The MPFA stated that it will optimize the way of information disclosure to make it easier for members to grasp MPF information.
According to the MPFA, when prospective scheme members register to participate in an MPF scheme, they will receive a "MPF Scheme Brochure" issued by the trustee, setting out the information of the relevant MPF scheme in detail.
The "Instructions" is generally up to 100 pages long, and contains technical terms, which are not easy for ordinary people to understand.
In order to increase the transparency of MPF information and make it easier for scheme members to understand the main information of the MPF schemes they join, the MPFA requires trustees to provide prospective scheme members with a simplified version of the MPF scheme starting from 30 June this year. Information Document - Major Program Information Document.
The entire Document should not exceed 8 pages
The "Document" provides the main information about MPF schemes that general scheme members must know. They can also browse the detailed information about MPF schemes through the website and/or QR code in the "Document", including the "Prospectus", trust Deeds and Fund Fact Sheets.
The characteristics of the "Document" include: the entire "Document" should not exceed 8 pages, and the content includes the main information of the relevant MPF scheme, such as fund selection, fees, risks and administrative procedures, etc. The "Document" must be prepared in a simple and easy-to-understand manner , and must use a large number of charts to represent relevant information; all MPF scheme "documents" must use a uniform content arrangement for easy comparison; "documents" must contain QR code and/or website for interested readers to refer to Additional information, such as the original manual and other documents.
The Executive Director of the MPFA, Cheng Yen-chi, said that the MPFA has been promoting scheme members to actively manage the MPF and enhancing the transparency of MPF information through various means, such as requiring the disclosure of fund expense ratios and providing various tools for comparing fund performance , to make it easier for scheme members to grasp and understand MPF information.
The Master Scheme Information Document is like a "beginner's guide" to MPF schemes, making it easier to manage MPF and plan for retirement protection.