Speech on Streamlining MPF administration process(2013.01.07)

Mr CHAN Kin-por referred to page 3 of MPFA’s powerpoint presentation and pointed out that as the Hong Kong MPF System had only been in place for 12 years, which was still a relatively young system, it was understandable that there was room for improvement. As such, it would not be appropriate and fair to compare the administration cost of the MPF System with that of the pension systems of other countries (e.g. Australia, Chile, the United Kingdom and Singapore) which had been in operation for some 20 to 40 years. He envisaged that in the long run, the fees of the MPF System would be driven down along with experience and streamlined operations. In this connection, Mr CHAN expressed support to the short-term improvement measure launched by MPFA to facilitate trustees in further automating and streamlining their administration processes. He suggested that the Administration/MPFA should consider providing incentives to employers and self-employed persons in reducing manual and paper-based MPF administration at their end. MD/MPFA took note of the suggestion.

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