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Currently, there are about 40 MPF schemes provided by over a dozen MPF trustees in the market. The services offered by the different trustees and the fund choices available in schemes are never identical. It is no simple task for scheme members to grasp every detail when trying to determine the most appropriate scheme for themselves.

The "Trustee Service Comparative Platform", launched by the Mandatory Provident Fund Schemes Authority (MPFA) today (28 September), can definitely give scheme members a helping hand.

The "Trustee Service Comparative Platform" details the services offered by the different schemes of each trustee. Dozens of services are grouped and detailed under three areas:

1. Fund Choices
   • Types of funds and number of each type of fund available for selection.
   
   
2. Account Administration
   • The time required to process benefits transfer, withdrawal and contribution settlement, and the channels available and time required to change investment allocation.
   
   
3. Customer Services
   • For example, how often Member Benefit Statements and Fund Fact Sheets are sent to members, enquiry channels, details of online services and interactive voice response systems.

Scheme members can compare the services offered by all schemes, focus on a particular scheme, or examine the services of a few selected trustees or schemes. The platform also allows scheme members to pick certain services for a detailed comparison.

This platform is especially useful if scheme members plan to switch trustees and schemes after the implementation of the Employee Choice Arrangement, or if they want to review the services of the current scheme and trustee of their preserved accounts (to be renamed personal accounts starting from 1 November 2012). Employers and self-employed persons can also refer to the data on this platform when selecting the trustees and schemes for their employees or themselves.

The MPFA has also prepared a user guide for the "Trustee Service Comparative Platform", which can be downloaded from the MPFA website or is available at MPFA offices. The user guide will also be available for collection at Public Enquiry Service Centres of District Offices and regional offices of the Labour Department shortly. In addition to the online platform described above, a printed version entitled "Summary of Trustee Service Comparative Platform" will also be produced.

The MPFA reminds scheme members to consider not just services offered, but also fund choices, fund fees and personal factors when selecting trustees and schemes. Scheme members are reminded not to judge a scheme simply on the scope of services offered.

The MPFA website also carries a "Fee Comparative Platform", which helps scheme members compare fund fees. Trustees are also required to provide scheme members with a range of informative products, such as offering documents, Member Benefit Statements and Fund Fact Sheets to help them in their analysis.


- Ends -

28 September 2012