BCT Group ("BCT") held a media briefing today, stating over the past five years, the number of accounts consolidated into BCT from other MPF schemes increased by 30%, with the average amount of MPF benefits in each consolidated account rising by 40% as well. Among all the consolidation cases, nearly 20% of members consolidated 3 or more accounts, while some consolidated 8 to 10 accounts. BCT believes this rise in the number of account consolidations reflects employees' growing awareness of the need to manage their MPF savings. However, there remains a large number of accounts being neglected by members that may hinder the effectiveness of planning for their retirement.
Ms. Ka Shi Lau, Managing Director & CEO, stated, "If you neglect your MPF, the number of accounts will keep accumulating, and you may end up receiving multiple annual benefit statements and notices for multiple accounts. This may ultimately become an obstacle in managing your retirement savings. A year's plan starts in the spring. As members receive notices from various trustees regarding the Default Investment Strategy ("DIS"), they should take this opportunity to review the MPF accounts they have, and consider consolidating them when necessary to get a full picture of their MPF, in order to manage their finances more effectively."
Meanwhile, Investment Director Mr. Michael Ha presented his views on the global investment outlook for the first half of 2017. In terms of MPF investments, members are advised to adopt a flexible investment strategy in 2017. They may consider adjusting those portfolios to which new contributions are being made while adopting a diversified investment strategy for their existing balance in order to mitigate short-term investment risks. BCT remains positive about the long-term performance of the stock market.
