On January 15, 2025, the Mandatory Provident Fund Schemes (Appointment of Dates for Purposes of Section 19Y(3)) (Amendment) (No. 2) Notice 2024 (the 'Notice') passed in the Legislative Council (LegCo), establishing key dates for the onboarding of the BEA ("MPF") Master Trust Scheme to the electronic MPF ("eMPF") Platform and implementing associated fee reductions.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
SPOTLIGHT ON
FAMILY OFFICES
On January 15, 2025, the Mandatory Provident Fund Schemes (Appointment of Dates for Purposes of Section 19Y(3)) (Amendment) (No. 2) Notice 2024 (the 'Notice') passed in LegCo, establishing crucial dates for the onboarding of the BEA ("MPF") Master Trust Scheme to the electronic MPF ("eMPF") Platform and associated fee reductions.
The Notice implements a phased approach requiring the BEA ("MPF") Master Trust Scheme to utilize the eMPF Platform for its Mandatory Provident Fund ("MPF") scheme administration functions, commencing on March 5, 2025.
Concurrently, fee control notices will be appointed on June 5, 2025, mandating fee reductions for seventeen constituent funds within the BEA ("MPF") Master Trust Scheme, directly benefitting scheme members.
Relevant legal notices will be published on December 13, 2024, followed by tabling in the Legislative Council for negative vetting on December 18, 2024. These notices will be gazetted in batches to ensure a structured rollout of the changes.
The Panel on Financial Affairs has provided generally positive feedback, highlighting the potential for early implementation and positive industry impact. The effective date of the Mandatory Use Notice is March 5, 2025.
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