Hong Kong’s MPF assets rise to HKD1.12tr

The total assets of the Mandatory Provident Fund scheme rose to over HKD1.12tr after it recorded a positive return of 6.1% last month. For the 4.57 million scheme members, it amounts to an average of HKD239,000 per member. MPF Authority chair Ayesha Macpherson Lau encouraged employees to manage their pension fund more proactively, such as through the employee choice arrangement, which allows staff to transfer their contributions to an MPF scheme chosen by themselves once a year. Lau added that currently about 70% of MPF assets - or HKD770bn - are transferable. Members can also add their personal accounts to their preferred MPF schemes at any time. Another option would be the tax-deductible voluntary contribution, which allows scheme members to choose their preferred MPF scheme and save some tax expenses.