IV. MPF Trustees 強積金受託人

A trust separates registered ownership from beneficial entitlement, and trustees must manage the assets in the interests of the beneficiaries as a whole. Trustees are accountable for breaches and profits from trust property, while trust assets remain separate from the own assets of employers, trustees and other service providers.

Concept of Trust · Fiduciary Duties of Trustees · Recourse against Trustees · Advantages of the Trust Arrangement

MPF trustees fall into three categories: local and re-domiciled corporate trustees, offshore corporate trustees, and individual trustees. Master trust schemes and industry schemes require corporate trustees, while individual trustees may act only for employer-sponsored schemes.

The approved trustee has overall responsibility for managing an MPF scheme and must act in members’ interests and follow the scheme’s governing rules. Appointing other service providers leaves the trustee responsible for supervising their performance and meeting its governance, record-keeping and reporting duties.

Every proposed MPF trustee must apply to the MPFA for approval, with corporate applicants assessed on their finances, personnel, capability, and presence and control in Hong Kong. Offshore companies face additional criteria, while individual trustees must also meet residence, minimum-number and performance-guarantee requirements.

After an MPF scheme is launched, the MPFA continues to monitor trustee performance and compliance and requires deficiencies to be rectified. With the eMPF Platform in full operation, all approved trustees must use it for scheme administration, and its operation is also subject to MPFA oversight.

The Compliance Standards for MPF Approved Trustees comprise eight standards guiding trustees in establishing a framework to monitor statutory duties and address breaches. They promote a positive compliance culture through Board oversight, appropriate resources and practical working arrangements.

The MPFA’s ten Governance Principles for MPF Trustees help trustees establish sound governance and discharge their duties effectively. They place members’ best interests at the centre of board governance, oversight, risk management and clear communication about retirement savings.

Trustee breaches can lead to remedial action, proportionate financial penalties and measures affecting scheme administration or trustee approval. Where a breach constitutes a criminal offence, conviction can result in fines and imprisonment, with additional daily fines for a continuing offence.