The Legislative Council has approved an amendment to limit out-of-pocket expenses or miscellaneous fees that Mandatory Provident Fund trustees can collect, to 0.2 percent of the net asset value.
The treasury secretary, KC Chan, said he's disappointed that the amendment has been passed because the new arrangement requires a lot of discussion.
Chan added that it will delay the implementation of new default investment arrangements, which would reduce an employee's exposure to higher risk investments as they approach retirement age.
http://news.rthk.hk/rthk/en/component/k2/1262359-20160525.htm
