Introduction
1. It is widely known that the MPF scheme will be under review later this year. The ProCommons is worried that the scope of review might be far from comprehensive, in which this hearing only deals with minimum and maximum income levels for MPF contribution.
2. As mentioned by Secretary for Financial Services and the Treasury Professor KC Chan, contents and channels of information to be disclosed to scheme members and the existing arrangement that restricts scheme members from withdrawing their accrued benefits before 65 years of age might be included in the upcoming revision. Despite this, The ProCommons is of the view that more fundamental issues like effective regulation on employers should be addressed in the first place. Also, the review should not rule out the possibility of an introduction of a universal pension scheme.