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Asia-Pacific
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MPF Bulletin

MPF - Major changes on the way

On 17 July 2009, the Mandatory Provident Fund Schemes (Amendment) Ordinance 2009 (the “Ordinance”) was gazetted after it passed in the Legislative Council (“LegCo”) following its third reading.

The purpose of the Ordinance is to promote greater market competition among the MPF providers, and to encourage employees to take a more active interest in their MPF investments. The Ordinance will allow employees to transfer the balance in their mandatory employee contribution accounts held in their current employers' MPF schemes to another MPF scheme of their choice. The Ordinance is expected to be implemented in around 18 months.