Proposed amendments to the Mandatory Provident Fund Schemes Ordinance (MPFSO)
Proposed definition of "spouse "
Proposed sections 6 to 6S
- Members note the Administration's explanation that the proposed definition seeks to include genuine de-facto relationship of man and wife. At the Chairman's request, the Administration will check whether similar definition exists in other pieces of legislation.
- Some members have urged the Administration to play a more prominent management role in the future MPFA and for this purpose, have suggested that the proposed section 6(3) be amended to the effect that " the Chief Executive may appoint a public officer (instead of a person as proposed), other than the Financial Secretary, to be the Executive Director of the MPF Schemes Authority " .
- The Administration will continue to examine issues related to members' suggestion to provide for a board of directors/management board to enhance checks and balances on the MPFA. Issues related to the Industry Schemes Committee (proposed sections 6Q to 6S) will be discussed in the context of the proposed re-constitution of the MPFA.
|8.12.97||Proposed section 14(2)|
Proposed deletion of section 23 on the Residual Provident Fund Scheme (RPFS)
- To remove doubt, the Administration will move a CSA to the effect that the transfer of accrued benefits under subsection (2)(a) or (b) must also be in accordance with the circumstances prescribed by the regulations.
- At the Committee's request, the Administration will further study whether it will be feasible to provide for a RPFS to complement the statutory " no-rejection " requirement so as to cater for persons who are genuinely unable to join a MPF Scheme in the market to fulfil their obligations under the Ordinance.