Fees and Charges 費用及收費

Distinguishing the Three Types of Fees 三類收費的分別

Start with the basis of calculation. Asset-based fees are calculated by reference to fund assets, such as trustee, custodian and investment management fees charged as a percentage of asset value.

Lump sums are charged to scheme members annually or once, such as annual membership fees and joining fees. An annual membership fee charged as a fixed amount remains a lump sum; charging frequency alone does not determine whether a fee is asset-based.

Event-based fees arise when a particular action or event occurs, such as a member submitting investment directives to the trustee. These categories describe possible charging methods; they do not mean that every scheme imposes every fee. [MPFA Study Notes, tenth edition, section 5.8](https://www.mpfa.org.hk/en/-/media/files/supervision/mpf-intermediaries/registration-requirements/study_notes_10th_v1_eng.pdf)

Market Pricing, Disclosure and Additional Initial Charges 市場定價、披露及額外首次費用

Competition generally influences the fees charged by trustees and service providers, and the MPFA does not normally set fee levels directly. Caps on fees and expenses chargeable to DIS constituent funds are an important exception.

Trustees and service providers must clearly communicate both current and maximum fee levels to members. The current level identifies the charge actually applied; the maximum identifies the upper charging limit, and both must be disclosed.

The restriction on additional initial charges also covers associates: where the fund manager or its associate manages the relevant constituent fund, no additional initial charge may be imposed for the fund management work concerned. Advance disclosure does not make this prohibited charge permissible. [MPFA Study Notes, tenth edition, section 5.8](https://www.mpfa.org.hk/en/-/media/files/supervision/mpf-intermediaries/registration-requirements/study_notes_10th_v1_eng.pdf)

Special Restrictions for MPF Conservative Funds 強積金保守基金的特別限制

Administrative expenses may be deducted from an MPF Conservative Fund only when its return exceeds the return calculated using the prescribed savings rate published by the MPFA. A return equal to or below that benchmark does not qualify; a positive return alone is insufficient.

An MPF Conservative Fund must not charge initial fees, redemption charges or bid and offer spreads. These prohibitions continue to apply even when the fund return exceeds the prescribed benchmark; satisfying the condition for administrative expenses does not permit other prohibited charges. [MPFA Study Notes, tenth edition, section 5.8](https://www.mpfa.org.hk/en/-/media/files/supervision/mpf-intermediaries/registration-requirements/study_notes_10th_v1_eng.pdf)

Comparing Fees Through the MPF Fund Platform 利用強積金基金平台比較收費

The MPFA’s MPF Fund Platform brings fund information together so that members can compare management fees and investment performance across funds. Making comparable information available improves fee transparency and promotes market competition.

The Platform breaks down management fees into components, including the eMPF Platform fee, trustee fee/custodian fee, member servicing fee and investment management fee. Management fee is the broader category; investment management fee is only one component. [MPF Fund Platform](https://mfp.mpfa.org.hk/eng/mpp_selection.jsp)