Duties and Functions of Trustees 受託人的職責及職能

Overall Management and Supervision of Service Providers 整體管理與服務提供者的監督

The approved trustee oversees all scheme management functions. Its decisions and actions must serve scheme members’ interests and comply with the scheme’s governing rules.

The trustee must exercise reasonable care, skill, diligence and prudence. It may appoint other service providers to perform functions, but must closely monitor their performance and maintain proper supervision and control; the appointment does not remove its fiduciary duties.

Registration, Resources and Investment Governance 註冊、資源及投資管治

The trustee must secure registration of the scheme and maintain adequate capital and professional indemnity insurance. Registration, capital and insurance are separate requirements, so meeting one does not replace the others.

The trustee must maintain investment policy statements, control objectives and internal control procedures. These provide a clear basis for the scheme’s investment approach, the purpose of its controls and how those controls operate.

The trustee must ensure that scheme funds are spread across different investments to minimise investment risks. Diversification is a risk management duty; it does not guarantee that members will suffer no investment losses.

Member Information, Records and Benefit Payments 成員資料、紀錄及權益支付

The trustee must provide scheme information to members and keep proper accounting records and a members’ register. Accounting records and the members’ register serve different purposes, so keeping only one is insufficient.

For benefit payments, the trustee arranges payment to members after receiving instructions from the eMPF Platform. Distinguish the two roles: the platform issues the instructions, and the trustee arranges payment.

Annual Reporting and Consequences of Breaches 年度申報及違規後果

Each year, the trustee must prepare and lodge the MPF scheme’s audited financial statements, scheme reports and investment reports with the MPFA. Giving information to members, retaining internal records and reporting to the MPFA are separate duties.

The Mandatory Provident Fund Schemes Ordinance and the Mandatory Provident Fund Schemes (General) Regulation impose detailed requirements. Depending on the provision breached, a breach may constitute a criminal offence, attract penalties, lead to suspension from scheme administration or result in revocation of trustee approval; the same consequence does not automatically follow every breach.