The Fidelity Retirement Master Trust was named the MPF Scheme of the Year for an unprecedented third time by MPF Ratings, Hong Kong’s leading specialist and only independent MPF research group, at the 2017 MPF Awards ceremony. Fidelity Retirement Master Trust beat industry heavyweights to the coveted title.
While announcing the 2017 MPF Scheme of the Year, MPF Ratings’ Chairman, Francis Chung (叢川普), highlighted that this year was the most competitive selection process on record. “Five years ago, schemes were guarding against independent scrutiny. Today the industry embraces greater transparency and accepts that more competition means better member outcomes, and better value for money for members”.
In the two other major categories, AIA won the Best New Innovation award for establishing a dedicated client servicing team for the hearing impaired. And in a big win for smaller MPF schemes, the BEA (MPF) Value Scheme was named the 2017 Rising Star. BCT, BOCI-Prudential Trustee, Manulife and Sun Life were amongst the other major winners on the night.
Speaking as the guest of honour at MPF Ratings’ Awards Ceremony, Mandatory Provident Fund Schemes Authority (MPFA) Non-executive Director Philip Tsai (蔡永忠) commended the winners for putting in exceptional effort to enhance MPF products and services. The evening celebrated the excellence of MPF schemes which make up the MPF System that had been fulfilling its key purpose of helping the working population in Hong Kong in making savings for their retirement.
Tsai said that over the years the MPFA had been working alongside the MPF industry to reduce fees. The upcoming Default Investment Strategy (DIS) was one such initiatives, introducing, inter alia, fee caps that will benefit scheme members by enhancing competition among MPF funds. He called on MPF industry practitioners to keep up the efforts and explore every possibility in reducing fees innovatively.
Chung reiterated MPF Ratings’ commitment to independently and openly assess MPF schemes on their merits. “The real industry discussion should not simply be about fees or short-term performance. It should be about long-term value for money. We hope award winners and finalists are proud of their achievements and that the industry further strives to improve their offerings. The ultimate beneficiary is the people of Hong Kong”.
About the 2017 MPF Awards
The 2017 MPF Awards celebrate the success and contributions of major industry stakeholders and culminate with announcement of the Best Innovation, Rising Star and the MPF Scheme of the Year Awards. The Award Ceremony is co-hosted by Asia Asset Management magazine, an independent investment management trade journal, and MPF Ratings, an independent provider of research, views and opinions on pension-related matters. In Hong Kong, MPF Ratings is renowned for its evaluation of MPF schemes through its proprietary Gold, Silver and Bronze ratings.