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Financial and Monetary Affairs
MPF accrued benefits (ie 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.
Occupational retirement schemes operated under the Occupational Retirement Schemes Ordinance (ORSO) are voluntary schemes set up by employers. Before the launch of the MPF System, operators of ORSO schemes had the option to apply for exemption from MPF requirements.
Statistics on MPF Schemes and MPF-exempted ORSO Registered Schemes (year-end)
2012
2013
2014
MPF Enrolment
Number of participating employers
259,800
264,400
271,500
Number of participating relevant
2,375,100
2,485,300
2,506,600
employees
Number of participating SEPS
220,400
212,400
208,000
Estimated MPF Enrolment Rate (per cent)
Employers
100
99
99
Relevant employees
99
100
99
SEPS
65
62
66
MPF Schemes
Number of registered schemes
41
41
38
Number of approved constituent funds
464
477
458
Aggregate NAV ($ billion)
440
514
565
MPF-exempted ORSO Registered Schemes
Number of schemes
3,705
3,601
3,500
Number of participating employees Aggregate NAV ($ billion)
361,083
351,497
341,894
250
273
278
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 objectives are to ensure compliance with MPF legislative requirements and protect the interests of scheme members. The MPFA monitors MPF trustees and their service providers, investigates cases of non-compliance, conducts inspections, and takes enforcement actions where necessary. It also arranges programmes to strengthen the public's understanding of the MPF system, publicise new developments of the system and educate scheme members on MPF investment.
Recent Developments
The Mandatory Provident Fund Schemes (Amendment) Bill 2014 was introduced into the Legislative Council for scrutiny in June. It includes proposals for increasing flexibility for withdrawing MPF accrued benefits, streamlining the MPF schemes' operational procedures to
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Private notes are available after approval.