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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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