Manulife Hong Kong consolidates MPF schemes

Move to allow better administration, says firm

Manulife Hong Kong consolidates MPF schemes

Insurance News


Manulife Hong Kong has announced the completion of its Mandatory Provident Fund (MPF) scheme restructure.

On September 26, Manulife MPF Plan – Basic (Manulife Basic) and Manulife MPF Plan – Advanced (Manulife Advanced) were consolidated into the Manulife Global Select (MPF) Scheme (Manulife Global Select).

The new Manulife Global Select provides all Manulife’s MPF members with one-stop access to a comprehensive range of 29 constituent funds. It offers the same or a lower level of management fees to previous members of Manulife Basic and Manulife Advanced.

“Merging Manulife Basic and Manulife Advanced into Manulife Global Select allows us to achieve greater economies of scale and higher operation efficiency,” Manulife Hong Kong vice president and head of employee benefits Raymond Ng said. “We have shared these savings with our members through a fee reduction exercise since August this year.

“With the completion of the scheme restructure, we can focus our resources to further enhance our single MPF platform to deliver greater value for our customers,” he added.

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