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New fees for MPF intermediaries and revised fees for occupational retirement schemes starting from 2018

From 1 January 2018, Mandatory Provident Fund (MPF) intermediaries will be required to pay annual fees and application fees to the Mandatory Provident Fund Schemes Authority (MPFA).  Details of the fees are as follows:
 
  • an annual fee of $180 for a subsidiary intermediary1 (SI);
  • an annual fee of $1,430 for a principal intermediary2 (PI);
  • an application fee of $290 for an SI;
  • an application fee of $2,340 for a PI;
  • an application fee of $130 for approval of attachment of an SI to a PI; and
  • an application fee of $660 for approval of an SI as a responsible officer.
 
MPF intermediaries are encouraged to settle payment of the annual fee via the MPFA eService. They can also pay the fee using online banking, PPS or eCheque via their respective platforms; or with paper cheques. The MPFA conducted a series of briefings on its eService platform and the various payment methods for intermediaries in late November and early December 2017.
 
Under the MPF legislation, an existing intermediary who registered before 1 January 2018 must pay the annual fee for 2018 on or before 1 February 2018. New intermediaries who registered on or after 1 January 2018 must pay the annual fee within a month after registration. If an SI or a PI fails to settle the annual fee in full on or before the deadline, an additional fee equal to 10% of the annual fee will become payable, and the MPFA may suspend or revoke the registration of the SI or PI. More information about intermediaries’ fees can be found on the MPFA website.
 
In addition, from January 2018, various types of fees related to occupational retirement schemes will be adjusted. For more details, please refer to the circular letter (SU/COT/2017/003) posted on the MPFA website.
 
– Ends –
 
14 December 2017
 

1 An MPF subsidiary intermediary is a person sponsored by an MPF principal intermediary and registered by the MPFA to carry out MPF sales and marketing activities on behalf of the principal intermediary.
2 An MPF principal intermediary is a business entity registered by the MPFA to engage in MPF sales and marketing activities.

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Last Review Date: 14/12/2017