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Trustees / Service Providers / Intermediaries

Trustees / Service Providers / Intermediaries

The MPF System is a privately managed retirement system. While approved trustees (commonly called MPF trustees) are the major operators of MPF schemes, there are service providers and MPF intermediaries who take part and play different roles in the MPF System.

MPF Trustee

An MPF trustee is a company or a natural person approved by MPFA as an approved trustee. An MPF trustee needs to exercise fiduciary duty in operating MPF schemes in the interest of scheme members. Service providers are persons appointed or engaged by the trustee to provide services for the scheme. Unless an MPF trustee satisfies the criteria for acting as a custodian of MPF assets, it has to appoint a custodian to take care of the scheme assets and to appoint an independent investment manager to manage the investment of funds of the MPF scheme.

Scheme Administrator

A scheme administrator acts on behalf of the MPF trustee in handling the daily administration work of the MPF scheme, such as keeping records of the MPF scheme, handling requests for transfers or withdrawal of accrued benefits and providing other customer services to enrolled employers and scheme members.


A custodian is an authorized financial institution or a Hong Kong registered trust company to which an MPF trustee has delegated the function of safekeeping of scheme assets. The custodian physically holds the assets of an MPF scheme. The custodian is required to be independent of the investment manager.

Investment Manager

An investment manager is responsible for managing the investment of the funds of the MPF scheme. It enters into an investment management contract with the MPF trustee and must be independent of the MPF trustee and custodian of the MPF scheme.

MPF Intermediaries

An MPF principal intermediary is a business entity registered with MPFA to engage in MPF sales and marketing activities. It may be an authorized financial institution or corporation registered under the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong), or a company authorized to carry on long term insurance business or a licensed long term insurance broker company under the Insurance Ordinance (Chapter 41, Laws of Hong Kong).

An MPF subsidiary intermediary is a person sponsored by an MPF principal intermediary and registered with MPFA to carry out MPF sales and marketing activities on behalf of the principal intermediary. The person may be an individual licensed under the Securities and Futures Ordinance to deal in or advise on securities; an individual registered under the Banking Ordinance (Chapter 155, Laws of Hong Kong) to deal in or advise on securities; a licensed long term individual insurance agent, a licensed long term insurance agency or a licensed long term technical representative under the Insurance Ordinance.

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