The MPFA is a statutory body established on 17 September 1998 under section 6 of the Mandatory Provident Fund Schemes Ordinance (“MPFSO”) (Chapter 485, Laws of Hong Kong).
- To regulate and supervise privately managed provident fund schemes;
- To educate the working population about saving for retirement and the role of the MPF System as one of the pillars supporting retirement living; and
- To lead improvements to provident fund schemes to make them more efficient and user-friendly, and better meet the needs of the working population.
To regulate and supervise the operations of mandatory provident fund (“MPF”) schemes and occupational retirement (“ORSO”) schemes.
The MPFA’s functions as laid down in section 6E(1) of MPFSO are:
- to be responsible for ensuring compliance with MPFSO;
- to register provident fund schemes as registered schemes;
- to approve qualified persons to be approved trustees of registered schemes;
- to regulate the affairs and activities of approved trustees and to ensure as far as reasonably practicable that those trustees administer the registered schemes for which they are responsible in a prudent manner;
- to regulate sales and marketing activities, and the giving of advice, in relation to registered schemes;
- to make rules or guidelines for the payment of mandatory contributions and for the administration of registered schemes with respect to those contributions;
- to consider and propose reforms of the law relating to occupational retirement schemes or provident fund schemes;
- to promote and encourage the development of the retirement scheme industry in Hong Kong, including the adoption of a high standard of conduct and sound prudent business practices by trustees and other service providers; and
- to exercise such other functions as are conferred or imposed on MPFA by or under MPFSO or any other Ordinance.
The MPFA also acts as Registrar of Occupational Retirement Schemes as provided under section 5(1) of the Occupational Retirement Schemes Ordinance (Chapter 426, Laws of Hong Kong).