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Budget Speech


Enhancing Mandatory Provident Fund System

117.    The Mandatory Provident Fund (MPF), which has been in place for 12 years, is one of the three pillars of the existing retirement protection system.  We are now working with the Mandatory Provident Fund Schemes Authority (MPFA) on short, medium and long-term fee reduction measures.  They include promoting electronic platforms, consolidating employees' accounts, and rationalising the types and numbers of MPF funds in order to reduce the administration costs.  Meanwhile, we aim to cut down the fees and charges by maximising market forces.  The MPFA is preparing proposals regarding the implementation of a cap on MPF fees that will be introduced in case of market failure.  We intend to consult the public within this year.

118.    In the past few months, there have been considerable discussions on retirement protection.  The Social Security and Retirement Protection Task Force under the CoP will study this complicated issue in depth.  I hope that the community will explore the issue in a rational, pragmatic and prudent manner and with due regard to the sustainability of public finances and the possible financial pressure on our future generations.



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