HSBC MPF Gives Away HK$1.28M Retirement Reserve in Quiz Game

This article is a rewrite of a report from October 2012.

On the eve of semi-portability, trustees were cutting fees and dangling rebates to win clients — and the battle kept escalating. HSBC, holding a third of Hong Kong’s MPF clients, simply gave away a million-dollar retirement reserve as promotion: an online retirement-planning quiz, HK$140,000 weekly, with a HK$1.28 million grand prize.

How did the game work?

Answer retirement-planning questions correctly to win. Running four weeks from late October to 26 November 2012, with weekly draws and a final HK$1.28 million retirement reserve. Open to everyone — not just HSBC MPF clients.

What was HSBC after?

Education, not clients — officially. A spokesperson said it was the bank’s first such event, aimed at boosting public understanding of retirement planning after a survey found knowledge lacking. Asked directly whether it was about winning clients, the spokesperson didn’t answer.

What were rivals doing?

Every house its own playbook. Manulife rebated loyal clients in bonus units by tenure; BEA launched its low-fee “Enjoy” plan at 0.6%–0.99% of net assets a year; Invesco cut management and trustee fees on selected funds outright. HSBC, the “number one”, skipped direct MPF perks and played the quiz game instead.

What is the lesson from 2012?

In 2012’s client war, the leader didn’t need to cut fees. HSBC used HK$1.28 million as bait without trimming a cent of management fees — that’s what 32% market share buys. What workers should see through: quiz winnings never land in your MPF account. What shapes your retirement money is still fees and fund performance.