MASS Mandatory Provident Fund Scheme

Overview

Professional Advice  & Management

Options of  constituent funds

Summary of Fees  and Charges

Service Pledge

MPF Scheme Brochure

Key Scheme Information Document

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
System Operator	eMPF Platform Company Limited
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.

Constituent Fund	Risk Level*
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.

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
Offer Spread	Other constituent funds	Nil	Members
Bid Spread	MPF Conservative Fund	N/A	N/A
Bid Spread	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 Fund 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 Fund assets
	Guaranteed Fund
	Global Stable Fund
	Global Growth Fund
	Hong Kong Equities Fund
	Greater China Equity Fund
	Other constituent funds	Nil	N/A

Type of fees, expenses and charges	Name of constituentfund	Current level	Deducted from
Management Fees (For the definition, please refer to section of “Glossary” under P.85 of the MPF Scheme Brochure)	Guaranteed Fund	0.91 % p.a. of the net assetvalue ^{Note G**}	Relevant constituentfund assets and underlyingInvestment Fund assets
	Global Stable Fund
	Global Growth Fund
	Hong Kong Equities Fund
	MPF Conservative Fund	Up to 0.73% p.a. of the net asset value ^{Note D, G**}
	Global Bond Fund	1.02% p.a. of the net asset value ^{Note G}
	Greater China Equity Fund	Up to 1.0395% p.a. of the net asset value ^{Note G****}
	US Equity Fund	0.98% p.a. of the net asset value ^{Note B5, G}
	Asian Bond Fund	1.02% p.a. of the net asset value ^{Note G}
	Asian Pacific Equity Fund
	Global Equity Fund
	European Equity Fund
	Age 65 Plus Fund	0.67% p.a. of thenet asset value ^{Note G****}
	Core Accumulation Fund	0.67% p.a. of thenet asset value ^{Note G****}
Guarantee Charge	Guaranteed Fund	1.75% p.a. of the net asset value	Underlying insurance policy assets

Other expenses at constituent fund level

The following major charges, fees and expenses shall be deducted from the assets of the relevant constituent fund:

Compensation fund levy (if any);
Indemnity insurance^▲;
Legal charges^▲;
Auditor’s fees^▲;
Fund Accounting fees^▲; (at an annual rate of US$7,500 per constituent fund); and
Establishment cost for the Hong Kong Equities Fund, Asian Pacific Equity Fund, European Equity Fund, US Equity Fund and Greater China Equity Fund is HKD5,000 each. This cost is the application fee which is payable to the MPFA and will be deducted from the net asset value of the respective constituent fund within 12 months after the approval of the constituent fund. The establishment cost for the A65F and the CAF will be borne by the Trustee, no establishment cost is charged on the DIS Constituent Funds.

For details of other expenses ^▲in constituent funds, please refer to Item B of the Explanatory Notes.

Certain recurrent expenses (i.e. Out-of-pocket Expenses) relating to the CAF and the A65F are subject to a statutory annual limit of 0.20%* of the net asset value of each of those funds and will not be charged to or imposed on the fund in excess of that amount. (* Note: the rate will be reduced to 0.1% with effect from 1 January 2025.) Please refer to Clause 6.3 of the MPF Scheme Brochure for details.

^▲this charge will be deducted from the assets of all constituent funds except Guaranteed Fund (the relevant charges under the Guaranteed Fund are collected at the underlying investment fund level).。

Other expenses at UnderlyingInvestment Fund level

The following major charges, fees and expenses shall be deducted from the assets of the relevant Underlying Investment Funds:

Indemnity insurance^▼;
Legal charges^##; and
Auditor’s fees^##;

For details of other expenses in Underlying Investment Funds, please refer to Item C of the Explanatory notes.

^▼This charge will be deducted from the assets of MASS MPF Guaranteed Policy only.

^##For Mass MPF Guaranteed Policy, these charges include expenses at both constituent fund and policy levels.

**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.

***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.

****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.

Fee breakdown at constituent fund level

Constituent Fund	Trustee Fee^{Note 5}	Investment Management Fee	Fee payable to eMPF Platform Company Limited ^{Note 6}
Guaranteed Fund ^{Note 2}	Nil	Nil	0.37% p.a
Global Stable Fund ^{Note 2}	Up to 0.14% 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}	Up to 0.14% p.a. of net asset value	Nil
Global Bond Fund		0.51% p.a. of net asset value
Greater China Equity Fund		Up to 0.50% p.a. of net asset value
US Equity Fund		0.39% p.a. of net asset value	0.33% p.a.
Asian Bond Fund		0.51% p.a. of net asset value	0.37% p.a.
Asian Pacific Equity Fund		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		Nil
Core Accumulation Fund		Nil

Fee breakdown at APIF level

Constituent Fund	Underlying Trustee Fee	Investment Management Fee	Custodian / Administration fee
Guaranteed Fund ^{Note 2}	Up to 0.14% p.a. of net asset value charged by the trustee at APIF Policy levelUp 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 Fun ^{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
Global Bond Fund	Nil	Nil
Greater China Equity Fund	0.0295% p.a. of net asset value	Nil
US Equity Fund	0.12% p.a. of net asset value	Nil
Asian Bond Fund	Nil
Asian Pacific Equity Fund	0.12% p.a. of net asset value
Global Equity Fund	Nil
European Equity Fund	Nil
Age 65 Plus Fund	0.08% p.a. of the net asset value	0.08% p.a. of the net assetvalue
Core Accumulation Fund	0.08% p.a. of the net asset value	0.08% p.a. of the net assetvalue

# For details, please refer to MPF Scheme Brochure.

^{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 0.91% per annum of net asset value. To maintain the aggregate management fee at 0.91% 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 above Note D) charged for the above constituent fund and its corresponding Underlying Investment Fund is up to 0.73% per annum of net asset value.

^{Note 4}After taking into account of rebate mentioned in above Note E.

^{Note 5}The Trustee Fee is payable to the Trustee for its performance of its duties as Trustee and Custodian of the Scheme and other duties related to connectivity to the eMPF Platform.

^{Note 6}The eMPF Company charges fees on the Trustee for the scheme administration services it provides and the Trustee will charge such fees to the assets of the Scheme in respect of which the said services are provided.

( 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 7)}	$100	Member

^{Note 7} 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 the eMPF Platform's service pledges, please click here.

Complaint handling officer

Tel: 2533 5522

Fax: 2919 9233

Email Address: mpf@yflife.com

Corresponding Address: Suite 1211, Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, Hong Kong

Other Information

Constituent Fund Info/ Price History

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Useful Information

Notice

This website contains general information for reference only. The data and information contained in this website was obtained from sources that YF Life Insurance International Ltd. considers reliable.

Due to the risk that internet may be subject to interruption or transmission blackout, or that there may be delay in transmission due to the internet traffic, or incorrect data transmission due to the public nature of the internet, the information contained in this website may be incomplete, altered or tampered with.

Please read the following Important Notes before using this web site:

Important Notes

1.The MASS Mandatory Provident Fund Scheme (“Scheme”) is a mandatory provident fund (“MPF”) scheme.

2.Investment involves risks and not all investment choice available under the Scheme would be suitable for everyone. There is no assurance on investment returns and your investments/accrued benefits may suffer significant loss.

3.You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of constituent funds, you are in doubt as to whether a certain constituent fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and choose the constituent fund(s) most suitable for you taking into account your circumstances. In the event that you do not make any investment choices, please be reminded that your contributions made and/or benefits transferred into the Scheme will be invested according to the Default Investment Strategy as stated in Clause 6 of this MPF Scheme Brochure, and such arrangement may not necessarily be suitable for you.

4.The Guaranteed Fund under the Scheme 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. Your investments in the Guaranteed Fund, if any, are therefore subject to the credit risks of YF Life Insurance International Ltd. The guarantee will only be provided by YF Life Insurance International Ltd. if and when a Scheme member withdraws accrued benefits as a result of any one of the following qualifying events: a) attainment of normal retirement age; b) attainment of early retirement age; c) death or d) total incapacity. Please refer to Clauses 3.1.1 and 8.3.2 of this MPF Scheme Brochure for details of the credit risk, guarantee features and guarantee conditions.

5.Fees and charges of an MPF Conservative Fund can be deducted from either (i) the assets of the MPF Conservative Fund and its underlying investment fund or (ii) members’ account by way of unit deduction. The MPF Conservative Fund under the Scheme uses method (i) and, therefore, the unit prices/ net asset value/ fund performance quoted have incorporated the impact of fees and charges.

6.You should not invest based on this website alone. For further details including the product features and risks involved, please refer to the relevant clauses, in particular Clause 3, of this MPF Scheme Brochure.

7.The risk level mentioned in Clause 3 of the MPF Scheme Brochure is for reference only and is not a substitute for independent professional advice. The risk level of each constituent fund is determined by the Trustees 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 not a financial tool and must not be relied upon to make any investment decisions and selection of constituent funds.

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