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- Public consultation on “core fund” to end next Tuesday
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Public consultation on “core fund” to end next Tuesday
The public consultation on the “core fund”, launched by the Government and the Mandatory Provident Fund Schemes Authority (MPFA), will close next Tuesday (30 September). The MPFA invites members of the public to share their views on the “core fund” proposal before the end of the consultation period.
The proposed “core fund” will become the standardized low fee default fund for all MPF schemes. Under the proposal, the fund’s investment strategy will automatically reduce investment risk as members approach retirement age, and its fee level will be kept at 0.75% of fund assets or under.
Since the launch of the “core fund” public consultation at the end of June, the MPFA has approached different groups and has organized or attended about 70 briefings of different scales and formats. The MPFA has visited the District Councils, labour unions, employers’ associations, think tanks, non-government organizations, and industrial and professional bodies to introduce the “core fund” proposal to as wide a range of people as possible and listen to their views.
“The ‘core fund’ will be not just for those who do not make a fund choice. It will be available to all scheme members. It will also drive down MPF fees, which will in turn better protect scheme members’ MPF benefits,” said a spokesperson for the MPFA. “We will carefully consider the comments on the ‘core fund’ made by scheme members and members from different sectors, and aim to submit a concrete implementation proposal to the Government in late 2014 or early 2015, with a view to launching the ‘core fund’ in 2016.”
The consultation paper entitled “Providing Better Investment Solutions for MPF Members” can be downloaded from the Government website and the MPFA website, or obtained from:
The proposed “core fund” will become the standardized low fee default fund for all MPF schemes. Under the proposal, the fund’s investment strategy will automatically reduce investment risk as members approach retirement age, and its fee level will be kept at 0.75% of fund assets or under.
Since the launch of the “core fund” public consultation at the end of June, the MPFA has approached different groups and has organized or attended about 70 briefings of different scales and formats. The MPFA has visited the District Councils, labour unions, employers’ associations, think tanks, non-government organizations, and industrial and professional bodies to introduce the “core fund” proposal to as wide a range of people as possible and listen to their views.
“The ‘core fund’ will be not just for those who do not make a fund choice. It will be available to all scheme members. It will also drive down MPF fees, which will in turn better protect scheme members’ MPF benefits,” said a spokesperson for the MPFA. “We will carefully consider the comments on the ‘core fund’ made by scheme members and members from different sectors, and aim to submit a concrete implementation proposal to the Government in late 2014 or early 2015, with a view to launching the ‘core fund’ in 2016.”
The consultation paper entitled “Providing Better Investment Solutions for MPF Members” can be downloaded from the Government website and the MPFA website, or obtained from:
- MPFA offices;
- Job Centres and Recruitment Centres of the Labour Department;
- Public Enquiry Service Centres at District Offices; and
- Consumer Advice Centres of the Consumer Council.
Members of the public can submit their response online via the MPFA website, or by filling in the “Form for Responding to Consultation Questions”(attached to the consultation paper) and returning it to the MPFA by mail, fax or email.
In addition, the MPFA has produced a leaflet highlighting the key features of the proposal, over 10,000 copies of which have been distributed to different organizations and stakeholders. The leaflet is also available on the MPFA website.
- Ends -
25 September 2014
In addition, the MPFA has produced a leaflet highlighting the key features of the proposal, over 10,000 copies of which have been distributed to different organizations and stakeholders. The leaflet is also available on the MPFA website.
- Ends -
25 September 2014
