Awards Methodology
MPF Ratings MPF Scheme of the Year finalists and winner
Background
MPF Scheme of the Year finalists and winner are assessed as the most well diversified MPF Schemes across all key criteria assessed by MPF Ratings; investment choices and performance, fees and charges, as well as, an assessment of overall services within the schemes. The MPF Scheme of the Year is awarded to the best aggregate Value for Money MPF scheme.
Criteria and Methodology *
- Only Gold rated schemes are considered for MPF Scheme of the Year
- The highest ranked MPF scheme may be announced as MPF Ratings’ MPF Scheme of the Year
- Read further details on MPF Ratings’ ratings methodology
Note: For MPF Scheme of the Year, investment performance returns and fees are weighted over 12-month, 3 year, 5-year and 10-year portfolio. These weightings are consistent with the MPF Ratings’ methodology. The end date for the investment choices and performance, fees and qualitative assessments is December 31 for the relevant year.
MPF Ratings People's Choice
Background
MPF Ratings’ People’s Choice award is awarded to the most popular MPF Scheme as voted by the Hong Kong public.
The People’s Choice award was introduced, for the first time, by MPF Ratings in 2019 and aims to engage the members of the public to raise greater awareness of the importance of MPF. The award measures a number of customer satisfaction criteria and is given to the MPF Scheme Provider that measures highest across those criteria while considering the number of respondents to the survey.
Criteria and Methodology *
Eligible Scheme sponsor with the most number of votes is deemed the winner factoring in a number of member satisfaction criteria (such as, but not limited to):
- Scheme nominated
- Technical reason(s) for nomination
- General reason(s) for nomination
MPF Ratings Employers' Choice
Background
MPF Ratings’ Employers’ Choice award is awarded to the most popular MPF Scheme as voted by the employers of Hong Kong. In 2024, voting was undertaken in collaboration with the Employers’ Federation of Hong Kong (“EFHK”).
The Employers’ Choice award was introduced, for the first time, by MPF Ratings in 2019 and aims to engage employers to raise greater awareness of the importance of MPF. The award measures a number of employer satisfaction criteria and also aims to understand current gaps and trends in the MPF industry to better serve employers and their employees and is given to the MPF Scheme Provider demonstrating the highest level of employer satisfaction.
EFHK is a non-profit organisation established in 1947 to represent the interests of employers. The Federation takes the lead in representing employers on employment and related issues, seeking a balanced and practical discussion on issues of concern. Throughout the years, the Federation has become the acknowledged representative and spokesperson for Hong Kong employers on employee relations, importation of labour, minimum wage, standard working hours, collective bargaining, MPF, retirement protection, good employment practices, etc.
The Federation currently has about 500 corporate members. Members of the Federation range from multi-national conglomerates to small and medium sized local enterprises, engaging in ten major business sectors, namely, banking & financial services, hotel & catering, industrial & manufacturing, insurance, professional & business services, property & construction, public utilities, shipping & port operations, trading & distribution and transportation.
Criteria and Methodology *
Eligible Scheme sponsor with the most number of votes as a percentage of a number of employer satisfaction criterion is the winner. Such factors, but not limited to, include:
- Scheme nominated
- Technical reason(s) for nomination. In 2021 the focus was on employer expectations on education, advice and guidance of employees
- General reason(s) for nomination
MPF Ratings Consistent Performers
Background
One of the major determinants of long term wealth creation is consistent performance.
MPF Ratings’ Consistent Performers recognize constituent funds which deliver the best fund performance within their respective fund categories in MPF Ratings MPF performance survey. 1 Year Consistent Performers recognize the constituent funds with the best 1 year absolute performance. In the case of 5 year, 10 year, 15 year and 20 year performance, performance is calculated on a risk adjusted basis. Risk is defined as standard deviation calculated based on monthly performance of the constituent funds.
Criteria and Methodology
- Only publicly investible share classes will be considered
- 1 year performance, due to the short time horizon is based on absolute, calendar year performance
- 5, 10, 15 and 20 year performance is measured on a risk adjusted basis. Risk is defined by standard deviation over the time period.
- If there are multiple schemes that achieve the same rank, as measured for performance consistency, the winner shall be at the discretion of MPF Ratings Ltd
- Funds only within MPF Ratings MPF Performance survey within the following fund categories are assessed:
- Bond Fund (Asia)
- Bond Fund (Global)
- Bond Fund (HKD)
- Bond Fund (RMB)
- Default Investment Strategy Fund (Age 65 Plus Fund)
- Default Investment Strategy Fund (Core Accumulation Fund)
- Equity Fund (Asia)
- Equity Fund (Europe)
- Equity Fund (Global)
- Equity Fund (HK & China)
- Equity Fund (Japan)
- Equity Fund (US)
- Mixed Asset Fund (21-40% Equity)
- Mixed Asset Fund (41-60% Equity)
- Mixed Asset Fund (61-80% Equity)
- Mixed Asset Fund (81-100% Equity)
- Mixed Asset Fund (Dynamic)
- MPF Conservative Fund
- Money Market Fund (RMB & HKD)
MPF Ratings Rising Star
Background
Rising Star is highly regarded as the Scheme is assessed as the most improved MPF Scheme from the previous assessment cycle, as measured overall, across all key criteria assessed by MPF Ratings; investment choices and performance, fees and charges, as well as, an assessment of overall services within the schemes.
Criteria and Methodology *
- The Rising Star can be Gold, Silver or Bronze rated scheme as determined by MPF Ratings’ rating methodology
- The Rising Star must demonstrate an improvement in overall absolute ranking or rating from the prior year’s assessment
- The scheme demonstrating the most substantial change in the overall rank shall be determined as the “Rising Star”
- If there are multiple schemes that have improved in the same absolute term, the highest ranked scheme may be assessed as the “Rising Star”
- If schemes still rank equally, MPF Ratings reserves the right to consider the overall improvement of a Scheme over two assessment cycles
- Read further details on MPF Ratings’ assessment methodology
Note: For Rising Star, investment performance returns and fees are weighted over 12-month, 3 year and 5-year portfolio. These weightings are consistent with the MPF Ratings’ methodology. The end date for the investment choices and performance, fees and qualitative assessments is December 31 for the relevant year.
MPF Ratings Best New Innovation
Background
The Best New Innovation category caters for scheme sponsor that demonstrates a willingness to embrace the long term interests of members through either the introduction of innovative product and/or functionality within existing schemes.
The development of innovative product and/or functionality should be focused on putting the interest of Scheme members first; generating better, more consistent returns and/or improving services for members and employers.
MPF Ratings’ Best New Innovator contributes to the on-going development and competitiveness of the overall industry; for this they are recognised.
Criteria and Methodology *
- The Best New Innovator can be Gold, Silver or Bronze rated schemes as determined by MPF Ratings’ rating methodology
- The innovative product or functionality must be available at the time of the award nomination
- The innovative product and/or functionality shall be assessed as contributing to an overall improvement to the long term welfare of MPF scheme members
- If there are multiple schemes or products that are assessed as having a similar likelihood improving the long term welfare of members and employers, the winner shall be at the discretion of MPF Ratings Ltd.
MPF Ratings Fast Mover
Background
MPF Ratings’ Fast Mover is awarded to the scheme that achieves the highest growth in net new assets over a calendar year.
While Hong Kong’s MPF has been in place for over a decade, relative to other defined contribution schemes, the MPF industry is still in its relative infancy and its sophistication continues to evolve. The Fast Mover award reflects success of schemes in building their business.
MPF Ratings’ Fast Mover is an important barometer in assessing the competitive landscape of the MPF market place.
Criteria and Methodology
- Scheme sponsors must be a MPFA regulated provider
- Schemes must have a minimum market share of 0.5% in the total MPF industry
- Schemes must have a minimum 3 year track record
- The end date for the assessment is 31 December for the relevant year.
- If there are multiple schemes that have improved under the same terms, the highest ranked scheme would be assessed as the Fast Mover
MPF Ratings Good Governance
Background
Based on MPF Ratings’ proprietary research and evaluation process, the Good Governance Award winner must demonstrate a leading standard in integrity, as demonstrated by, sound business management practices and the willingness of MPF scheme sponsors to share information on their business practices.
By improving one’s own Governance structures, the awardee, not only contributes to the on-going improvement of a scheme’s own product, but also the overall development of the industry; for this they are recognized.
Criteria and Methodology *
- The Good Governance winner can be Gold, Silver or Bronze rated schemes as determined by MPF Ratings’ rating methodology
- The Good Governance award winner should at a minimum maintain its overall Rating from the prior year’s assessment
- The scheme demonstrating either the maintenance of a high standard or the most substantial change within the Governance and Transparency criteria, assessed by MPF Ratings, shall be determined as the Good Governance Award winner
- If there are multiple schemes that have improved under the same terms, the highest ranked scheme would be assessed as the Good Governance award winner
MPF Ratings Best Administration
Background
Based on MPF Ratings’ proprietary research and evaluation process, the Best Administration Award winner(s) must demonstrate exceptional service standards, as well as, high levels of administration effectiveness and efficiency; the combination of which leads to an improved customer MPF experience.
By improving one’s own Administration efficiency, the awardee, not only contributes to the on-going improvement of a Scheme’s own product, but also the overall development and of the overall industry; for this they are recognized.
Criteria and Methodology *
- The Best Administration award winner can be Gold, Silver or Bronze rated schemes as determined by MPF Ratings rating’s methodology
- The Best Administration winner should at a minimum maintain its overall Rating from the prior year’s assessment
- The scheme demonstrating either the maintenance of a high standard or the most substantial change within the Best Administration criteria, assessed by MPF Ratings, shall be determined as the scheme with the Best Administration winner
- If there are multiple schemes that have improved under the same terms, the highest ranked scheme would be assessed as the Best Administration award winner
MPF Ratings Best Use of Technology
Background
Based on MPF Ratings’ proprietary research and evaluation process, the Best Use of Technology Award winner(s) must demonstrate a leading standard or initiative in the use of technology to improve a customer’s MPF experience.
By using technology better, the awardee not only contributes to the on-going improvement of a scheme’s own product, but also the overall development and of the industry; for this they are recognized.
Criteria and Methodology *
- The Best Use of Technology award winner can be Gold, Silver or Bronze rated schemes as determined by MPF Ratings rating’s methodology
- The Best Use of Technology winner should at a minimum maintain its overall Rating from the prior year’s assessment
- The scheme demonstrating either the maintenance of a high standard or the most substantial change within the Use of Technology criteria assessed by MPF Ratings, shall be determined as the Best Use of Technology award winner
- If there are multiple schemes that have improved under the same terms, the highest ranked scheme would be assessed as the Best Use of Technology award winner
MPF Ratings Best Employer Experience
Background
Based on MPF Ratings’ proprietary research and evaluation process, the Best Employer Experience Award winner(s) must demonstrate a leading standard or initiative in servicing employers; thereby improving an employer’s MPF experience.
While Hong Kong’s MPF has been in place for over a decade, relative to other defined contribution schemes, the MPF industry is still in its relative infancy and its sophistication continues to evolve. By improving one’s own Employer Servicing, the awardee, not only contributes to the on-going improvement of a Scheme’s own product, but also the overall development and of the overall industry; for this they are recognized.
Criteria and Methodology *
- The Best Employer Experience award winner can be Gold, Silver or Bronze rated schemes as determined by MPF Ratings rating’s methodology
- The Best Employer Experience award winner should at a minimum maintain its overall Rating from the prior year’s assessment
- The Best Employer Experience award winner should maintain or demonstrate an improvement in overall ranking within the Employer Servicing proprietary criteria used by MPF Ratings
- The scheme demonstrating either the maintenance of a high standard or the most substantial change within the Employer Experience criteria assessed by MPF Ratings, shall be determined as the Best Employer Experience Award winner
- If there are multiple schemes that have improved under the same terms, the highest ranked scheme would be assessed as the Best Employer Experience award winner
MPF Ratings Best Member Experience
Background
Based on MPF Ratings’ proprietary research and evaluation process, the Best Member Experience Award winner(s) must demonstrate a leading standard or initiative in servicing members; thereby improving a member’s MPF experience.
By improving one’s own Member Servicing, the awardee, not only contributes to the on-going improvement of a Scheme’s own product, but also the overall development and of the overall industry; for this they are recognized.
Criteria and Methodology *
- The Best Member Experience award winner can be Gold, Silver or Bronze rated schemes as determined by MPF Ratings rating’s methodology
- The Best Member Experience award winner should at a minimum maintain its overall Rating from the prior year’s assessment
- The scheme demonstrating either the maintenance of a high standard or the most substantial change within the Member Experience criteria assessed by MPF Ratings, shall be determined as the Best Member Servicing Award winner
- If there are multiple schemes that have improved under the same terms, the highest ranked scheme would be assessed as the Best Member Experience award winner
MPF Ratings Best Communication and Education
Background
Based on MPF Ratings’ proprietary research and evaluation process, the Best Communication and Education Award winner(s) must demonstrate a leading standard or initiative in providing members with effective communication and education; thereby improving a customer’s MPF experience.
Education and proactive communication with scheme members and the public plays an important role in raising industry standards. By improving one’s own Communication and Education strategy and resulting outcomes, the awardee, not only contributes to the on-going improvement of a scheme’s own product, but also the overall development and of the industry; for this they are recognized.
Criteria and Methodology *
- The Best Communication and Education award winner can be Gold, Silver or Bronze rated schemes as determined by MPF Ratings rating’s methodology
- The Best Communication and Education award winner should at a minimum maintain its overall Rating from the prior year’s assessment
- The scheme maintaining a high standard or demonstrating the most substantial change within the Communication and Education criteria assessed by MPF Ratings, shall be determined as the Best Communication and Education Award winner
- If there are multiple schemes that have improved under the same terms, the highest ranked scheme would be assessed as the Best Communication and Education award winner
MPF Ratings Environmentally Responsible
Background
MPF Ratings’ Environmentally Responsible award is awarded to schemes that introduce initiatives that promotes environmentally responsible outcomes.
Hong Kong’s MPF covers almost all workers in Hong Kong. By covering almost all workers in Hong Kong the MPF industry is in a unique place; where decisions made within the industry have the possibility of affecting the lives of Hong Kong’s working population. This puts the industry in a position of great influence; influence that can be used to create better outcomes beyond financial outcomes. MPF Ratings’ Environmentally Responsible award recognizes MPF Schemes who are committed to producing better environmentally outcomes.
Criteria and Methodology
- Scheme sponsors must be a MPFA regulated provider
- Schemes must have a minimum scheme size of HK$400 million
- Schemes must have a minimum 3 year track record
- The end date for the assessment is 31 December for the relevant year
- Award recipients are at the discretion of MPF Ratings
MPF Ratings Socially Responsible
Background
MPF Ratings’ Socially Responsible award is awarded to schemes that introduce initiatives which promotes socially responsible outcomes that visibly benefit the people of Hong Kong.
Hong Kong’s MPF covers almost all workers in Hong Kong; workers who are vital to the viability and vitality of Hong Kong. By covering almost all workers in Hong Kong the MPF industry is in a unique place; where decisions made within the industry have the possibility of affecting the lives of Hong Kong’s working population. This puts the industry in a position of great influence; influence that can be used to create better outcomes beyond financial outcomes. MPF Ratings’ Socially Responsible award recognizes MPF Schemes who are committed to producing better social outcomes.
Criteria and Methodology
- Scheme sponsors must be a MPFA regulated provider
- Schemes must have a minimum scheme size of HK$400 million
- Schemes must have a minimum 3 year track record
- The end date for the assessment is 31 December for the relevant year
- Award recipients are at the discretion of MPF Ratings
MPF Ratings Best TVC Provider
Background
MPF Ratings’ Best TVC Provider award is awarded to the MPF Scheme Provider who demonstrates a leading standard or initiative in providing a tax deductible voluntary contributions option for members’ retirement savings.
To encourage the public to save early for retirement financial planning purpose, contributions that are made to the TVC accounts starting from 1 April 2019 are eligible for tax deduction. The tax deduction cap (an aggregate limit for both TVC and QDAP premiums) is $60,000 per year. Tax deduction will be effective from the assessment year 2019/20.
Criteria and Methodology
- The Best TVC Provider winner can be either Gold or Silver rated schemes as determined by MPF Ratings’ rating methodology
- Factors for assessment include but not limited to:
- Range of constituent funds available in the MPF Scheme
- Online accessibility and ease of use
- Ease of making TVC payment
MPF Ratings Best DIS Provider
Background
MPF Ratings’ Best DIS Provider award is awarded to the MPF Scheme Provider demonstrating a leading Default Investment Strategy investment solution standard or initiative in providing for members’ retirement savings.
From 1 April 2017, each of the 27 existing MPF schemes have been offering the Default Investment Strategy (DIS).
DIS standardizes the default arrangements of the MPF schemes while addressing concerns about high MPF fund fee levels. DIS comprises of two mixed asset funds and is designed for scheme members who do not know how to or are not interested in managing their MPF.
Criteria and Methodology
- The Best DIS Provider winner is a Gold rated scheme as determined by MPF Ratings’ rating methodology
- Factors for assessment include but not limited to:
- Superior DIS Fund investment performance over MPF Ratings’ assessment periods
- Displays high quality standards across various qualitative aspects such as governance and sustainable investing, employer and member experience, and communication and education
- If there are multiple schemes that have the same ranking in DIS Funds’ investment performance, the highest overall ranked scheme (in terms of scheme rating and the respective overall rank) would be assessed as the Best DIS Provider award winner
MPF Ratings Best MPF Post-Retirement Product
Background
MPF Ratings’ Best MPF Post-Retirement Product award is given to an MPF Scheme with leading post-retirement initiatives.
Hong Kong’s population continues to age. According to the United Nations, Hong Kong has the 2nd highest life expectancy (85.83 years) in the world in 2023. Hong Kong’s ageing population and the longevity of its people has highlighted the importance of post-retirement products with inflation and longevity two key risks in retirement.
Criteria and Methodology
- The Best MPF Post-Retirement Product winner must be an MPF rated scheme as determined by MPF Ratings’ rating methodology
- The Best MPF Post-Retirement Product winner must offer an MPF post-retirement fund
- Factors for assessment include but not limited to:
- Investment performance
- Asset allocation of the post-retirement fund
- Ability to manage longevity risk
- Ease of submitting withdrawal instructions
- Payment method(s) of withdrawal proceeds
MPF Ratings Ltd welcomes all media enquiries regarding our database, and independent research, views and opinions. Should you have further enquires please do not hesitate to contact us.
* Additional Criteria and Methodology
- Scheme sponsors must be a MPFA regulated provider
- Schemes must have a minimum scheme size of HK$400 million
- Schemes must have minimum 3 year track record
- The end date of assessment is at 31 December for the relevant year
