Mission

The mission of the Mandatory Provident Fund Schemes Authority (MPFA) is to ensure the provision of retirement protection for Hong Kong's workforce through an effective and efficient system of prudential regulation and supervision of privately managed provident fund schemes.

Role

The MPFA was established in September 1998 under the Mandatory Provident Fund Schemes Ordinance (MPFSO) to regulate and supervise the operations of provident fund schemes.

Its functions as laid down in the MPFSO are:

• to be responsible for ensuring compliance with the 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 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 to 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 the MPFA by or under the MPFSO or any other Ordinance.