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MPFA welcomes the Chief Executive Mr John Lee’s announcement today (16 September) of the First Five-Year Plan for Economic and Social Development of the Hong Kong Special Administrative Region (HKSAR) (2026 – 2030) (Hong Kong’s First Five-Year Plan) and the Chief Executive’s 2026 Policy Address (Policy Address), outlining Hong Kong’s economic and social development roadmap for the next five years, and the Government’s key policy initiatives for the coming year. Among the policy initiatives announced are measures aimed at optimizing the MPF System and enhancing retirement protection. 

MPFA Chairman Mrs Ayesha Macpherson Lau said that the HKSAR Government’s formulation of Hong Kong’s First Five-Year Plan, which aligned closely with the policy direction of the National 15^th Five-Year Plan Outline, provides a clear blueprint for Hong Kong’s future development. It will drive Hong Kong to better integrate into the overall national development strategy while strengthening and enhancing its position as an international financial centre.

Mrs Lau said, “The Chief Executive’s announcement of Hong Kong’s First Five-Year Plan and the Policy Address on the same day underscores that the two documents are interconnected and inextricably related, providing important direction for Hong Kong’s future development. MPFA will fully support the implementation of the relevant initiatives set out in Hong Kong’s First Five-Year Plan and the Policy Address, and work closely with the Government and the industry stakeholders to drive the implementation of the reforms. MPFA will continue to enhance the efficiency and adequacy of the MPF System, thereby providing better retirement protection to scheme members. MPFA has also formulated its development directions for the next five years earlier. We will integrate the spirits and key points of Hong Kong’s First Five-Year Plan into MPFA’s future planning.” 

 She also pointed out that the series of measures set out in the Policy Address demonstrates the Government’s commitment to continuously deepening reforms, enhancing the competitiveness of the financial market and enhancing retirement protection for the public. These initiatives help drive the ongoing development of the MPF System in step with the times, further enhancing its efficiency and investment options, thereby creating greater value for scheme members.”

On the Policy Address proposals to complete the review of the relevant regulatory framework regarding Index-Tracking Collective Investment Schemes (ITCIS) under the MPF System by the end of 2026, and consult stakeholders on proposals to enhance the framework, as well as to lift the total investment limit on eligible index-tracking exchange-traded funds (ETFs) by MPF funds, Mrs Lau supported the initiatives. She said, “MPFA will study the legislative proposals to improve the regulatory framework for ITCIS with a view to providing scheme members with a wider selection of approved index-tracking MPF funds. MPFA will also relax the restrictions on MPF funds investing in eligible index-tracking ETFs by lifting the total investment limit. This will provide MPF funds with greater flexibility in taking advantage of quality local ETFs for asset allocation to promote portfolio diversification. We believe these measures will help optimize the investment universe of the MPF System, enabling scheme members to benefit from broader range of more cost-effective investment options.” 

She continued, “MPFA is fully committed to advancing MPF reforms. Phase One of MPF ‘Full Portability’ is scheduled for implementation this year, enabling employees whose employment commenced on or after 1 May 2025, to manage their MPF investments with greater flexibility. At the same time, we are actively supporting the Government to prepare the legislative proposal on the implementation of Phase Two of MPF ‘Full Portability’, which will cover the remaining employees. This will further promote market competition, encourage trustees to continuously improve their service quality and provide better retirement protection for scheme members.”  

 With regard to the MPF related initiatives mentioned in the Policy Address, including enhancing the process of recovering default MPF contributions from employers, increasing the flexibility for MPF trustees and relevant service providers in the investment and management of MPF funds, and expanding use cases and participating sectors of GenA.I. Sandbox++ under the Hong Kong Monetary Authority to MPF and other financial sectors, MPFA will continue to uphold the principle of putting scheme members’ interests first and fully cooperate with the Government’s work.

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16 September 2026