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Financial and Monetary Affairs
transfer from their current contribution accounts the accrued benefits derived from the employees' mandatory contributions made during the current employment to another MPF scheme on a lump sum basis once every calendar year. Accrued benefits derived from mandatory contributions must be preserved until a scheme member reaches the retirement age of 65, unless the member meets a statutory condition for early withdrawal of benefits. At the end of 2013, 99 per cent of employers (about 264,400), 100 per cent of relevant employees (about 2,485,300) and 62 per cent of self-employed persons (about 212,400) participated in MPF schemes. Total NAV of MPF schemes amounted to about $514 billion.
Unlike MPF schemes, occupational retirement schemes (ORSO schemes) operated under the Occupational Retirement Schemes Ordinance (ORSO) are voluntary schemes set up by employers. To tie in with the implementation of the MPF System in 2000, operators of ORSO schemes that fulfil certain conditions may apply for exemption from MPF requirements. Members of ORSO schemes that have been granted exemption may choose to remain in the existing ORSO scheme or join an MPF scheme. At the end of 2013, 3,601 ORSO schemes registered under the ORSO were exempted from MPF requirements.
Statistics on MPF Schemes and MPF-exempted ORSO Registered Schemes (year-end)
2011
2012
2013
MPF Enrolment
Number of participating employers
252,500
259,800
264,400
Number of participating relevant employees
2,341,200
2,375,100
2,485,300
Number of participating SEPs
229,400
220,400
212,400
Estimated MPF Enrolment Rate (per cent)
Employers
98
100
99
Relevant employees
99
99
100
SEPS
70
65
62
MPF Schemes
Number of registered schemes
41
41
41
Number of approved constituent funds.
445
464
477
Aggregate NAV of all MPF schemes ($ billion)
356
440
514
MPF-exempted ORSO Registered Schemes Number of MPF-exempted ORSO registered schemes
3,804
3,705
3,601
Number of participating employees in MPF-exempted ORSO registered schemes Aggregate NAV of MPF-exempted ORSO registered schemes ($ billion)
369,865
361,083
351,497
251
250
273
Mandatory Provident Fund Schemes Authority
The Mandatory Provident Fund Schemes Authority (MPFA) was established under the Mandatory Provident Fund Schemes Ordinance to regulate, supervise and monitor the operation of the MPF System. It is also the Registrar of Occupational Retirement Schemes. Its prime objectives are to ensure compliance with MPF legislative requirements and protect the
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