Insurers complain about banks delaying transfers in MPF

clock •

HONG KONG - Complaints over banks delaying elected transfers of Mandatory Provident Fund monies, in order to try and retain business, are circulating in Hong Kong.

“Some of the insurers complain that when the customers want to changemoney around, the bankers know it, and will speak to the HR department,saying why are you making this transfer?” said an industr...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Hong Kong

Hong Kong

Pressure to lower fees charged to Hong Kong's mandatory pensions

HONG KONG - The government has put pressure on investment managers to lower the fees they charge to run money for the massive Mandatory Provident Fund.

Raquel Pichardo-Allison
clock 28 September 2011 •
Hong Kong

HK$24bn pension payment misses savings opportunity - Mercer

HONG KONG - Government plans to provide an extra HK$24bn ($3.1bn) for Mandatory Provident Fund (MPF) members may miss an important opportunity to stimulate retirement savings, Mercer believes.

Jaishree Kalia
clock 24 February 2011 •
Hong Kong

Hong Kong's MPF has not encouraged additional savings

HONG KONG - The Mandatory Provident Fund has failed in its task to encourage additional savings, but pending legislation to encourage members to move their assets into other savings vehicles will do just that, said RCM.

Jaishree Kalia
clock 08 February 2011 •
Trustpilot