This sub-committee works closely with various stakeholders of the pension and regulated fund industries to strive for enhanced development overall and to promote higher standards of professionalism and pension / fund governance.
| 2012 | |
|---|---|
| Chairman: | Ka Shi Lau |
| Members: |
Carolyn Butler |
|
|
|
Ka Shi Lau Carolyn Butler Loretta Lam Elaine Lau |
1. Employee Choice Arrangement (“ECA”)
The MPFA targeted to launch ECA on 1 November 2012. However, this is subject to whether the Mandatory Provident Fund Schemes (Amendment) (No. 2) Bill 2011 (“the Bill”) is enacted before the end of the current legislative session.
2. Change of maximum relevant income level for mandatory MPF contribution
The Legislative Council (“LegCo”) has approved the amendment to the revision of maximum RI level to $25,000 per month commencing 1 June 2012. The MPFA will be launching a series of publicity programmes from February 2012.
The MPFA will also update the relevant MPF and ORSO Guidelines to reflect the relevant changes as the calculation of Minimum MPF Benefit would be affected.
3. e-PASS
The MPFA end-to-end test with all trustees has been completed and the Authority would arrange a separate meeting with trustees to discuss the overall testing result and major issues identified.
4. Response to the MPFA on securities lending
The MPF trustees confirmed that MPF funds have not engaged in securities lending activities. However, as the investment restrictions for MPF funds are already very stringent, trustees, in fact, have asked the Authority on different occasions for a wider range of permissible investments as well as less prescriptive legislation. The status quo of allowing MPF funds to engage in securities lending activities could provide certain flexibility in the management of MPF funds, particularly in the current extremely volatile investment markets.
5. Suspension / re-imposition of compensation fund levy
The MPFA has proposed to the Government that the suspension / re-imposition of compensation fund levy of an MPF scheme should be applicable to the financial periods of MPF schemes commencing on or after the MPFA’s notice specifying that the levy is to be suspended / re-imposed.
6. Consultation on review of withdrawal of MPF benefits
The MPFA has carried out a review of current regulation of withdrawal of MPF benefits and come up with 2 proposals (i.e. introducing an additional mode of payment of MPF benefits on retirement and an additional ground of early withdrawal of MPF benefits) to enhance the withdrawal mechanism.
The Authority will also carry out an open consultation on the proposals from December 2011 to March 2012 so that key stakeholders would have an opportunity to comment on the proposals.
7. MPF Service Comparative Platform ("the Platform")
The MPFA proposed to introduce the Platform in their website so that the general public can compare services offered under different MPF schemes. The Authority aims to collect data from trustees in January or February 2012 and targets to launch the Platform by mid-2012.
On 28 March 2012 the joint working group, consisting of the HK Trustees' Association, the HK Investment Funds Association, the Institute of Financial Planners and and number of
On 28 March 2012 the joint working group, consisting of the HK Trustees' Association, the HK Investment Funds Association, the Institute of Financial Planners and and number of
On 28 March 2012 the joint working group, consisting of the HK Trustees' Association, the HK Investment Funds Association, the Institute of Financial Planners and and number of
On 28 March 2012 the joint working group, consisting of the HK Trustees' Association, the HK Investment Funds Association, the Institute of Financial Planners and and number of
On 28 March 2012 the joint working group, consisting of the HK Trustees' Association, the HK Investment Funds Association, the Institute of Financial Planners and and number of
On 28 March 2012 the joint working group, consisting of the HK Trustees' Association, the HK Investment Funds Association, the Institute of Financial Planners and and number of
A summary containing some of PwC's thoughts on the FATCA government-to-government approach
