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MPFA Chairman Mrs Ayesha Macpherson Lau met the media on 28 May, sharing her three main work targets after assuming the chairmanship of the MPFA, including safeguarding scheme members’ interests, building the eMPF Platform and promoting digital transformation.

As of the end of 2020, there were 10 million MPF accounts in the MPF System which were held by 4.5 million scheme members. The total MPF assets amounted to $1.1 trillion, meaning that each scheme member had an average MPF of $251,000. The number of accounts accumulating more than $500,000 and $1 million reached 500,000 and 100,000 respectively, and those accounts accumulating more than $2 million also reached 20,000.

Mrs. Lau stated that the above figures reflected that the original intent of the MPF System had been manifested.

Mrs Lau pointed out that the design of the MPF System aims to provide basic retirement protection to the working population of Hong Kong by helping them accumulate their MPF benefits steadily through long term investment with compound effect.   She encouraged scheme members to deepen their understanding of the MPF System and better manage their MPF.  Scheme members who are lack of investment knowledge or time for managing MPF may opt for the Default Investment Strategy. They may also consider making Tax Deductible Voluntary Contributions to enjoy tax benefits while saving more for retirement.

She said the 20th anniversary of the MPF System only marks the halfway development point of a full-fledged mature pension system. Looking forward, Mrs Lau said the System will continue to improve in the following aspects, including improving investment returns, further reducing fee, enhancing user satisfaction and eliminating misunderstanding.

She is confident that the MPF will be treasured by the working population of Hong Kong as a reserve they can depend on upon retirement, and an important cornerstone for the stable development of Hong Kong.