Darren McShane (right), the executive director of MPF Schemes Authority, says the new option will be popular. Photo: RTHK
The government says it will "encourage" employees who have made their investment choices for the Mandatory Provident Fund, or MPF, to switch to a new standardized investment strategy that will have a low management fee of 0.75%.
A bill to amend the MPF schemes will be tabled to the Legislative Council for first reading later this month, with the aim of having it implemented by the end of next year.
Under the reform, MPF operators would be required to provide two regulated funds for those who did not choose how to invest their contribution. Darren McShane, the chief regulation and policy officer and an executive director of the MPF Schemes Authority, said many people might opt for the new choice.
http://news.rthk.hk/rthk/en/component/k2/1222915-20151111.htm
