How Did the New Forum Take Its Case to the MPFA?

What happened in May 2011?

On 11 May 2011, the New Forum met MPFA executive director Yiu Kee-chung and others over low returns, high fees and poor transparency. Its survey: nearly 85% said management fees were too high; 80% didn’t know fees as a share of contributions; most feared retirement wouldn’t cover basic living. Secretary Hsu Hoi-shan said returns didn’t match fees and trustees and agents looked like the biggest winners; he urged faster intermediary regulation, quick semi-portability, and more competition to cut fees. Council member So Chun-man proposed linking fees to returns so agents served members better, and studying a low-fee HKMA or quasi-public manager — more choice plus competitive pressure.

How did the MPFA respond?

Yiu agreed fees could fall further: simplify admin fees, boost competition; fee-return linkage was worth studying; semi-portability would give intermediaries bigger incentives to cut fees and improve transparency; publicity and investor education would strengthen.

What’s the lesson for workers?

Guard fee transparency yourself — compare at MPF fund comparison.