What Was HSBC’s New MPF “Choice” Plan?

What did HSBC launch in 2011?

In April 2011, HSBC launched its new MPF “Choice” plan with nine funds and management fees of 0.79% to 0.99% of NAV per year. The plan featured more funds built on index-tracking collective investment schemes, catering to different needs and helping members plan their ideal retirement with ease.

Was 0.79% cheap?

Against market fees then commonly running 1.5% to 2%, 0.79% was on the low side. Lower fees compound powerfully over the long run. Before choosing, compare trustee fees and fund performance at MPF fund comparison.

Why were trustees racing to cut fees?

With MPF “semi-portability” approaching, trustees expected employees would soon choose their own plans and cut fees to win business. For members, it was a good moment to compare and consider switching.