Lucky seven for MPF holders as HSBC cuts fee

Business | Tereza Cai 3 Jul 2019

The Hong Kong and Shanghai Banking Corporation has completed the consolidation of its mandatory provident fund scheme and cut fees a seventh time.

HSBC MPF ValueChoice merged into SuperTrust Plus in a move that took effect Monday, and the management fees of the North American and European equity funds under the SuperTrust Plus dropped from 1.35 percent to 1.3 percent per annum of net asset value since Monday.

It is the seventh time HSBC has cut its MPF fees since its launch, said Alfred Yip Sze-ki, head of pensions, retail banking and wealth management at HSBC Hong Kong.

Six new constituent funds were launched for SuperTrust Plus by replicating corresponding constituent funds in ValueChoice and increasing the total number of fund choices in the HSBC SuperTrust Plus from 14 to 20.

Moreover, the guaranteed interest rate for guaranteed fund available under SuperTrust Plus is 0.15 percent per annum in the scheme's financial period from July 1 to the end of next June. The investment goal is to achieve long-term capital growth with low volatility while ensuring the guarantee is met.

In other news, OCBC Wing Hang Bank is the seventh bank to ax its maintenance fee for balances that fall below the monthly threshold. That takes effect on August 1.

The annual fee for the ATM card will also be removed.

Currently, OCBC Wing Hang Bank's personal integrated account clients have to pay HK$60 per month if the average daily total relationship balance is below HK$10,000 or equivalent.

HSBC, Standard Chartered, Bank of China (Hong Kong), Bank of East Asia, Hang Seng Bank, and Dah Sing Bank have all scrapped similar fees.

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