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As at today (Tuesday), the Mandatory Provident Fund Schemes Authority (MPFA) received 21 applications for approval of MPF corporate trustees from insurance companies, banks and investment houses.

A total of 44 master trust schemes comprising 257 constituent funds have also been submitted for approval by the MPFA.

Today is the cut-off date for the submission of the first batch of applications from companies wishing to become approved MPF trustees and product promoters wishing to launch MPF products and services early next year.

The Hon. Charles Lee Yeh-kwong, Chairman of the MPFA, said: "We will accord top priority to process the first batch of applications received before the deadline and will count on the full cooperation of applicants in complying with the MPF requirements.

"According to the implementation timetable, the target date for completing the approval of corporate trustees will be October 29 this year while the registration of the first batch of master trust schemes will be released on 31 January 2000."

Approved MPF trustees will be allowed to start selling and marketing their MPF schemes and products from February next year.

"This timetable will allow a 10-month period for employers to enrol their staff into approved MPF schemes before the commencement of contributions in December 2000," added Mr Lee.

– Ends –

31 August 1999