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MPFA enhances MPF schemes information disclosure for easier understanding by scheme members

Prospective scheme members currently receive an MPF Scheme Brochure (the Brochure) from MPF trustees upon their enrolment in an MPF scheme. The Brochure provides detailed information about the MPF scheme. It is usually as lengthy as over 100 pages and contains technical terms which lay persons may find not easy to understand.

 

In order to enhance the transparency of MPF information with a view to helping scheme members better understand key information of the MPF scheme, the MPFA required trustees to provide a simplified document “Key Scheme Information Document” (KSID) to prospective scheme members from 30 June 2022.

 

The KSID provides key information of the MPF scheme which general scheme members should know. It also provides hyperlinks and/or QR codes for scheme members to access detailed information of the relevant MPF scheme such as the Brochure, trust deed and fund fact sheet. Key features of the KSID are as follows:

 

  • The entire KSID should not exceed 8 pages, containing key information of the relevant MPF scheme, including fund choices, fees, risks and administrative procedures;
  • The KSID should be written in a way that is easy to understand with ample use of graphics to present information;
  • A standardized sequence of contents applicable to all MPF schemes to facilitate comparison of information;
  • The KSID should include QR codes and/or hyperlinks for interested readers to obtain further information such as the Brochure and other documents.

 

Mr Cheng Yan-chee, Managing Director of the MPFA, said, “The MPFA strives to encourage scheme members to be proactive in managing their MPF. To this end, we have been enhancing the transparency of MPF information via various means, such as requiring the disclosure of fund expense ratios and providing various tools for comparing fund performance with a view to helping scheme members obtain and understand MPF information more easily.  The KSID is like a “made-easy guide book” which make management of MPF and planning for retirement protection much more easy.”

 

– Ends – 

27 June 2022

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