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Disclosure Tools
The Disclosure Code requires a number of useful disclosure tools to be made available for use by MPF scheme members.
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Fee Table - a standardized table for disclosure of fees and charges, updated when there are any changes in fees. It is incorporated in all offering documents of MPF schemes.
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Fund Fact Sheet ("FFS") - a summary of key information including particulars and performance of a fund. At least two FFS will be issued to scheme members for each financial year, one reporting as at the end of the financial period and the other as at a date six months after the financial year-end.
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On-going Cost Illustration ("OCI") - a standardized numerical illustration that shows the dollar amount of total fees and charges applied to a specified sum of investment in a fund. It is available alongside the offering document.
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Fund Expense Ratio ("FER") - this is one of the items to be included in the FFS and shows the total level of fund expenses as a percentage of the fund value.
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Annual Benefit Statement ("ABS") - The ABS serves to confirm scheme membership and membership details, the status and the number of accounts held by the member, and facilitate scheme members to check the income and expenditure of their accounts (including contributions, transfers and transactions), account balance and accruals, the extent to which they are vested, and the gains and losses associated with their accounts over the relevant financial period. The ABS is a historical record of the member's account at a point in time.
New content requirements are set out in Part F of the "Code on Disclosure for MPF Investment Funds". In accordance with the "Code on Disclosure for MPF Investment Funds", an ABS issued in respect of a financial period ending after 1 September 2009 will need to comply with the new content requirements, which require trustees to provide more detailed information on contributions, transfers and transactions as well as investment performance.
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