Poll lists six deadly sins of MPF — offsetting tops the hate list

An Oriental Press opinion poll has listed six major flaws in the MPF system, with workers angriest about the offsetting mechanism eating into their MPF savings — potentially wiping out their retirement protection entirely.

What are the six sins?

1. Offsetting shaves workers’ MPF balances, leaving retirement protection at risk of being eaten away to nothing.
2. Weak MPFA enforcement against contribution defaults, with unregistered employers on the rise.
3. Employer liquidations that cost workers their contributions, nearly impossible to recover.
4. Trustees failing to alert the MPFA about employer defaults, leaving workers losing money unknowingly.
5. Workers needing the employer’s signature to check whether contributions were made — strangling their own protection.
6. Low transparency in trustees’ finances and investments, plus high admin fees, harming workers’ MPF.

To see what fees your MPF charges, visit MPF fund comparison.