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Disclosure Tools

Disclosure Tools

The Code on Disclosure for MPF Investment Funds requires a number of useful disclosure tools to be made available for use by MPF scheme members.

Provided in or with the MPF Scheme Brochure of an MPF scheme:

  • Fee Table - a standardized table for disclosure of fees, expenses and charges, updated when there are any changes in fees.
  • On-going Cost Illustration ("OCI") - a figure that illustrates the total effect of fees, expenses and charges payable in dollar terms by converting the latest FER figure into dollars and adding that to any direct charges that a scheme member might pay, such as a contribution charge or offer spread.

Provided regularly to scheme members:

  • 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 period, one reporting as at the end of the financial period and the other as at a date six months after the financial period-end.
  • Fund Expense Ratio ("FER") - a ratio that measures the expenses of an MPF fund as a percentage of fund size. The latest FER of a constituent fund is provided in the Fund Fact Sheet of a scheme. The FER is calculated based on data from the latest completed financial period. It is not necessary for funds with less than two years of history to show an FER.
  • Annual Benefit Statement ("ABS") - a historical record of the member's account at a point in time. It confirms scheme membership and membership details, the status and the number of accounts held by the member. It also allows 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. 
To learn how to utilize these disclosure tools, please click here.

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