Mandatory Provident Fund Schemes (Amendment) Ordinance 2012 Contents
Mandatory Provident Fund in Hong Kong
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Mandatory Provident Fund in Hong Kong
Presented by group 2
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Year Percentage of elderly age
1981 6.6 %
2001 11.2%
2031 24%
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年齡組別
1991 1996 2001
數目 佔總計的百分比
數目 佔總計的百分比
數目 佔總計的百分比
0 - 14
1 151 916
20.9 1 151 038
18.5 1 109 417
16.5
15 - 24
839 841
15.2 869 511
14 920 445
13.7
25 - 34
1 178 288
21.4 1 188 424
19.1 1 108 529
16.5
35 - 44
891 032
16.1 1 178 522
19 1 360 487
20.3
45 - 54
487 658
8.8 683 569
11 960 417
14.3
55 - 64
491 506
8.9 516 937
8.3 502 042
7.5
65+ 482 040
8.7 629 555
10.1 747 052
11.2
總計 5 522 281
100 6 217 556
100 6 708 389
100
Source http://www.censtatd.gov.hk/major_projects/2001_population_census/main_tables/ population_by_age_group_1991_1996_and_2001/index_tc.jsp
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Three-pillar approach
-Public
-Personal
-Mandatory
-Voluntary
Old-Age Crisis
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Before MPF, only 1/3 workforce had retirement protection
Implement of MPF, close to 90% workforce enjoy retirement protection
Implemented on 1 Dec 2000
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Coverage
Between 18-65 are required
Includes full-time and part-time (employed 60 days or more under a contract )
Self-employed workers
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exemptions• Grant or subsidized school teachers• domestic employees• self-employed hawkers• people which covered by statuary pension or
provident fund such as civil servant• People who entered Hong Kong less than 13
months or covered by overseas retirement schemes • employees from the European Union Office of
European Commission in Hong Kong
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the contribution amount is compulsory equal to 5% + 5% of salary. :
• Contribution range– >=$5000 , <=20000
the contribution will be fully paid and including the return of their contribution.
Contribution:
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Withdrawal
Special circumstances1. Death2. Early retirement reaching age 60 3. Permanent Departure from HK4. Total incapacitation5. A small balance account in an MPF scheme
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The Protection of MPF
• Stringent approval and registration criteria
• Trust Arrangement
• Professional indemnity Insurance
• Compensation Fund
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Guaranteed Fund
HSBC
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Guaranteed Fund
• Launch date: 01.12.2000
• Fund Size: HK$5,049.39(Since 30.06.2006)
• Investment Time Frame: Short to medium term
• Fund Type: Guaranteed fund
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Guaranteed Fund
Objective:
• To achieve long-term growth with low volatility while preserving underlying capital.
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Guaranteed Fund
Typical Asset Allocation:
• Equities 0-50%
• Bonds 20-100%
• Cash 0-80%
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Guaranteed Fund
• Guaranteed Interest Rate:
• 1 July 2005 to 30 June 2006 0.25% p.a
• 1 July 2006 to 30 June 2007 0.25% p.a.
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Guaranteed Fund Portfolio allocation
USD bonds8%
Cash & deposits16%
Hong Kong equities14%
Singapore equities0%
Hong Kong bonds62%
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Balanced Fund
HSBC
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Balanced Fund
Objective:
• To achieve medium-high capital growth with medium volatility through a pooled investment fund that indirectly invests in global bonds and equities with a heavier weighting in equities.
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Balanced Fund
• Launch date: 01.12.2000
• Fund Size: HK$8,259.57(Since 31.07.2006)
• Investment Time Frame: Medium term
• Fund Type: Mixed Assets fund[Global]
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Balanced Fund
Typical Asset Allocation:
• Equities 55-85%
• Bonds and cash 15-45%
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Balanced Fund Portfolio allocation
Hong Kong equities22%
Japanese equities12%
Hong Kong bonds1%
USD bonds5%
Cash & deposits4%
American equities14%
Asia equities6%
Australian equities4%
European equities14%
World bond ex US18%
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Growth Fund
HSBC
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Growth Fund
• Launch date: 01.12.2000
• Fund Size: HK$8,669.17(Since 30.06.2006)
• Investment Time Frame: Medium term
• Fund Type: Mixed Assets Fund [Global]
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Growth FundObjective:
• To achieve investment returns which maximize long-term capital growth potential with medium-high volatility. The fund invests in a pooled investment fund that indirectly invests in global equities, with an emphasis on Asian markets.
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Growth Fund
Typical Asset Allocation:
• Equities 70-100%
• Bonds and cash 0-30%
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Growth Fund Portfolio allocation
World bond ex US6%
Japanese equities15%
Hong Kong equities29%
Cash & deposits2%
American equities17%
Asia equities7%
Australian equities5%
European equities19%
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Guaranteed Portfolio
AIA
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Guaranteed Portfolio• Launch date: 01.12.2000
• Fund Size: HK$1,279.36(Since 31.07.2006)
• Investment Time Frame: Short to medium term
• Fund Type: Guaranteed fund
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Guaranteed Portfolio
Objective:
• To minimize capital risk in Hong Kong dollar terms.
• To achieve a stable, consistent and predictable rate of return.
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Guaranteed Portfolio Asset Allocation
Hong KongDollars Bond
92%
Net Liquidity8%
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Balanced Fund
AIA
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Balanced Fund
• Launch date: 01.12.2000
• Fund Size: HK$1,207.63(Since 31.07.2006)
• Investment Time Frame: Medium term
• Fund Type: Mixed Assets Fund
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Balanced Fund
Objective:
• To maximize long-term capital appreciation in Hong Kong dollars terms within moderate risk parameters.
• To outperform Hong Kong price inflation over the long term.
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Balanced Portfolio Asset Allocation
Europe Equities10%
Hong Kong Equities14%
Japanese Equities8%
United States Equities7%
Other Asia Equities9%
Other Bonds40%
Net Liquidity5%
Hong Kong DollarBonds7%
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Growth Fund
AIA
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Growth Fund
• Launch date: 01.12.2000
• Fund Size: HK$2,981.74(Since 31.07.2006)
• Investment Time Frame: Medium to long term
• Fund Type: Mixed Assets Fund
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Growth Fund
Objective:
• To maximize long-term capital appreciation in Hong Kong dollar terms.
• To outperform Hong Kong salary inflation over the long term.
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Growth Portfolio Asset Allocation
European Equities18%
Hong Kong Equities27%
Japanese Equities13%
United States Equities15%
Other Asia equities14%
Hong Kong DollarBonds2%
Other Bonds10%
Net Liquidity1%
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Guaranteed, balanced and growth funds
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• the portfolio of the funds can be different even their name are the same, so called guaranteed fund.
HSBCAIA
Guaranteed Fund
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Period return %
AIA HSBC
00-01 3.77 -2.4
01-02 2.08 -0.41
02-03 1.5 0.21
03-04 1.5 0.21
04-05 1.92 -0.41
Annualized rate % 2006
AIA HSBC
1 year 2.00 2.26
5 year 1.83 0.37
Since launch 2.22 -0.10
Last year 2005 2.00 -1.73
Source from HSBC and AIA fund fact sheet Sep, 3quarter 2006
• Due to the difference in allocation, their rate of return will also be affected
• not only come from the rising interest rate, but also from the stock market fluctuation
Guaranteed Fund
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Balanced fund
• This diversifies some risks from the volatility of stock market when it in a climate of contrasting economic currents, cooling growth and highly inflation.
• we have to aware that equity investment is much risky than the bonds. The investors of HSBC have to bear the extra 35% risky than AIA ’s investors.
AIA
HSBC
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• AIA generated 1.83% above average, but HSBC is 0.37.
• AIA WIN
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Growth fund
• Because of their similarity, we are able to compare which fund manager are performed better.
• the past performance of them can be very different although they have a similar allocation percentage.
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Period return over 2000-2006
•HSBC tends to be fluctuating over time to time, especially in the early year 2001-2003.
•This implied that HSBC ‘s fund portfolio poorly took advantage of diversification
Return of HSBC vs AIA
-30
-20
-10
0
10
20
30
00-01 01-02 02-03 03-04 04-05 05-06
Period
%
HSBC
AIA
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Which funds should I choose?
• whichever funds we are chosen is depended on your the degree of risk you can bear.
• The simple way to test how much you can bear is 100 minus your current age
• it is employers to determine which MPF service provider should be chosen, not the employee.
Source from HSBC and AIA fund fact sheet Sep, 3quarter 2006
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The Effectiveness of the MPF
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1) The return of MPF is uncertain.
• a) 跌市累強積金上月蝕2.2% ( 太陽報 2006-06-12
19:00:25)
“【太陽】股市逆轉,股民遭殃之餘,投資股票基金比重大的強積金(MPF)亦受無妄之災 ..”
• b) 強積金連續兩月虧損 (太陽 ) 07月 13日 星期四 03:00AM “【太陽報專訊】強積金 (相關新聞 - 網站)(MPF)連續兩個月錄得虧蝕 , 六月份強積金平均回報為負 0.3%.....”
http://hk.news.yahoo.com/060612/197/1opgx.html
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1) The return of MPF is uncertain.
• Investment on bonds can have stable but less return.
• The return of investing on shares in MPF’s portfolio which is highly affected by the stock market.
• Different distribution of investment in different portfolio can give different return to the contributors.
• the return is monitored by the personals factors. So, the return is uncertain.
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HSBC
Hotline2238 0088
Press 1Press 2
2) Insufficient return for low income people.
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Inflation rate 2%
Returned rate 3%
Year to Start 25 years old
Contribution per month
$1000(employers’) + $1000(employees’)
Retired Age 65 years old
Assumed saving $0
Return $1,896,000
Year to enjoy return
15 years (until 80 years old)
Return per month $5000
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reach ceiling $2000 contribution per monthOnly target for high income people
At 65 years old retired.
Only used for 15 years
Every month $5000
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• For the Hong Kong Census and Statistics Department on No. of domestic households by monthly household income and household size released at 23rd November, 2006, it state out that about 46% of employees have average salary $7340-$11560 per month.
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Example:
Refer to Excel
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insufficient return
• Real lifethe inflation factor will decrease our future income.
insufficient to cover most of the employees in Hong Kong to provide them a stable retiring life.
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3) It has less benefit to the short time contributor.
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4) The improvement of scheme hasn’t widely made.
• Future Trend-• “強積金供款入息上限,擬由2萬增至3萬元 (經濟通 ) 08月 28日 星期一 08:31AM
• 積金局 (相關新聞 - 網站 )現正研究,擬把強積金 (相關新聞 - 網站 )(MPF)供款入息上限由現行的2萬元增至3萬元,此舉將令僱員與僱主每月最高供款,由現時的各供1000元增至1500元,即僱主一年最多為員工額外供款6000元,市料有逾75萬名僱員受影響,當中牽連最大者是金融、會計等專業人士。積金局諮詢委員會主席周永新 (相關新聞 - 網站 )教授透露,擬向政府建議把僱員的入息供款上限由2萬元增至3萬元,惟當局會否接納,相信最終是政治決定。而積金局發言人接受查詢時拒就此作回應。《香港經濟日報》
http://hk.news.yahoo.com/060828/74/1s12l.html
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• enlarges the ceiling
• But only targets the professionals with high income people.
• But how about the low class? It seems to show the government’s improvement is incompletes.
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Recommendation
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Method 1:
contribution %
– By law
– Voluntary
beneficial to more people
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Method 2:
• Supplementary plan
– Aggressive
i.e. investment• Stock
• Foreign currencies
• Funds
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Method 2: (Cont’d)
• Supplementary plan– Conservative
i.e. saving• Time deposit
• Gold coins
• Gov. bonds/ bank shares
• Annuity
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Member List:
• Cheang Wai Sun, Alexander
• Cheng Fu, Kelvin
• Cheng Hoi Ling, Sue
• Lam Tai Chuen, Ivan
• Chan Wai Sze, Phyllis