy.
14 MPF-exempted Orso registered schemes are occupational retirement schemes set up voluntarily by employers and registered under the Occupational Retirement Schemes Ordinance before the launch of the MPF System, and subsequently granted exemption from MPF requirements.
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