Hong Kong's Mandatory Provident Fund Schemes Authority published a blog post by its Chairman, Mrs Ayesha Macpherson Lau, stating that the eMPF Platform is entering its final phase of onboarding, with the four largest MPF trustees set to migrate one after another. Since launch in mid-2024, eight trustees covering 15 MPF schemes have joined eMPF, processing more than one million administrative instructions, with over 60% submitted electronically. The post links onboarding to fee reductions, noting that 10 MPF schemes comprising 110 MPF funds have been required to lower administration fees, and that upon full onboarding, the administration fees of 236 funds in 18 MPF schemes will be lowered to no higher than eMPF’s prevailing fee of 37 basis points, benefiting over 10 million scheme member accounts. The MPFA also updated estimates for economies of scale, with the 37 basis point fee level expected to fall further to 20 to 25 basis points and overall administration fee reductions now estimated at 57% to 65%. AIA, Sun Life and Manulife are each scheduled to onboard one MPF scheme in September, October and November respectively, while HSBC will start onboarding its four MPF schemes in December and complete it early next year. The MPFA flagged the two Industry Schemes for construction and catering as a major onboarding challenge and set out targeted support measures, with the onboarding timeline to be announced after further discussions with labour unions, business chambers and other stakeholders.

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