Manulife announces completion of its MPF scheme restructure
Scheme members to benefit from enhanced operation efficiency
For Immediate Release
September 26, 2018
Hong Kong – Manulife Hong Kong today announced the completion of its MPF scheme restructure. On September 26, 2018, Manulife MPF Plan – Basic (“Manulife Basic”) and Manulife MPF Plan – Advanced (“Manulife Advanced”) were merged into Manulife Global Select (MPF) Scheme (“Manulife Global Select”), providing Manulife’s all MPF members an easy, one-stop access to a comprehensive range of 29 constituent funds.
In addition to a more diversified range of fund choices under Manulife Global Select, all previous members of Manulife Basic and Manulife Advanced are now able to enjoy the same or a lower level of management fees under Manulife Global Select.
“As the largest MPF scheme sponsor in Hong Kong1 , Manulife is happy to consolidate our MPF schemes for better administration,” said Raymond Ng, Vice President and Head of Employee Benefits at Manulife Hong Kong. “Merging Manulife Basic and Manulife Advanced into Manulife Global Select allows us to achieve greater economies of scale and higher operation efficiency. We have shared these savings with our members through a fee reduction exercise since August this year.”
Mr Ng added, “With the completion of the scheme restructure, we can focus our resources to further enhance our single MPF platform to deliver greater value for our customers.”
All costs and expenses associated with the scheme restructure are borne wholly by Manulife group of companies. Manulife Basic and Manulife Advanced were formerly known as Standard Chartered MPF Plan – Basic and Standard Chartered MPF Plan – Advanced respectively. They were renamed on November 1, 2016 with Manulife (International) Limited replacing Standard Chartered Bank (Hong Kong) Limited as sponsors of both plans, following the completion of Manulife's acquisition of Standard Chartered’s MPF and ORSO businesses.
For more details about Manulife Global Select, please click here.
1.Source: “Mercer MPF Market Shares Report” as at June 30, 2018 by Mercer (Hong Kong) Limited, in terms of market share of total MPF assets by scheme sponsor.
Manulife Hong Kong
Manulife Hong Kong offers a diverse range of protection and wealth products and services to individual and corporate customers via Manulife (International) Limited, Manulife Asset Management (Hong Kong) Limited and Manulife Provident Funds Trust Company Limited, which are members of the Manulife group of companies.
About Manulife
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2017, we had about 35,000 employees, 73,000 agents, and thousands of distribution partners, serving more than 26 million customers. As of June 30, 2018, we had over C$1.1 trillion (HK$6,662 billion) in assets under management and administration, and in the previous 12 months we made C$27.6 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
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