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MPF intermediaries
MPFMPF Intermediaries ExaminationIIQE MPF · Topic 8
MPF exam chapter 8 (2% of the paper): why the eMPF Platform was built, who runs it, when it started and when every scheme was onboarded, the straight pass-on and corresponding fee reduction rules, and the MPFA's oversight.
4 min read4 sections
Checked against the MPF Study Notes, Tenth Edition (June 2026; for exams from 1 Oct 2026), chapter 8, and MPFA press releases of May 2024 (Platform start date), 24 Mar 2026 (fee from 1 Apr 2026) and 9 May 2026 (full onboarding). Reviewed 6 Nov 2026.. Independent prep, not endorsed by the MPFA or any examination provider.
Chapter 8 is 2% of the paper, one or two questions, almost always on who operates the Platform or what straight pass-on means.
Before eMPF, each trustee ran its own administration system to its own standards, with heavy paperwork. That made standardisation and economies of scale hard to reach. The Government asked the MPFA to design, build and operate one digital platform for all schemes, to make MPF simpler for members and employers and to bring administration fees down.
| Point | Detail |
|---|---|
| Operator | eMPF Platform Company Limited, wholly owned by the MPFA, set up in March 2021 |
| Basis | A public utility on not-for-profit and cost-recovery principles; it charges trustees an eMPF Platform fee |
| Start | Began operating on 26 June 2024 |
| Onboarding order | Schemes joined in ascending order of each trustee's MPF assets under management |
| Completed | All schemes onboarded by 30 April 2026: 24 schemes, 12 trustees |
| Effect | Trustees must administer schemes through the Platform; members, employers and self-employed persons submit all instructions to it |
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eMPF Platform Company Limited, a wholly owned subsidiary of the MPFA set up in March 2021, runs it on a not-for-profit, cost-recovery basis. The MPFA oversees it.
It began operating in June 2024, and all MPF schemes had been onboarded by 30 April 2026 (MPF Study Notes, Tenth Edition, 8.2).
The scheme administration fee a trustee charges must not exceed the eMPF Platform fee it pays to the eMPF Company, so the savings reach members.
Members can see all their accounts in one place and open accounts, contribute, switch funds and consolidate accounts online. Employers and self-employed persons pay contributions electronically, which cuts errors and late payments, and so surcharges.
Trap: the MPFA does not run the Platform day to day. The operator is the eMPF Company; the MPFA oversees it.
Takeaway: eMPF Company (MPFA subsidiary, March 2021) operates it; live from June 2024; every scheme on board by 30 April 2026.
The MPFSO contains two rules so that the savings from eMPF reach members rather than staying with trustees.
| Rule | What it requires |
|---|---|
| Straight pass-on | The scheme administration fee a trustee charges must not exceed the eMPF Platform fee the trustee pays to the eMPF Company |
| Corresponding fee reduction | Each constituent fund's overall fund expense ratio must fully reflect the cost savings; if it does not, the trustee must pay the difference back into the fund |
A current figure, for context rather than exam recall: the MPFA announced that the eMPF Platform fee fell from 37 basis points to 29 basis points of scheme assets from 1 April 2026 (press release, 24 March 2026). The Tenth Edition does not give a fee level, so learn the two rules, not the number.
Trap: straight pass-on caps the trustee's administration fee at the eMPF fee. It is not a cap on investment management fees.
Takeaway: straight pass-on = trustee admin fee no higher than the eMPF fee. Corresponding fee reduction = FER must reflect the saving, or the trustee repays the fund.