On January 15, 2025, the Mandatory Provident Fund Schemes (Appointment of Dates for Purposes of Section 19Z(4)) (Amendment) (No. 2) Notice 2024 (the 'Notice') passed, establishing key dates for the transition of the BEA ("MPF") Master Trust Scheme to the eMPF platform.
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On January 15, 2025, the Mandatory Provident Fund Schemes (Appointment of Dates for Purposes of Section 19Z(4)) (Amendment) (No. 2) Notice 2024 (the 'Notice') passed in the Legislative Council (LegCo), formally establishing key dates for the transition of the Bank of East Asia ("BEA") ("MPF") Master Trust Scheme (the 'BEA MPF Scheme') to the electronic Mandatory Provident Fund ("eMPF") platform.
The Notice specifically designates two 'material days' relevant to the implementation of the eMPF platform for the BEA MPF Scheme: March 5, 2025, is established as the date on which the BEA MPF Scheme must commence mandatory use of the eMPF platform; and June 5, 2025, is designated as the date on which constituent funds within the BEA MPF Scheme are required to adjust their respective fee structures.
These amendments are a result of prior consultation with the LegCo Panel on Financial Affairs, where feedback generally supported the proposed implementation timeline. The Secretary for Financial Services and the Treasury published the Notice to facilitate a smooth onboarding process for scheme members and relevant stakeholders.
The provisions of the Notice will come into effect on March 5, 2025, and June 5, 2025, respectively, marking the commencement of the mandatory eMPF platform usage and subsequent fee adjustments for the BEA MPF Scheme.
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