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Will there be any other requirements for an MPF scheme?
The MPF legislation is very complex and has many, many requirements. The employer needs to choose a reputable provider that will ensure compliance with Government regulations. Here are some of the requirements the employer should be aware of:
| the scheme must be registered with the MPF Schemes Authority | |
| the scheme must be set up under a trust, with either an individual or corporate trustee | |
| the charges must be fully disclosed to both employer and employee | |
| the employee must receive a statement outlining his benefits at least once a year information on the MPF scheme and the investments available must be given to the employee |