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The MPFA welcomes the Government’s publication of the Mandatory Provident Fund Schemes (Amendment) Bill 2021 (the Bill) in the Gazette today (9 July) and announcement of introduction of the Bill into the Legislative Council (LegCo) on 14 July.

An MPFA spokesperson said that gazettal of the Bill is a further step forward in the implementation of eMPF Platform project.  The MPFA fully supports the second-stage legislative amendment exercise for the eMPF Platform. 

The legislative exercise for the implementation of the eMPF Platform project is carried out in two stages. The first-stage legislative amendment exercise was completed last year when LegCo passed the Mandatory Provident Fund Schemes (Amendment) Bill 2019 on 17 July 2020, which empowered the MPFA to set up a wholly-owned company, the eMPF Platform Company Limited, to take forward the project. 

The objective of the second-stage legislative amendment exercise is to facilitate the further development and implementation of the eMPF Platform project by providing the legal basis for the designation of the eMPF Platform as the common gateway for scheme administration processes in the MPF System; delineating the respective roles, functions, powers and responsibilities of the Government, the MPFA, the eMPF Platform Company Limited and MPF trustees; stipulating the “straight pass-on” requirement in respect of cost savings to benefit MPF scheme members directly; and introducing technical amendments to reflect the streamlined MPF scheme administration work flow. 

The spokesperson continued, the eMPF Platform aims to improve operational efficiency of the MPF System by standardising, streamlining and automating the MPF scheme administration processes, thereby creating room for fee reduction for the benefit of scheme members. With the streamlined work flow, the regulatory burden on trustees will also be reduced. 

The MPFA awarded the contract of the eMPF Platform project in January 2021 and established the eMPF Platform Company Limited in March. The eMPF Platform is expected to be built by end 2022 at the earliest. Subject to orderly transition to the Platform by trustees in sequence afterwards, the Platform would come into full operation in around 2025 at the earliest.

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9 July 2021