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- About 30,000 MPF accounts have accumulated more than $1,000,000 in benefits
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About 30,000 MPF accounts have accumulated more than $1,000,000 in benefits
About 30,000 Mandatory Provident Fund (MPF) accounts had benefits of more than $1,000,000 each as at the end of December 2016, according to the latest report titled Statistical Analysis of Accrued Benefits Held by Scheme Members of Mandatory Provident Fund Schemes, published by the Mandatory Provident Fund Schemes Authority (MPFA) today (27 September).
Nearly 10% or 870,000 of the 9.2 million MPF accounts had accumulated benefits of more than $200,000, and nearly 2% or 140,000 had benefits of more than $500,000.
Distribution of accounts by the range of the amount of MPF benefits
Note: Figures may not sum up to 100% due to rounding.
The report also shows that as at the end of 2016, total MPF assets were $646 billion, held by 4.19 million scheme members1. This means that scheme members had MPF benefits of $154,000 on average.
Growth in average benefits held by scheme members
Note: Figures are rounded to the nearest thousand.
An MPFA spokesperson said, “The MPF System has been performing its function in helping the working population save for retirement. We are pleased to see that the amount of benefits held by scheme members has grown steadily and some scheme members have accumulated a substantial amount of savings in their MPF accounts.”
The report also shows that the amount of voluntary contributions2 (VCs) has grown rapidly over the past 10 years. From 2007 to 2016, the total amount of VCs almost tripled from $3.6 billion to $9.5 billion. As a percentage of total contributions, VCs rose from 11% to 14% during this period.
As at 31 December 2016, the MPF System had 3.87 million contribution accounts3 (CAs) and 5.36 million personal accounts4 (PAs). On average, each employee member had 1.24 CAs (as some employees had more than one job concurrently), and each PA holder had 1.74 PAs. Of the PA holders, 57.5% had only one PA, 24.1% had two, and 1.3% had six or more.
The spokesperson said, “The MPFA encourages scheme members to consolidate their MPF accounts for easy management of their MPF investment. Scheme members can make use of the e-Enquiry of Personal Account (ePA) platform or mobile application to check the number of PAs they have and the relevant trustees of their accounts.”
– Ends –
27 September 2017
Nearly 10% or 870,000 of the 9.2 million MPF accounts had accumulated benefits of more than $200,000, and nearly 2% or 140,000 had benefits of more than $500,000.
Distribution of accounts by the range of the amount of MPF benefits
Note: Figures may not sum up to 100% due to rounding.
The report also shows that as at the end of 2016, total MPF assets were $646 billion, held by 4.19 million scheme members1. This means that scheme members had MPF benefits of $154,000 on average.
Growth in average benefits held by scheme members
Note: Figures are rounded to the nearest thousand.
An MPFA spokesperson said, “The MPF System has been performing its function in helping the working population save for retirement. We are pleased to see that the amount of benefits held by scheme members has grown steadily and some scheme members have accumulated a substantial amount of savings in their MPF accounts.”
The report also shows that the amount of voluntary contributions2 (VCs) has grown rapidly over the past 10 years. From 2007 to 2016, the total amount of VCs almost tripled from $3.6 billion to $9.5 billion. As a percentage of total contributions, VCs rose from 11% to 14% during this period.
As at 31 December 2016, the MPF System had 3.87 million contribution accounts3 (CAs) and 5.36 million personal accounts4 (PAs). On average, each employee member had 1.24 CAs (as some employees had more than one job concurrently), and each PA holder had 1.74 PAs. Of the PA holders, 57.5% had only one PA, 24.1% had two, and 1.3% had six or more.
The spokesperson said, “The MPFA encourages scheme members to consolidate their MPF accounts for easy management of their MPF investment. Scheme members can make use of the e-Enquiry of Personal Account (ePA) platform or mobile application to check the number of PAs they have and the relevant trustees of their accounts.”
– Ends –
27 September 2017
1 Employees, self-employed persons and people holding only personal accounts
2 Voluntary contributions are contributions that employers, employees or self-employed persons make to an MPF scheme which exceed the amount of mandatory contributions required to be paid under the MPF legislation.
3 A contribution account mainly receives MPF contributions related to a scheme member’s current employment or self-employment for investment.
4 A personal account mainly receives MPF benefits attributable to a scheme member’s former employment or former self-employment transferred from other MPF accounts, and also MPF benefits attributable to a scheme member’s current employment transferred from a contribution account for investment.
