Birth of the MPF System 強積金制度的誕生

From Public Debate to Policy 從社會討論到政策決定

Hong Kong considered several retirement protection proposals when debating how to provide financial security in old age. Overseas experience helped inform the choice of arrangements suited to Hong Kong’s needs.

In the mid-1990s, the Government decided to take some proposals forward. Widespread consultation brought community support for MPF as a way to provide basic retirement protection for Hong Kong’s employed population; the key points are the intended population and the basic level of protection.

Establishing the Legal Framework 建立法例基礎

In July 1995, the Legislative Council passed the Mandatory Provident Fund Schemes Ordinance, Cap. 485. This was an important step in establishing the legal framework for MPF.

Detailed subsidiary legislation supplemented the framework in March 1998. Passage of the Ordinance and the addition of subsidiary legislation were separate legislative stages, each distinct from the system’s operational launch. [MPFA Study Notes, Tenth Edition](https://www.mpfa.org.hk/en/-/media/files/supervision/mpf-intermediaries/registration-requirements/study_notes_10th_v1_eng.pdf#page=11)

Establishment and Role of the MPFA 積金局成立及其角色

The Mandatory Provident Fund Schemes Authority (MPFA) was established in September 1998 as the statutory body responsible for regulating and supervising MPF schemes. The MPFA is the regulator, while MPF is the retirement protection system; their establishment and commencement dates are different.

Commencement of the System 制度開始運作

The MPF System began operating in December 2000. Remember the sequence as passage of the Ordinance → subsidiary legislation → establishment of the MPFA → commencement of the system, corresponding to July 1995, March 1998, September 1998 and December 2000 respectively.