Hospital Authority MPF disappoints: HK$3.1bn with a single manager under scrutiny

The Hospital Authority’s MPF scheme, covering retirement for more than 27,000 public-hospital staff and HK$3.1 billion in assets, was run solely by Invesco. Its second-half investment performance fell short of expectations: four of six funds missed minimum return requirements.

How serious is the problem?

Two-thirds of the funds missed their targets. For a scheme underpinning 27,000 people’s retirements, one manager’s underperformance affects more than numbers — it touches frontline healthcare workers’ retirement security. The Authority planned to add a co-manager, with a proposal due before its HR committee in mid-November.

How is HA staff retirement structured?

The Authority runs two systems: the HA MPF scheme and the HA provident fund. Contract and temporary staff may only join the former; permanent staff may choose either. Invesco had managed the MPF scheme since the 2000 Ordinance took effect.

The episode reminds all workers: employer-chosen trustees are not set in stone and persistent underperformance should trigger review — while employees should monitor fund performance themselves. Compare trustees’ funds with MPF fund search.