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- MPFA shares experience and latest developments of the MPF System with Macao Social Security Fund
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MPFA shares experience and latest developments of the MPF System with Macao Social Security Fund
The Mandatory Provident Fund Schemes Authority (MPFA) today (15 August) received a delegation from the Social Security Fund of the Government of the Macao Special Administrative Region (FSS), with whom the MPFA shared its experience in the setting up of the Mandatory Provident Fund (MPF) System and the latest developments of the System.
Speaking to the Macao delegation, MPFA Managing Director Diana Chan said, “Hong Kong was one of the earliest places in Asia to adopt a privately managed mandatory contributory system. Currently, 85% of the working population is covered under MPF schemes or other types of pension schemes, and the MPF System has accumulated assets of over $740 billion, of which $190 billion is investment returns. From its inception in December 2000 to June 2017, the System had an annualized rate of return of 4%. This clearly shows the System has added value to scheme members’ contributions.”
President of the FSS Administrative Committee Iong Kong-io, who led the delegation, said, “Macao has strong ties with Hong Kong. The MPF System has a solid foundation and many of its measures provide a valuable reference for our Non-Mandatory Central Provident Fund System which is going to be introduced in Macao on 1 January next year.”
In today’s meeting, MPFA representatives introduced to the Macao delegates the latest developments of the System including the recently launched Default Investment Strategy and e-Enquiry of Personal Account platform. They also briefed the delegates on the next objective of the MPFA which is to put in place an eMPF – a centralized electronic platform to facilitate the standardization, streamlining and automation of the MPF scheme administration, thereby further reducing costs, and allowing scheme members to deal with various MPF matters more conveniently and efficiently.
Mrs Chan added that the MPFA has always been eager to foster co-operation and exchanges with pension regulatory bodies in different jurisdictions as they provide the MPFA with new perspectives for formulating policies to further enhance the MPF System.
Managing Director of the Mandatory Provident Fund Schemes Authority Diana Chan (front row, second from right) welcomes a delegation from the Macao Social Security Fund of the Government of the Macao Special Administrative Region, led by the President of its Administrative Committee Iong Kong-io (front row, second from left).
Speaking to the Macao delegation, MPFA Managing Director Diana Chan said, “Hong Kong was one of the earliest places in Asia to adopt a privately managed mandatory contributory system. Currently, 85% of the working population is covered under MPF schemes or other types of pension schemes, and the MPF System has accumulated assets of over $740 billion, of which $190 billion is investment returns. From its inception in December 2000 to June 2017, the System had an annualized rate of return of 4%. This clearly shows the System has added value to scheme members’ contributions.”
President of the FSS Administrative Committee Iong Kong-io, who led the delegation, said, “Macao has strong ties with Hong Kong. The MPF System has a solid foundation and many of its measures provide a valuable reference for our Non-Mandatory Central Provident Fund System which is going to be introduced in Macao on 1 January next year.”
In today’s meeting, MPFA representatives introduced to the Macao delegates the latest developments of the System including the recently launched Default Investment Strategy and e-Enquiry of Personal Account platform. They also briefed the delegates on the next objective of the MPFA which is to put in place an eMPF – a centralized electronic platform to facilitate the standardization, streamlining and automation of the MPF scheme administration, thereby further reducing costs, and allowing scheme members to deal with various MPF matters more conveniently and efficiently.
Mrs Chan added that the MPFA has always been eager to foster co-operation and exchanges with pension regulatory bodies in different jurisdictions as they provide the MPFA with new perspectives for formulating policies to further enhance the MPF System.
Managing Director of the Mandatory Provident Fund Schemes Authority Diana Chan (front row, second from right) welcomes a delegation from the Macao Social Security Fund of the Government of the Macao Special Administrative Region, led by the President of its Administrative Committee Iong Kong-io (front row, second from left).
