PLC Subcommittee on Subsidiary Legislation of the MPF System
Framework of Mandatory Provident Fund System
The Mandatory Provident Fund (MPF) System is an employment-related contributory system whereby contributions are made by persons in the workforce during their working lives. Upon retirement, they will be able to receive benefits that are commensurate with the contributions they have previously made and the investment returns arising from such contributions.
2.The MPF System is also a privately managed system in which trustees will be responsible for management of MPF schemes. The Mandatory Provident Fund Authority (MPFA) is the regulatory authority which will closely monitor the management and operation of MPF schemes so as to ensure compliance of MPF requirements.
3. Annex A describes the framework of the MPF System and the different roles of the concerned parties, including the MPFA, employers and employees, and trustees and service providers.
Mandatory Provident Fund Office
Financial Services Bureau
4 November 1997