2021 MPF Scheme of the Year winner

4 March 2021

MPF’s fastest growing MPF scheme takes this year’s most coveted title

Key points are as follows:

  • MPF’s most dominant MPF scheme in 2020, Sun Life Rainbow MPF Scheme is crowned the MPF Scheme of the Year at the 2021 edition of “The MPF Awards”
  • Sun Life Rainbow’s assets grew 32.6% in % terms in 2020 and 15.1% greater growth than the industry’s growth (See Chart 1)
  • Manulife earned the “People’s Choice” title, selected as the people of Hong Kong’s most popular MPF scheme by over 10,000 MPF members
  • Principal earned the “Employer’s Choice” title, selected by over 700 employers as their preferred MPF provider through the Employers’ Federation of Hong Kong
  • “The MPF Awards” is hosted by MPF Ratings Ltd, and the “People’s Choice”, “Employers’ Choice” and the MPF Scheme of the Year” titles are the most coveted MPF awards as they are exclusive to the MPF industry and supported by many industry associations and industry bodies

When awarding Sun Life Rainbow MPF Scheme the 2021 title of MPF Scheme of the Year, Mr Francis Chung was quick to praise not only Sun Life but the entire MPF industry, “The MPF system faced political, economic and market uncertainty throughout 2020, yet through it all it the system exceeded $1 trillion and has delivered a current record average account balance of $262,177 per member.  In the face of varied uncertainties, Sun Life Rainbow MPF Scheme not only managed to grow their total assets by 32.6% in 2020, but also provided an excellent balance of services and benefits to members, all of which is considered when deciding the winner of MPF’s most coveted title, the MPF Scheme of the Year.  Sun Life is a deserved winner.”

Mr Chung also commented on the importance of allowing employers and members to have their say, stating, “At the end of the day there are multiple stakeholders in the MPF industry, but none more important than the one’s who make contributions and those who’s retirement money is at stake; the employers and the members.  It is for this reason that it’s essential to allow them to have their say, so I’m pleased that over 700 employers and over 10,000 individuals voted.  Both Principal and Manulife are worthy winners of their respective “Employers’ Choice” and “Peoples’ Choice” awards.”

Table 1:  Annual Asset Growth % in 2020

Source: MPF Ratings

For a list of all winners at “The MPF Awards”, please click here.

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