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Milestones

Milestones

DateMilestone
15 October 1993Implementation of the Occupational Retirement Schemes Ordinance (Chapter 426, Laws of Hong Kong) (“ORSO”)
August 1995Enactment of the Mandatory Provident Fund Schemes Ordinance (Chapter 485, Laws of Hong Kong) (“MPFSO”) to provide a broad framework for the establishment of the MPF System
March 1998Enactment of the Provident Fund Schemes Legislation (Amendment) Ordinance 1998 to amend the principal Ordinance for the effective operation and enforcement of the MPF System; and MPF subsidiary legislation to map out details on MPF schemes membership, registration, operational and exemption matters
17 September 1998Establishment of MPFA
10 January 2000Handover of the functions of the Registrar of Occupational Retirement Schemes (“RORS”) to MPFA from the Office of the RORS, which had been operating under the then Financial Services Bureau
1 December 2000Launch of the MPF System
February 2002 &
July 2002
Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2002 and the Mandatory Provident Fund Schemes (Amendment) (No.2) Ordinance 2002 to improve the administrative and operational aspects of the MPF legislation and enhance the effectiveness and efficiency of the MPF System
1 February 2003Increase of the minimum level of relevant income for MPF contributions from $4,000 to $5,000
30 June 2004Code on Disclosure for MPF Investment Funds was published to improve the disclosure of information on fees, charges and performance of MPF funds
July 2004The net asset value of all MPF schemes passed the $100 billion mark
28 July 2005Compliance Standards for MPF Approved Trustees was published to assist MPF approved trustees in establishing a rigorous framework for monitoring their compliance with statutory duties and responsibilities
14 June 2006Enactment of the Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2006 to improve MPF investment rules
7 July 2006A Five-year Investment Performance Review of the MPF System was published (1 April 2001 - 31 March 2006)
December 2006The net asset value of all MPF schemes passed the $200 billion mark
13 July 2007Launch of a Fee Comparative Platform to facilitate comparison of fees and charges of MPF funds
9 January 2008 &
18 June 2008
Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2008 and the Mandatory Provident Fund Schemes (Amendment) (No. 2) Ordinance 2008 to improve MPF scheme administration and to enhance enforcement against non-compliant employers
10 July 2008Enactment of the Mandatory Provident Fund Schemes (Amendment) (No. 3) Ordinance 2008 to provide a legal framework for MPFA to implement the Government’s injection of contributions into the accounts of eligible MPF and ORSO scheme members
8 July 2009Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2009 to provide for the Employee Choice Arrangement
December 2009The net asset value of all MPF schemes passed the $300 billion mark
April 2011A 10-year Investment Performance Review of the MPF System was published (1 December 2000 - 31 December 2010)
4 May 2011Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2011 to protect MPF accrued benefits in a registered scheme upon bankruptcy of scheme members
1 November 2011Increase of the minimum level of relevant income for MPF contributions from $5,000 to $6,500
1 June 2012Increase of the maximum level of relevant income for MPF contributions from $20,000 to $25,000
21 June 2012Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2012 to provide for a statutory regime for regulating MPF intermediaries
17 July 2012Enactment of the Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2012 to put in place an automatic levy triggering mechanism for the Compensation Fund
September 2012The net asset value of all MPF schemes passed the $400 billion mark
28 September 2012Launch of a Trustee Service Comparative Platform to provide information on the services offered by different MPF schemes
1 November 2012Launch of the Employee Choice Arrangement
1 November 2012Statutory regulatory regime for MPF intermediaries came into operation
October 2013The net asset value of all MPF schemes passed the $500 billion mark
1 November 2013Increase of the minimum level of relevant income for MPF contributions from $6,500 to $7,100
1 June 2014Increase of the maximum level of relevant income for MPF contributions from $25,000 to $30,000
21 January 2015Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2015 to increase flexibility of withdrawing MPF accrued benefits and to facilitate streamlining of the administrative procedures of MPF schemes and enable more effective enforcement actions to protect scheme members’ interests
May 2016The net asset value of all MPF schemes passed the $600 billion mark
26 May 2016Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2016 to provide for the Default Investment Strategy
1 April 2017Launch of the Default Investment Strategy
 

 

Last Revision Date: 30/03/2017