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The Mandatory Provident Fund Schemes Authority (MPFA) today (21 February 2008) welcomed the initiative made by Bank Consortium Trust Company Limited to further reduce management fees of MPF funds to benefit its scheme members. Apart from reducing the management fees of preserved accounts to 1.38%, it will also lower the fees of eight funds of its MPF scheme.

The MPFA looks forward to having more trustees to follow suit for the reduction.

The MPFA wishes to take this opportunity to remind scheme members to take better care of their MPF accounts, such as managing their preserved accounts when changing jobs. There are three ways for scheme members to handle accrued benefits in their preserved accounts when changing jobs, namely 1) transferring to the scheme of the new employer, 2) transferring to a scheme of the scheme member's own choice or 3) retaining in the previous scheme.

End/21 February 2008, Thursday