"MPF Easy" platform fees reduced to 0.29% starting April 1

The Financial Secretary has approved the fee collection for the “MPF Easy” platform. Starting from April 1, this fee will be reduced from the current 0.37% of the assets under management in the Mandatory Provident Fund (MPF) scheme to 0.29%, a 21.6% decrease, directly benefiting all MPF scheme members.

Liu Maijiaxuan, Chairman of the MPF Authority and MPF Easy Company, stated that since the launch of “MPF Easy” to handle administrative work for MPF schemes, the administrative fees have been lowered from an average of 0.58% to 0.37% due to the standardized, streamlined, and automated design of “MPF Easy,” as well as the non-profit operating principles of MPF Easy. With this further reduction to 0.29%, the administrative fees will be halved compared to what trustees previously charged.

She continued that “MPF Easy” has been in operation for 22 months, and digital usage has exceeded expectations. As MPF asset size grows and scale benefits become more apparent, not only does this align with the original goal of implementing “MPF Easy,” but it also surpasses the initial cost reduction targets. It is estimated that operational savings of HKD 30 to 40 billion over 10 years could be achieved, and with accelerated efforts, savings could reach HKD 50 billion in less than 10 years.

Liu Maijiaxuan stated that MPF Easy Company will continue to intensify efforts to promote digital adoption and strictly control expenses, aiming to create greater cost savings to benefit scheme members.