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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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