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Chairman of the Mandatory Provident Fund Schemes Authority (MPFA) Dr David Wong, MPFA Managing Director Ms Alice Law, and other MPFA executives visited a number of authorities in the Central People’s Government (CPG) and attended the OECD/IOPS Global Forum on Private Pension in Beijing.

Over the past two days, the MPFA delegation met with Mr Liang Tao, Vice-Chairman of the China Banking and Insurance Regulatory Commission (CBIRC); You Jun, Vice-Minister of the Ministry of Human Resources and Social Security; Dr Wang Wenling, Vice-Chairman of the National Council for Social Security Fund; and Dr Fang Lianquan, Secretary General of the Centre for International Social Security Studies of the Chinese Academy of Social Sciences.

Dr Wong also had the opportunity to meet with CBIRC Chairman Mr Guo Shuqing during the forum.

Dr Wong said, “We would like to thank the authorities for their reception. At the meetings, we explained the latest developments of Hong Kong’s Mandatory Provident Fund (MPF) System, and exchanged ideas on the way forward for retirement protection systems.”

The officials showed great interest in the development of the MPF System. They agreed the MPF System has a pivotal role to play in social security and acknowledged it to be a key pillar of Hong Kong’s retirement protection framework, providing the working population of Hong Kong with basic retirement protection in the long run.

At the meetings, Ms Law introduced to the officials the centralized electronic platform, eMPF, which is being developed. She said eMPF is a one-stop, user-based digital platform, which will make the MPF System more efficient and cost-effective, and create room for system reforms in the future.

In today’s OECD/IOPS Global Forum on Private Pension held in Beijing, Dr Wong gave a presentation on the features and functions of the MPF System in helping Hong Kong cope with the ageing challenge. The forum was attended by over 100 representatives of private pension scheme regulators, as well as international experts and leading figures from the finance and insurance industries. The representatives and experts agreed that defined contribution schemes like the MPF plays an active role in tackling the challenges of an ageing population.

The forum is an annual event organized by the Organisation for Economic Co-operation and Development (OECD) and the International Organisation of Pension Supervisors (IOPS). This year, it was held in Beijing and co-hosted by the CBIRC.

In his presentation, Dr Wong highlighted the important role and functions of the MPF System as the second pillar under the “Five Pillar Framework” advocated by the World Bank. Referring to World Bank’s “Outcome-Based Assessment Framework” for private pension schemes, he said Hong Kong’s MPF System is doing well in terms of coverage, security and sustainability, and is making good progress in adequacy and efficiency.

“The MPFA is committed to refining the MPF System to ensure that the System remains in tune with the needs of Hong Kong society,” he said. “The Authority is undertaking various measures to refine the MPF System, including the development of eMPF and introducing initiatives to enhance the governance of trustees and transparency of MPF schemes.”

“We have greatly benefited from attending the OECD/IOPS Global Forum and the exchange of views with all the CPG officials we met,” Dr Wong said at the conclusion of the visit. “The MPFA will continue to draw on the experience of our counterparts to further refine the MPF System.”


MPFA Chairman Dr David Wong (left), Vice-Chairman of the National Council for Social Security Fund (middle) Dr Wang Wenling and MPFA Managing Director Ms Alice Law (right).


The MPFA delegation attends a roundtable on retirement protection organized by the Centre for International Social Security Studies at Chinese Academy of Social Sciences, attended by Mainland academics and fund industry figures.


MPFA Chairman Dr David Wong (second from left) and Managing Director Alice Law (first from left) exchange views with You Jun (second from right), Vice-Minister of Ministry of Human Resources and Social Security, and Nie Mingjun (first from right), Department of Pension Insurance, Ministry of Human Resources & Social Security on the reform of retirement protection systems.


MPFA Chairman Dr David Wong (left) pays a visit to Liang Tao (right), Vice-Chairman of the China Banking and Insurance Regulatory Commission.


MPFA Chairman Dr David Wong highlights the features of the MPF System to over 100 attendees at the OECD/IOPS Global Forum on Private Pension held in Beijing.

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25 October 2018