ENG-2018 — Page 108

4.

Financial and Monetary Affairs

Statistics on MPF Schemes and MPF-exempted Occupational Retirement Schemes Ordinance (Orso) Registered Schemes (year end)

2016

2017

2018

Number of MPF-enrolled participants

(Estimated rate)

Employers

277,200

280,200

290,500

(100%)

(100%)

(100%)

Relevant employees

2,583,800

2,581,100

2,633,300

(100%)

(100%)

(100%)

SEPS

202,200

205,000

207,800

(68%)

(70%)

(70%)

MPF schemes

Number of registered schemes

36

32

32

Number of approved constituent funds

484

469

467

Aggregate NAV ($ billion)

646

844

813

MPF-exempted Orso registered schemes?

Number of schemes

3,294

3,195

3,048

Number of participating employees

333,394

329,021

317,308

Aggregate NAV ($ billion)

294

301

336

MPF schemes are managed privately and regulated. At the year end, there were 14 active approved MPF trustees providing MPF schemes and funds and 32,867 registered MPF intermediaries engaging in regulated activities such as selling and advising on MPF schemes.

Recent Developments

In May, a Governance Charter developed by the MPFA was endorsed by MPF trustees to promote a stronger governance culture and deliver better value-for-money outcomes for scheme members. In November, the MPFA launched a set of governance principles to guide MPF trustees' boards of directors in upholding good governance practices.

The government and the MPFA are preparing to set up a centralised platform, which will standardise, streamline and automate MPF scheme administration processes to maximise operational efficiency so as to create room for fee reduction, and to create a predominantly paperless MPF experience. The target is to complete the development of the centralised platform in 2022.

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MPF-exempted Orso registered schemes are occupational retirement schemes set up voluntarily by employers and registered under the ordinance before the launch of the MPF System, and subsequently granted exemption from MPF requirements.

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