Secretary for Financial Services & the Treasury Prof KC Chan says the passage of the Mandatory Provident Fund Schemes (Amendment) Bill 2015 is a great step forward in improving the MPF system.
The bill provides a framework for the introduction of a default investment strategy and sets a cap on miscellaneous management fees.
The Mandatory Provident Fund Schemes Authority will prepare to implement the measures and expects to roll them out in the first half of next year, Prof Chan said.
It will also step up public education and publicity to enhance understanding of the scheme, he added.
