What Did AXA Say About Semi-Portability and Fees?

What did AXA say in August 2011?

AXA’s chief retirement and intermediary sales officer Li Bingxi expected semi-portability around mid-2012; asked about a fee war, he said prices follow the market but fees still had room to fall. On the compassionate-withdrawal study, he called the intent good — 20–30% withdrawals for critical illness were reasonable — but the government must define emergencies clearly.

Why are average balances so low?

Average MPF accounts held under HK$150,000; even with compassionate withdrawals, payouts would cover living costs during treatment, not the medical bills themselves.

What’s the lesson for workers?

Semi-portability lets you choose your trustee — do your homework now at MPF fund comparison.