Subcommittee on Mandatory Provident Fund System
Research into overseas retirement systems
Proposed objective
To gain a deeper understanding into overseas practices so as to facilitate members scrutiny of the proposed Mandatory Provident Fund system in Hong Kong.
Members views
In response to LegCo Paper CB(1)1146/96-97 dated 25 March 1997 inviting views on the research proposal prepared by the Research & Library Services Division (R&LSD), six members have forwarded their suggestions.
Proposed scope of research
Members views are as follows:
(a) Analysis of the pension system of a specified country
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Country
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Members in support
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Chile;
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6
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Australia;
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6
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United Kingdom (including the latest development of its pension system);
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2
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Singapore.
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1 |
(b) Analysis of specific issues in overseas systems
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Issues
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Members in support
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Comparison of costs involved in transferring scheme benefits;
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5
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Industry schemes;
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3
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Compensation fund (including, if available, information on fraud or collapse of fund and impact on the pension scheme);
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3
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Performance of pension schemes (including impact of inflation);
Issues (contd)
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2
Members in support
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Distribution of investments and monitoring mechanisms;
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1
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Mechanism to monitor levels of administrative charges.
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1 |
The majority of views received indicate that the Subcommittee may wish to conduct the following research :
- the systems in Chile and Australia; and
- the three main issues on comparison of costs involved in transferring scheme benefits; industry schemes, and compensation fund.
Proposed time-frame
The Research and Library Services Division (R&LSD) has been consulted. It has indicated that it will be able to complete a study on Chile, including in it an analysis of the three issues listed in para. 4(b) by early to mid-June 1997. A similar study on Australia will be completed by mid-July 1997.
Advice sought
Members are requested to consider the proposed objective (para. 1), scope of research (para. 4) and time-frame (para. 5). If endorsed, the above will be confirmed with the R&LSD for early commencement of research work.
mpf:research\scope.doc
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