Half of Workers Can’t Identify Their MPF Personal Accounts — Convoy Urges Simpler Consolidation

Convoy surveyed 546 people at eight MTR stations in November 2010 with a startling result: 69% said they knew how many personal accounts they had, but only 70% of those could name the managing company — meaning half of all respondents couldn’t properly identify their own accounts.

Why don’t people consolidate?

Unknown procedures, information overload, no professional advice. 41% don’t merge accounts because they don’t know the procedures, can’t choose amid too much market information, or lack professional guidance; 44% don’t even know the official channel for checking their accounts.

What does Convoy recommend?

Three fixes: better public education, more fee transparency, and simpler consolidation. Convoy chairman Wong Lee-man says these would help members manage their schemes. The firm is also gearing up for semi-portability: ~1,200 frontline staff, over 80% MPF-licensed, targeting 100% adviser licensing in 2011 — and the huge personal-account market will be a major focus.

Compare schemes when consolidating at MPF fund comparison.