A TOP-LEVEL team including the great and the good of Hong Kong's pension and fund management industry has been appointed to advise the Government on the setting up of the proposed Mandatory Provident Fund (MPF).
The appointment of a 22-member panel follows the Legislative Council decision this month to allow the scheme to go ahead and grant $21 million to fund an MPF office.
The team, which will provide technical advice needed to finalise the empowering legislation, includes trustees, custodians, investment managers, pension scheme administrators, accountants, auditors, actuaries and lawyers.
It also comprises representatives from professional associations and industry bodies.
The controversial scheme is expected to generate $20 billion to $40 billion - about 4 per cent of the territory's gross domestic product - in funds for management each year.
Six specialist groups, with members drawn from the panel, will be formed to work on specific areas of the proposed scheme.
