Hang Seng MPF A Smart Choice Today A Prosperous Future

Default Investment Strategy
What is DIS?
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Default Investment Strategy (“DIS”) is a standardised and fee-controlled MPF investment strategy that will be applied as the “default” investment arrangement in all MPF schemes in Hong Kong, starting from 1 April 2017. It replaces the different default investment arrangement currently employed by different MPF schemes prior to 1 April 2017. From 1 April 2017 onwards, MPF members joining an MPF scheme without providing a valid investment choice will have their monies invested in accordance with the DIS.
The DIS consists of two Constituent Funds, the Core Accumulation Fund (“CAF”) and the Age 65 Plus Fund (“A65F”). Both funds will adopt a globally diversified investment approach, with the CAF investing around 60% of its assets in higher risk assets such as equities and 40% in lower risk assets such as global bonds and money market instruments. The A65F will have around 20% of its assets invested in higher risk assets, and 80% in lower risks assets.
DIS contains an automatic de-risking feature, under which, members who are below age 50 investing in DIS will have their accrued benefits and new contributions including accrued benefits transferred from another Registered Scheme 100% invested in CAF. In general, when a member reaches age 50, his / her accrued benefits and new contributions including accrued benefits transferred from another Registered Scheme will automatically be partially allocated to the A65F annually on his / her birthdays until reaching age 64, when the entire accrued benefits will be invested in the A65F. This may be illustrated by the diagram and the DIS de-risking Table below.

DIS De-risking Table


Core Accumulation Fund (“CAF”)

Age 65 Plus Fund (“A65F”)

Below 50






51 86.7% 13.3%
52 80.0% 20.0%
53 73.3% 26.7%
54 66.7% 33.3%
55 60.0% 40.0%
56 53.3% 46.7%
57 46.7% 53.3%
58 40.0% 60.0%
59 33.3% 66.7%
60 26.7% 73.3%
61 20.0% 80.0%
62 13.3% 86.7%
63 6.7% 93.3%
64 and above 0.0% 100.0%

Another key feature of the DIS is that both the CAF and A65F are subject to a management fee cap of 0.75% of the net asset value of the fund each year (measured on a daily basis). Furthermore, there is an additional cap of 0.2% of net asset value of the fund each year on the recurrent out-of-pocket expenses in operating the funds.
Whilst the DIS has been intended for members who have not made any investment choices before, it may also be an appropriate investment option for you if the features of DIS fit your own circumstances. DIS is available as a standalone investment option that you may choose explicitly, or you may also choose to invest in the CAF and / or A65F separately.
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How does DIS impact you?
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What do you need to do?

If you have a pre-existing MPF account set up before 1 April 2017, and if you have not made any valid investment instructions for the corresponding account such that all of your accrued benefits are currently 100% invested in the existing default fund of Hang Seng MPF (i.e. MPF Conservative Fund), and if you are below or at 60 on 1 April 2017, you may be affected by DIS.

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Key dates of DIS
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December 2016 to February 2017

If you are a member who we have determined as not having a valid investment mandate on your new contributions including accrued benefits transferred from another Registered Scheme, you should have received a letter from us notifying you that your investment mandate on your new contributions including accrued benefits transferred from another Registered Scheme will be changed on 1 April 2017 to following the DIS. You may review your investment choice and submit a valid investment instruction before 1 April 2017 if you want to opt out of this arrangement.

December 2016 onwards

All members of Hang Seng MPF should have received a DIS Pre-implementation Notice which provides general information about DIS. You can also download this in the Download Section below.

April 2017

For those members whose accrued benefits are subject to be moved into DIS automatically after 1 April 2017, a DIS Re-investment Notice (‘DRN’) will be sent to you from 7 April 2017 onward to notify you of the arrangement. Please update your contact information with the trustee to ensure important notice can be delivered to you in a timely manner. If you believe that you should receive a DRN but have not received it by 21 April 2017, please contact Hang Seng MPF Service Hotline at 2213 2213. Please click here for the template of the DRN.

If you do not take action after receiving the DRN, your accrued benefits will be automatically re-invested from the MPF Conservative Fund into DIS after the expiry of 42 days from the DRN issuance date. Your new contributions including accrued benefits transferred from another Registered Scheme following the expiry of the 42 days may also be invested in accordance with DIS.

If you do not want your accrued benefits to be re-invested according to DIS, you should complete the Option 2 Form in the DRN and send it back to us within 42 days of the DRN issuance date. After receiving your Option 2 Form, your accrued benefits will remain in the MPF Conservative Fund, and will not be automatically re-invested according to the DIS. Your new contributions including accrued benefits transferred from another Registered Scheme will also not be invested in accordance with DIS.

Important note:
When submitting your Option 2 Form, you are reminded to submit it with the postage paid return envelope and post it to PO Box 73770, Kowloon Central Post Office. Please allow sufficient time for postal delivery to ensure that the form will reach us before the expiry of the 42 days from the issuance date of the DRN. We may not be able to receive and process your request if you do not submit the form to the specified channel that was mentioned above. Moreover, late submission beyond the deadline will not be processed.

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Download area
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Contact Us
Hang Seng MPF Hotline Make an e-Appointment
Existing MPF Customers Make a reservation online and meet with our MPF Specialists at designated branches
- Employers: 2288 6822
- Members / Self-employed persons: 2213 2213
- HKSARG Employees: 2269 2269
Non-existing MPF Customers
- Enquiries / Apply for Hang Seng MPF: 2997 2838