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Financial and Monetary Affairs
MPF benefits, comprising accumulated mandatory contributions and investment returns, must be preserved until a scheme member reaches the age of 65 or meets a statutory condition for early withdrawal of benefits.
Statistics on MPF schemes and MPF-exempted Orso Registered Schemes (year end)
2015
2016
2017
Number of MPF-enrolled participants
(Estimated rate)
Employers
276,000
277,200
280,200
(100%)
(100%)
(100%)
Relevant employees
2,548,800
2,583,800
2,581,100
(100%)
(100%)
(100%)
SEPS
205,300
202,200
205,000
(68%)
(68%)
(70%)
MPF schemes
Number of registered schemes
38
36
32
Number of approved constituent
459
484
469
funds
Aggregate NAV ($ billion)
591
646
844
MPF-exempted Orso registered schemes1o
Number of schemes
3,382
3,294
3,195
Number of participating employees Aggregate NAV ($ billion)
337,627
333,394
329,021
290
294
301
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 32,388 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 (MPFA), established under the Mandatory Provident Fund Schemes Ordinance, regulates and supervises the MPF System. It ensures 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. It arranges programmes to strengthen the public's understanding of new developments in the MPF System and to educate scheme members on MPF investments. The MPFA is also the Registrar of Occupational Retirement Schemes.
10 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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