Fidelity takes top prize at 2017 MPF Awards
13 March 2017
Category: News, Asia, Australia, Global, Hong Kong
By Asia Asset Management
The Fidelity Retirement Master Trust was named the MPF Scheme of the Year by MPF Ratings, Hong Kong’s leading specialist and only independent MPF research group, at the 2017 MPF Awards ceremony on March 9, which was co-hosted by Asia Asset Management and sponsored by Link Group. Fidelity’s Retirement Master Trust beat industry heavyweights to the coveted title.
While announcing the 2017 MPF Scheme of the Year, Francis Chung, MPF Ratings’ chairman, highlighted that this year was the most competitive selection process on record. “Five years ago, schemes were guarding against independent scrutiny. Today the industry embraces greater transparency and accepts that more competition means better member outcomes, and better value for money for members,” he remarked.
In the two other major categories, AIA won the Best New Innovation award for establishing a dedicated client servicing team for the hearing impaired. And in a big win for smaller MPF schemes, the BEA (MPF) Value Scheme was named the 2017 Rising Star. BCT, BOCPT, Manulife and Sun Life were amongst the other major winners on the night. For a complete list of award winners, please go to: www.mpfratings.com.hk/english/ratingsandawards/ratings.
Speaking as the guest of honour at MPF Ratings’ awards ceremony, Mandatory Provident Fund Schemes Authority (MPFA) Non-executive Director Philip Tsai commended the winners for putting in exceptional effort to enhance MPF products and services. The evening celebrated the excellence of MPF schemes, which make up the MPF system that had been fulfilling its key purpose of helping the working population in Hong Kong in making savings for their retirement.
Mr. Tsai said that over the years the MPFA had been working alongside the MPF industry to reduce fees. The upcoming Default Investment Strategy (DIS) was one such initiative, introducing, inter alia, fee caps that will benefit scheme members by enhancing competition among MPF funds. He called on MPF industry practitioners to keep up the efforts and explore every possibility in reducing fees innovatively.
Mr. Chung reiterated MPF Ratings’ commitment to independently and openly assessing MPF schemes on their merits. “The real industry discussion should not simply be about fees or short-term performance. It should be about long-term value for money. We hope award winners and finalists are proud of their achievements and that the industry further strives to improve their offerings. The ultimate beneficiary is the people of Hong Kong.”
The 2017 MPF Awards celebrated the successes and contributions of major industry stakeholders and culminated with announcement of the Best Innovation, Rising Star and the MPF Scheme of the Year Awards. In Hong Kong, MPF Ratings is renowned for its evaluation of MPF schemes through its proprietary Gold, Silver and Bronze ratings.