A free online public platform specially designed for comparing MPF fund performance was launched on Tuesday by BestServe, an independent pension administrator under Sun Life Financial.
MyMPFChoice.com receives data feed from Lipper, which provides information on mutual funds globally. Public can have access to the site from today in order to gather performance information of all MPFs. Apart from comparing the MPF performance against peers in the same category for any time period, the platform also allows investors to calculate and project returns of their cumulative contributions.
As there will be a potentially large MPF retail market after the implementation of Employee Choice Arrangement (ECA) next year, intermediaries are planning to improve information accessibility in order to expand their market share.
Belinda Luk, senior vice president, BestServe Financial, believes fund performance is critical for an employee’s choice of MPF provider.
"MPF fund performance should be a key factor in selecting an MPF provider, but until now there hasn’t been a simple way for the general public to acquire the necessary information and compare performance across all MPF funds," said Luk.
"Hence, we have introduced this pioneering, user-friendly tool that enables people to easily and quickly compare funds which in return, may help those making informed decisions."
Besides, the online platform also allow users to transfer fund online through completing the "Scheme Member’s Request for Fund Transfer Form". Online risk profiling assessments are also available for employees to understand their risk appetites and investment preferences.