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 Sponsor 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 Sponsor 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 Trustee of the Year
Background
MPF’s Trustee of the Year must be a trustee of a Gold rated MPF scheme and demonstrate it has met the minimum standards of the MPFA’s Governance Principles. Importantly, it must also demonstrate prioritizing the interests of the scheme(s)’ members above other interests. While investment performance and fees are a key consideration, overall services and initiatives focused on the interest of scheme members are prioritized.
Criteria and Methodology *
- Only trustees of Gold rated schemes are considered for Trustee of the Year.
- At a minimum, all MPF Governance Principles must be achieved.
- The winner of Trustee of the Year may or may not be the trustee to the Scheme of the Year.
- Trustee of the Year award primarily focuses on overall services and initiatives that are in the best interest of members but individual initiatives which are significant in nature will also be considered.
MPF Ratings Diamond Choice
MPF Ratings’ Diamond Choice award is awarded to the MPF scheme which has delivered MPF’s highest value-for-money since the introduction of the MPF system in December 2000.
Diamond Choice was introduced for the first time in 2026 to celebrate MPF’s 25th year of operation and aims to highlight MPF’s value and longevity. The award factors in after fee since inception scheme performance, and to reflect the award’s overall value-for-money ethos, only Gold rated schemes are eligible to be named Diamond Choice. Beyond performance and fees, Gold rated schemes reflect value across MPF Ratings’ key assessment criteria.
Criteria and Methodology *
- The Diamond Choice winner must demonstrate delivering MPF’s highest level of value-for-money since the MPF system’s inception.
- The winning scheme must also be Gold rated to reflect value across all key areas of an MPF scheme.
- MPF Ratings’ Diamond Choice may or may not also be the MPF Scheme of the Year.
- Further details on MPF Ratings’ scheme ratings methodology can be viewed here.
MPF Ratings Best Performers
Background
One of the major determinants of long term wealth creation is consistent performance.
MPF Ratings’ Best Performers recognise constituent funds which deliver the best fund performance within their respective fund categories in MPF Ratings MPF performance survey. 1 Year Best Performers recognise 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:
- Asian Bonds
- Global Bonds
- HKD Bonds
- RMB Bonds
- Default Investment Strategy Fund (Age 65 Plus Fund)
- Default Investment Strategy Fund (Core Accumulation Fund)
- Asian Equities
- European Equities
- Global Equities
- HK & China Equities
- Japanese Equities
- US Equities
- Mixed Asset (Post-Retirement)
- Mixed Asset (21-40% Equity)
- Mixed Asset (41-60% Equity)
- Mixed Asset (61-80% Equity)
- Mixed Asset (81-100% Equity)
- Mixed Asset (Dynamic)
- Mixed Asset (Target Date)
- MPF Conservative Fund
- Money Market Fund (RMB & HKD)
- Money Market Fund (HKD)
- Guaranteed Fund
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 Digital Product
Background
The Best Digital Product category caters for scheme sponsor demonstrating a willingness to embrace the long term interests of members through either the introduction of digital innovative product(s) and/or functionality within existing schemes.
The development of digital product(s) and/or functionality should be focused on putting the interest of Scheme members first; allowing them to make better informed decisions, and/or improve the services to members and employers.
MPF Ratings’ Best Digital Product should also contribute to the on-going development and competitiveness of the overall industry.
Criteria and Methodology *
- The Best Digital Product winner can be Gold, Silver or Bronze rated schemes as determined by MPF Ratings’ rating methodology.
- The product or functionality must be available at the time of the award nomination.
- The digital product and/or functionality shall be assessed as contributing to an overall improvement to member and/or employer customers’ experience of the MPF scheme.
- If there are multiple schemes or products that are assessed as having a similar likelihood improving the overall MPF experience of members and employers, the winner shall be at the discretion of MPF Ratings Ltd.
MPF Ratings Fast Movers
Background
MPF Ratings’ 1 Year, 3 Year, 5 Year and 10 Year Fast Movers are MPF Scheme Sponsors that achieve the highest growth in net new assets over assessed time periods of 1 year, 3 years, 5 years and 10 years respectively.
The Fast Mover award reflects the success and commitment of MPF Scheme Sponsors in building their business and is an important barometer in assessing the competitive landscape of the MPF system.
Criteria and Methodology
- Scheme sponsors must be a MPFA regulated provider.
- Schemes sponsors must have a minimum market share of 0.5% in the total MPF industry.
- Schemes sponsors must have a minimum 3 year track record.
- The end date for the assessment is 31 December for the relevant year.
- MPF Ratings reserves the right to announce multiple Fast Mover(s) in any given assessment year.
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 recognised.
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 recognised.
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 Education Experience
Background
Based on MPF Ratings’ proprietary research and evaluation process, the Best Education Experience 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 recognised.
Criteria and Methodology *
- The Best Education Experience award winner can be Gold, Silver or Bronze rated schemes as determined by MPF Ratings rating’s methodology.
- The Best Education Experience 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 Education 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 Education Experience award winner.
MPF Ratings Sustainably Friendly
Background
The MPF system takes its Sustainable investing responsibilities very seriously. MPF Ratings acknowledges MPF schemes who go further by undertaking practical initiatives that visibly benefit the people of Hong Kong environmentally, socially and/or can demonstrate good governance.
Hong Kong’s MPF covers workers in Hong Kong; workers who are essential to Hong Kong’s vitality. By covering around 4.75m members, the MPF industry is in an influential place to improve the lives of all Hong Kong people. This influence can be used to create better outcomes beyond financial outcomes. MPF Ratings’ Sustainably Friendly award recognizes these better outcomes.
Criteria and Methodology
- Trustee must have signed the MPFA’s “Governance Charter for MPF Trustees” (May 2018).
- Trustee must implement or be formulating measures for the MPFA’s “Governance Principles for MPF Trustees” (15 November 2018) and the “Principles for Adopting Sustainable Investing in the Investment and Risk Management Processes of MPF Funds” (26 November 2021), and regularly review the implementation status.
- Trustee must have endorsed an up-to-date and compliant Governance Report of the Scheme.
- Award recipients are at the discretion of MPF Ratings.
MPF Ratings Best TVC Product
Background
MPF Ratings’ Best TVC Product 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 Product 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 Product
Background
MPF Ratings’ Best DIS Product 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 Product 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 Product award winner.
MPF Ratings Best ESG Product
Background
MPF Ratings’ Best ESG Product award is given to an MPF Scheme, who according to MPF Ratings, is providing a market leading Sustainable Investing fund initiative consistent with the MPFA’s commitment to sustainable investing.
This award reinforces the MPF system’s commitment to Environmental, Social and Governance investing.
Criteria and Methodology
- Gold and Silver rated MPF schemes are eligible for the Best ESG Product award.
- Schemes must be endorsed as Sustainably Friendly by MPF Ratings.
- The Scheme must offer a sustainable investment/ESG Constituent Fund.
- The relevant Constituent Fund must reflect a commitment to MPFA’s Principles of Sustainable Investing, particularly a relevant and measurable ESG benchmark.
MPF Ratings Best Post-Retirement Product
Background
MPF Ratings’ Best 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 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
