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The Mandatory Provident Fund Schemes Authority (MPFA) announced at a press conference today (Monday) a list of Master Trust Schemes that are ready to be introduced to the MPF market from tomorrow (1 February). The Authority also showed samples of the 20,000 MPF Intermediaries Cards that have been issued so far.

Forty-two Master Trust Schemes comprising 243 constituent funds have been registered. With the registration of this first batch of Master Trust Schemes and the MPF intermediaries, MPF scheme providers can from tomorrow approach eligible employers & self-employed persons.

"These schemes have been stringently vetted by the Authority to ensure that they comply with the Mandatory Provident Fund Schemes Ordinance, Regulations, Codes on MPF Investment Funds and other guidelines issued by the MPFA," said Mr. Alan Wong, Acting Managing Director of the MPFA.

A public registry showing the names of the 42 registered schemes, the trustees of the schemes and the names of its underlying constituent funds would be placed at the MPFA office for public access and available at MPFA website (www.mpfahk.org) for download.

The Master Trust Scheme is open to relevant employees and self-employed persons. By pooling the contributions of small employer units together for administration and investment, such Master Trust Schemes can enjoy a high degree of efficiency resulting from economies of scale. Thus, this type of scheme is especially suitable for small- and medium-sized companies.

"Only qualified and properly registered MPF intermediaries are allowed to sell or advise on MPF products. A registry of qualified MPF intermediaries will also be available for public access at the MPFA office. When in doubt, members of the public can come to us for clarification," said Mr. Raymond Tam, Executive Director (Services Supervision) of the MPFA.

Up to present, about 20,000 Intermediaries Cards were issued.

Each registered intermediary is issued an MPF Intermediaries Card which shows basic particulars of the intermediary including his name, the company of which he acts on behalf, his registration number and the expiry date of his registration. The card also indicates whether the intermediary is permitted to give advice on securities, insurance policies or both.

Of the registered intermediaries, about 6,500 are qualified to advise scheme members on securities, 10,000 are qualified to advise on insurance policies and 3,500 are qualified to advise on both.

"Under the law, trustees of registered schemes are not allowed to refuse application for membership. In other words, employers and self-employed persons can choose among all the 42 registered schemes freely," said Mr. Wong.

"As the decision on which MPF scheme to participate in has a significant effect on both the employers and the employees, employers are encouraged to communicate with their employees before making a decision," he added.

The registries of Master Trust Schemes and MPF Intermediaries are ready at the MPFA office for public access. Members of the public can visit the MPFA office (21/F, One International Finance Centre, 1 Harbour View Street, Hong Kong) or call the MPFA Hotline: 2918 0102 for details.

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31 January 2000