More than 60% of employees indicate a desire to contribute more into their MPF if employers are willing to match their contributions or if tax-deductible limits are increased for voluntary contributions. This according to a recent survey by Towers Watson, who announced the release of a “one-stop resource for information on MPF” that will include a quarterly magazine, MPFexpress.com and a portal to assist MPF members with monitoring the appropriateness of their MPF investment arrangements.
Naomi Denning, Managing Director of Investment Services for Asia Pacific, Towers Watson further explained, “This is the first time MPF members will have free access to comprehensive, unbiased information, both online and in print. We intend for the service to provide a balanced perspective on MPF and to help members make informed decisions and choices.
The service will provide collective analysis, opinions and views of all MPF schemes by reviewing their features, qualities, performance, fees and products. The website, www.mpfexpress.com, will have interactive tools allowing users to compare providers and funds and a series of calculators for planning and managing MPF investments.
The ECA is encouraging members to take a more active interest in their MPF investments thus resulting in greater market competition among MPF providers. “The objective of the MPF is to provide a long-term investment tool for members to accrue a reasonable pool of money for retirement income. Hence, members will need to take a long-term approach to reviewing and managing their portfolio against their investment objectives, risk appetite and lifestyle needs,” revealed Denning. She also asserted the importance of equipping members with sufficient data, research and expert knowledge.
Paul Arkwright
Publisher
