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MPFA Chairman Mrs Ayesha Macpherson Lau was interviewed by the South China Morning Post on the latest development of the eMPF Platform project.  The report was published on 22 November.

Mrs Lau highlighted that the passage of the Mandatory Provident Fund Schemes (Amendment) Bill 2021 by the Legislative Council last month has stipulated the “straight pass-on” requirement, under which MPF trustees cannot charge their scheme members higher than what they will pay to use the eMPF Platform. In other words, any costs saved from using the eMPF Platform will be directly passed to scheme members. It is expected to bring cumulative savings of administration fee by as much as $40 billion over 10 years after the launch of the eMPF Platform, which is about 55% of the original MPF scheme administration fee.

Mrs Lau pointed out that the eMPF Platform will make Hong Kong one of the first markets worldwide to have a single digital platform to manage all scheme administration procedures of the privately managed MPF schemes. The MPFA is working at full steam to build the eMPF Platform which is expected to be completed by the end of 2022, and the trustees will have a two-year period to transfer all of the MPF schemes to the Platform by phases.

News article (subscription required):

https://www.scmp.com/business/banking-finance/article/3156861/hong-kong-pension-scheme-going-digital-will-save-members