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Enoch Yiu

The 4.75 million members of Hong Kong’s Mandatory Provident Fund (MPF) could save up to HK$50 billion (US$6.4 billion) in fees over a 10-year period after its electronic platform’s full implementation next year, according to the city’s retirement schemes regulator.
The Mandatory Provident Fund Schemes Authority (MPFA) revised its original estimate made a few years earlier of HK$30 billion to HK$40 billion in savings from fee reduction because the digital platform, called eMPF, worked better than expected, chairwoman Ayesha Macpherson Lau said in an interview ahead of the data’s release on Sunday.
That revision came ahead of the final phase of onboarding by the retirement scheme’s four biggest trustees – AIA, Sun Life, Manulife and HSBC – as they start migrating to the eMPF from this week until the end of the year.
“The eMPF has worked very well since its launch in the middle of last year, and usage of the platform has been better than expected,” Lau said. “I am very optimistic that the amount of savings from the reduction of fees would be higher than what we initially expected.”
Her assessment reflects the ambitious goal behind the eMPF, which stands as the most significant reform to the city’s 25-year-old compulsory retirement scheme. Launched in June last year, it was designed to serve as a centralised platform that would replace the separate systems used by the MPF’s 12 trustees.
The digital platform would enable the 12 MPF providers, the city’s 367,000 employers and 4.75 million members to manage assets worth HK$1.4 trillion through a single system that is accessible via smartphones, tablets or desktop computers.

Lau said eight of the MPF’s 12 trustees have already migrated to the electronic platform.
While the MPF providers on board exclusively use the electronic platform, members can still hand in paper forms or make payments by cheque. The eMPF staff would help these members digitally input that information.
At present, 60 per cent of eMPF transactions are conducted digitally by members and employers, according to Lau. That was higher than the previously estimated 50 per cent of transactions they would use.
“Over the past year, the operation of the eMPF has significantly improved the efficiency of MPF scheme administration, with economies of scale exceeding initial expectations,” Lau said. “The current administration fee level of the 378 MPF investment funds is at 37 basis points, which is expected to be further reduced to between 20 and 25 basis points.”
That improvement led the MPFA to revise the amount of savings – from the fee reduction of the MPF investment funds – to HK$40 billion to HK$50 billion over a 10-year period, 25 per cent higher than the previous estimate.
It means that if the administration fee was HK$1, this would eventually decrease to 35 HK cents from the original estimate of 45 HK cents.

The MPFA’s revised estimate comes at a time when AIA, Sun Life, Manulife and HSBC – trustees to a combined 75 per cent of MPF assets – are about to start migrating to the electronic platform.
AIA, the largest pan-Asian life insurance group, is expected to migrate its members to the eMPF from September 3, followed by Sun Life on October 3 and Manulife on November 6.
HSBC, the city’s biggest lender and largest MPF trustee, is scheduled to go on board in December and complete the whole process early next year. HSBC also runs the MPF schemes under Hang Seng Bank, Fidelity International and Haitong International.
Following those moves, only two retirement schemes – covering construction workers and the catering industry – would remain up for onboarding. These schemes are run by the Bank of East Asia and Bank Consortium Trust.
The MPFA would need to educate the members of these two sectors before implementing a similar move to the eMPF, according to Lau, who said that the process was expected to start sometime next year.


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Hong Kong

Biggest MPF trustees – AIA, Sun Life, Manulife and HSBC – start move to the electronic platform from this week until the end of the year


Biggest MPF trustees – AIA, Sun Life, Manulife and HSBC – start move to the electronic platform from this week until the end of the year.


Hong Kong’s eMPF could save US$6.5 billion for members in 10 years, regulator says

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Biggest MPF trustees – AIA, Sun Life, Manulife and HSBC – start move to the electronic platform from this week until the end of the year

Biggest MPF trustees – AIA, Sun Life, Manulife and HSBC – start move to the electronic platform from this week until the end of the year