Milestones

Date Milestone
15 October 1993 Implementation of the Occupational Retirement Schemes Ordinance (Chapter 426, Laws of Hong Kong) (“ORSO”)
August 1995 Enactment of the Mandatory Provident Fund Schemes Ordinance (Chapter 485, Laws of Hong Kong) (“MPFSO”) to provide a broad framework for the establishment of the MPF System
March 1998 Enactment of the Provident Fund Schemes Legislation (Amendment) Ordinance 1998 to amend the principal Ordinance for the effective operation and enforcement of the MPF System; and MPF subsidiary legislation to map out details on MPF schemes membership, registration, operational and exemption matters
17 September 1998 Establishment of MPFA
10 January 2000 Handover of the functions of the Registrar of Occupational Retirement Schemes (“RORS”) to MPFA from the Office of the RORS, which had been operating under the then Financial Services Bureau
1 December 2000 Launch of the MPF System
February 2002 &
July 2002
Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2002 and the Mandatory Provident Fund Schemes (Amendment) (No.2) Ordinance 2002 to improve the administrative and operational aspects of the MPF legislation and enhance the effectiveness and efficiency of the MPF System
1 February 2003 Increase of the minimum level of relevant income for MPF contributions from $4,000 to $5,000
30 June 2004 Code on Disclosure for MPF Investment Funds was published to improve the disclosure of information on fees, charges and performance of MPF funds
July 2004 The net asset value of all MPF schemes passed the $100 billion mark
28 July 2005 Compliance Standards for MPF Approved Trustees was published to assist MPF approved trustees in establishing a rigorous framework for monitoring their compliance with statutory duties and responsibilities
14 June 2006 Enactment of the Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2006 to improve MPF investment rules
7 July 2006 A Five-year Investment Performance Review of the MPF System was published (1 April 2001 - 31 March 2006)
December 2006 The net asset value of all MPF schemes passed the $200 billion mark
13 July 2007 Launch of a Fee Comparative Platform to facilitate comparison of fees and charges of MPF funds
9 January 2008 &
18 June 2008
Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2008 and the Mandatory Provident Fund Schemes (Amendment) (No. 2) Ordinance 2008 to improve MPF scheme administration and to enhance enforcement against non-compliant employers
10 July 2008 Enactment of the Mandatory Provident Fund Schemes (Amendment) (No. 3) Ordinance 2008 to provide a legal framework for MPFA to implement the Government’s injection of contributions into the accounts of eligible MPF and ORSO scheme members
8 July 2009 Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2009 to provide for the Employee Choice Arrangement
December 2009 The net asset value of all MPF schemes passed the $300 billion mark
April 2011 A 10-year Investment Performance Review of the MPF System was published (1 December 2000 - 31 December 2010)
4 May 2011 Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2011 to protect MPF accrued benefits in a registered scheme upon bankruptcy of scheme members
1 November 2011 Increase of the minimum level of relevant income for MPF contributions from $5,000 to $6,500
1 June 2012 Increase of the maximum level of relevant income for MPF contributions from $20,000 to $25,000
21 June 2012 Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2012 to provide for a statutory regime for regulating MPF intermediaries
17 July 2012 Enactment of the Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2012 to put in place an automatic levy triggering mechanism for the Compensation Fund
September 2012 The net asset value of all MPF schemes passed the $400 billion mark
28 September 2012 Launch of a Trustee Service Comparative Platform to provide information on the services offered by different MPF schemes
1 November 2012 Launch of the Employee Choice Arrangement
1 November 2012 Statutory regulatory regime for MPF intermediaries came into operation
October 2013 The net asset value of all MPF schemes passed the $500 billion mark
1 November 2013 Increase of the minimum level of relevant income for MPF contributions from $6,500 to $7,100
1 June 2014 Increase of the maximum level of relevant income for MPF contributions from $25,000 to $30,000
21 January 2015 Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2015 to increase flexibility of withdrawing MPF accrued benefits and to facilitate streamlining of the administrative procedures of MPF schemes and enable more effective enforcement actions to protect scheme members’ interests
May 2016 The net asset value of all MPF schemes passed the $600 billion mark
26 May 2016 Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2016 to provide for the Default Investment Strategy
March 2017 The net asset value of all MPF schemes passed the $700 billion mark
1 April 2017 Launch of the Default Investment Strategy
25 May 2017 Enactment of the Mandatory Provident Fund Schemes (Fees) (Amendment) Regulation 2017 to enable MPFA to charge MPF intermediaries application and annual registration fees starting from January 2018 and to collect fees on ORSO schemes at revised levels
October 2017 The net asset value of all MPF schemes passed the $800 billion mark
8 February 2018 Launch of a Fund Performance Platform to facilitate comparison of performance of MPF funds
April 2019 The net asset value of all MPF schemes passed the $900 billion mark
1 April 2019 Launch of Tax Deductible Voluntary Contributions
29 April 2019 Launch of a one-stop MPF Fund Platform to allow scheme members to obtain more information on the management fees and investment performance of MPF funds
17 June 2020 Enactment of the Occupational Retirement Schemes (Amendment) Ordinance 2020 to provide the Registrar of Occupational Retirement Schemes (MPFA) with enhanced powers to ensure schemes regulated under the Occupational Retirement Schemes Ordinance are genuinely employment-based retirement schemes and to improve the governance of the ORSO schemes
July 2020 The net asset value of all MPF schemes passed the $1 trillion mark
17 July 2020 Enactment of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2020 to empower MPFA to establish a wholly-owned subsidiary and to enable MPFA to charge an annual registration fee
1 December 2020 20th Anniversary of the MPF System
 

 

Last Revision Date: 01/12/2020