The Scheme is an alliance scheme incorporating 7 specialized companies performing different roles and functions; all parties are well known in their own professions.
Trustee and Custodian
YF Life Trustees Ltd.
(A member of the YF Life Group an MPF trustee approved by the Mandatory Provident Fund Schemes Authority)
Investment Manager
Allianz Global Investors Asia Pacific Limited
Principal Asset Management Company (Asia) Limited
Schroder Investment Management (Hong Kong) Limited
JPMorgan Asset Management (Asia Pacific) Limited
Invesco Hong Kong Limited
Administrator
YF Life Trustees Ltd.
Auditor
KPMG
With these resources in place, YF Life Trustees Ltd., as the trustee of the Scheme, is committed to providing you with Professional Advice, Professional Management and Quality Service and, most important of all, to becoming your MPF specialist.
Professional Advice
All our MPF consultants are professionally trained and registered MPF intermediaries with the Mandatory Provident Fund Schemes Authority (“MPFA”).
Professional Management
- We offer 14 constituent funds with different levels of risk and return and Default Investment Strategy to meet individual needs.
- The Guaranteed Fund provides a guaranteed return △ on net contribution (contribution monies less any offer spread imposed). The Guaranteed Fund invests solely in an underlying approved pooled investment fund in the form of insurance policy provided by YF Life Insurance International Ltd. The guarantee is also given by YF Life Insurance International Ltd. Scheme members’ investments in the Guaranteed Fund, if any, are therefore subject to the credit risks of YF Life Insurance International Ltd. Please refer to Clauses 3.1.1 and 8.3.2 of the MPF Scheme Brochure for details of the credit risk, guarantee features and guarantee conditions.
- We have appointed veteran global investment managers with proven track records who are committed to formulating professional investment strategies to achieve Scheme members' investment targets.
Quality Service
- Our MPF Web-based Service keeps you fully updated round the clock.
- Our team of professionally trained officers at our Customer Service Center provides comprehensive MPF-related services at all times and maintains close contact with our customers.
- We offer many other value-added services, including:
- Free-of-charge administration software "MASS MPF Contribution System" allowing employers to calculate MPF contributions much more easily.
- Free MPF seminars to increase employers' and employees' understanding of various aspects of MPF.
Options of constituent funds
We offer 14 constituent funds with different investment objectives to meet scheme members’ individual needs.
MPF Conservative Fund
Regarded as a low-risk investment.*
Guaranteed Fund
Provides a guaranteed return △ on net contribution (contribution monies less any offer spread imposed). Regarded as a low-to-medium-risk investment.*
Global Stable Fund
Regards as a medium-risk investment.*
Global Growth Fund
Regarded as a medium-to-high-risk investments.*
Global Equity Fund
Regarded as a high-risk investment.*
Global Bond Fund
Regarded as a low-risk investment.*
Asian Bond Fund
Regarded as a low-risk investment.*
Hong Kong Equities Fund
Regarded as a high-risk investment.*
Asian Pacific Equity Fund
Regarded as a high-risk investment.*
European Equity Fund
Regarded as a high-risk investment.*
US Equity Fund
Regarded as a high-risk investment.*
Greater China Equity Fund
Regarded as a high-risk investment.*
Age 65 Plus Fund
Regarded as a low-to-medium-risk investment.*
Core Accumulation Fund
Regarded as a medium-to-high-risk investment.*
* The “Risk Level” is determined by the Trustee based on the percentage of Scheme assets of the relevant constituent funds being invested in equities and subject to regular review by the Trustees, and may change without any prior notice. The “Risk Level” is for reference only and is subject to regular review. For details, please refer to the Investment Policy and Restrictions of the relevant constituent funds under Clause 3 of the MPF Scheme Brochure.
△ The guarantee will only be provided by YF Life Insurance International Ltd. If a Scheme member:
(i) withdraws accrued benefits in a lump sum as a result of any one of the following qualifying events: 1) attainment of normal retirement age; 2) attainment of early retirement age; 3) death; or 4) total incapacity; or
(ii) withdraws accrued benefits by instalments as a result of any one of the following qualifying events: 1) attainment of normal retirement age; or 2) attainment of early retirement age.
PROVIDED THAT in the case of partial withdrawal, the account balance shall be reduced by the same proportion as the number of Units so reduced. The interest accrued will be pro-rated for any incomplete interest period.
More
Summary of Fees and Charges
( A ) Joining Fee and Annual Fee
|
Type of fees |
Current amount (HK$) |
Payable by |
|---|---|---|
|
Joining fee |
Nil |
Employer / SEP Member |
|
Annual fee |
N/A |
N/A |
( B ) Fees, Expenses and Charges Payable Arising from Transactions in Individual Member’s Account
|
Type of fees, expenses and charges |
Name of constituent fund |
Current level |
Payable by |
|---|---|---|---|
|
Contribution Charge |
All constituent funds |
N/A |
N/A |
|
Offer Spread |
MPF Conservative Fund |
N/A |
N/A |
|
Other constituent funds |
Nil |
Members |
|
|
Bid Spread |
MPF Conservative Fund |
N/A |
N/A |
|
Other constituent funds |
Nil |
Members |
|
|
Withdrawal charge |
All constituent funds |
N/A |
N/A |
( C ) Fees, Expenses and Charges Constituent Funds and Underlying Investment Funds
|
Type of fees, expenses and charges |
Name of constituent fund |
Current level |
Payable by |
|---|---|---|---|
|
Offer Spread |
MPF Conservative Fund |
Nil |
Relevant underlying investment assets |
|
Guaranteed Fund |
|||
|
Global Stable Fund |
|||
|
Global Growth Fund |
|||
|
Hong Kong Equities Fund |
|||
|
Greater China Equity Fund |
|||
|
Other constituent funds |
N/A |
N/A |
|
|
Bid Spread |
MPF Conservative Fund |
Nil |
Relevant underlying investment assets |
|
Guaranteed Fund |
|||
|
Global Stable Fund |
|||
|
Global Growth Fund |
|||
|
Hong Kong Equities Fund |
|||
|
Greater China Equity Fund |
|||
|
Other constituent funds |
N/A |
N/A |
|
|
Type of fees, expenses and charges |
Name of constituent fund |
Current level |
Deducted from |
|
Management Fees |
Guaranteed Fund |
1.38 % p.a. of the net asset value (note 1, 3) |
Relevant constituent fund assets and underlying investment assets |
|
Global Stable Fund |
|||
|
Global Growth Fund |
|||
|
Hong Kong Equities Fund |
|||
|
MPF Conservative Fund |
Up to 0.83% p.a. of the net asset value (note 1, 3) |
||
|
Global Bond Fund |
1.41% p.a. of the net asset value (note 3) |
||
|
Greater China Equity Fund |
Up to 1.5295% p.a. of the net asset value(note 2,3) |
||
|
US Equity Fund |
0.98% p.a. of the net asset value(note 3) |
||
|
Asian Bond Fund |
1.51% p.a. of the net asset value (note 3) |
||
|
Asian Pacific Equity Fund |
|||
|
Global Equity Fund |
|||
|
European Equity Fund |
|||
|
Age 65 Plus Fund |
0.75% p.a. of the net asset value (note 3,4) |
||
|
Core Accumulation Fund |
|||
|
Guarantee Charge |
Guaranteed Fund |
1.75% p.a. of the net asset value |
Underlying insurance policy assets |
|
Compensation Fund Levy# |
All constituent funds |
Relevant constituent fund assets |
|
|
Other Expenses # |
All constituent funds except Guaranteed Fund |
Relevant constituent fund assets and underlying investment assets |
|
|
Guaranteed Fund |
Underlying insurance policy assets |
note 1 : Such rate is exclusive of certain costs and expenses, including but not limited to, the fees and expenses of the registrar of the underlying investment fund and transaction fees as may from time to time be agreed between the investment manager and the trustee of the underlying investment fund.
note 2 : Such rate is exclusive of certain costs and expenses, including but not limited to, the fees and expenses of the Auditors, the Registrar and the custodian(s) of the underlying investment fund’s investments. The custodian charges will include a custody market value fee based on the investments size and the markets invested in, and a custody volume fee based on the number of transactions.
note 3 :
Fee breakdown at constituent fund level
| Constituent Fund | Trustee Fee | Investment Management Fee | Custodian/Administration fee |
|---|---|---|---|
|
Guaranteed Fund Note 2 |
Nil |
Nil |
Nil |
|
Global Stable Fund Note 2 |
0.95%-0.98% p.a. of net asset value |
0.33%-0.43% p.a. of net asset value Note 1 |
|
|
Global Growth Fund Note 2 |
|||
|
Hong Kong Equities Fund Note 2 |
|||
|
MPF Conservative Fund Note 3 |
0.61% p.a. of net asset value |
Nil |
|
| Greater China Equity Fund | 1% p.a. of net asset value | Up to 0.50% p.a. of net asset value | |
| Global Bond Fund | 0.90% p.a. of net asset value | 0.51% p.a. of net asset value | |
|
US Equity Fund |
0.47% p.a. of net asset value |
0.39% p.a. of net asset value | |
| Asian Bond Fund | 1% p.a. of net asset value | 0.51% p.a. of net asset value | |
|
Asian Pacific Equity Fund |
1% p.a. of net asset value | 0.39% p.a. of net asset value | |
|
Global Equity Fund |
0.51% p.a. of net asset value | ||
|
European Equity Fund |
0.51% p.a. of net asset value | ||
|
Age 65 Plus Fund |
0.59% p.a. of the net asset value |
Nil |
|
|
Core Accumulation Fund |
Fee breakdown at APIF level
|
Constituent Fund |
Underlying Trustee Fee |
Investment Management Fee |
Custodian/Administration fee |
|---|---|---|---|
|
Guaranteed Fund Note 2 |
0.95%-0.98% p.a. of net asset value charged by the trustee at APIF Policy level Up to 0.07% p.a. of net asset value Note 1 charged by the trustee at APIF level |
0.33% - 0.43% p.a. of net asset value Note 1 |
Nil |
|
Global Stable Fund Note 2 |
Up to 0.07% p.a. of net asset value Note 1 |
Nil |
|
|
Global Growth Fund Note 2 |
|||
|
Hong Kong Equities Fund Note 2 |
|||
|
MPF Conservative Fund Note 3 |
Up to 0.07% p.a. of net asset value |
Up to 0.25% p.a. of net asset value |
|
|
Greater China Equity Fund |
0.0295% p.a. of net asset value |
Nil |
|
|
Global Bond Fund |
Nil |
Nil |
|
| US Equity Fund | 0.12% p.a. of net asset value | ||
| Asian Bond Fund | Nil | ||
| Asian Pacific Equity Fund | 0.12% p.a. of net asset value | ||
|
Global Equity Fund |
Nil |
||
|
European Equity Fund |
|||
|
Age 65 Plus Fund |
0.08% p.a. of the net asset value |
0.08% p.a. of the net asset value |
|
|
Core Accumulation Fund |
Note 1 Investment manager charges a lump sum fee of up to 0.43% p.a. (a lower fee of 0.40% will be charged when prescribed fund size is reached) of net asset value which including (i) the trustee fee charged by the trustee of the Underlying Investment Funds (“Underlying Trustee Fee”) at Underlying Investment Fund level of up to 0.07% p.a. of net asset value and (ii) investment management fee (being net difference between the lump sum fee of up to 0.43% p.a. of net asset value and the Underlying Trustee Fee).
Note 2 The total Management Fees at current level charged for the above constituent funds and their corresponding Underlying Investment Funds are fixed at 1.38% per annum of net asset value. To maintain the aggregate management fee at 1.38% p.a. of net asset value, the Trustee has partly waived the trustee fee for the above constituent funds.
Note 3 The total Management Fees at current level (after taking into account of rebate mentioned in Explanatory Note D under Clause 5.6.2 of the MPF Scheme Brochure) charged for the above constituent fund and its corresponding Underlying Investment Fund is up to 0.83% per annum of net asset value.
Note 4 After taking into account of rebate mentioned in Explanatory Note E under Clause 5.6.2 of the MPF Scheme Brochure.
note 4: Such rate is exclusive of certain costs and expenses, including but not limited to, the fees and expenses of the Auditors, indemnity insurance, publishing fee, investment transaction fees, and legal expenses of the underlying investment fund.
# For details, please refer to MPF Scheme Brochure.
( D ) Other Fees, Expenses and Charges for Providing Additional Services
|
Type of charges and expenses |
Current level |
Payable by |
|---|---|---|
|
Withdrawal fee for withdrawal of voluntary contributions |
Nil |
Member |
|
Fee for the payment of Accrued Benefits by instalments (other than the first 12 instalments in any year) (note 5) |
$100 |
Member |
note 5: No fees or financial penalties (other than the necessary transaction cost) may be charged to or imposed on the Scheme member or deducted from the Scheme member’s account for the payment of accrued benefits by instalments in any year for the first 12 instalments of that year. For each subsequent payment of accrued benefits by instalments, a fee of $100 will be charged for each instalment . But the fee of $100 does not apply to the withdrawal solely from an MPF Conservative Fund, the withdrawal solely or partly from DIS Constituent Funds and members who invest in the DIS Constituent Funds.
A document that illustrates the on-going costs on contributions to constituent funds in this Scheme (except for the MPF Conservative Fund) and the Illustrative Example for MPF Conservative Fund are currently distributed with the MPF Scheme Brochure. Before making any investment decisions concerning MPF investments, Scheme members should ensure that they have read the latest version of these documents, which can be obtained from the Trustee.
Notes:
|
1. |
Investment involves risk. Investors should be aware that the value of an investment and the income from the investment can go down as well as up. |
|
2. |
Scheme members are reminded that investments made by each of the constituent funds corresponding to their respective underlying funds and the underlying approved pooled investment fund policy are subject to normal market fluctuations. |
|
3. |
For further details, please refer to the MPF Scheme Brochure. |
Service Pledge
For more information about our YF service pledges, please click here.
Complaint handling officer
Tel: 2533 5522
Fax: 2919 9233
Email Address: mpf@yflife.com
Corresponding Address: Suite 1208, 12/F, Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, Hong Kong
