Mercer today released the latest findings of its Mandatory Provident Fund (MPF) Provider Satisfaction Rankings from the Mercer MPF Service Level Report. Sun Life (72.3/100) had the highest provider satisfaction score, followed by Manulife (69.7/100) and Fidelity (68.4/100).
The providers are ranked based on the average satisfaction score as indicated by Mercer MPF Satisfaction Index (MPF SI) survey participants for the 12 months ending 30 June 2018.
According to Mercer’s latest MPF Market Shares Report 2018 in Q2, Sun Life has been the fastest growing provider for the past three years.
“The market share of both Sun Life and Manulife have increased significantly over the past three years. Not only because of their acquisitions of MPF businesses, but also because a certain number of members have actively selected their schemes under the Employee Choice Arrangement (ECA). Members are often more satisfied when they are empowered to make their own choices,” said Billy Wong, Mercer’s Health & MPF Business Leader, Hong Kong.
“Fund performance is not the only driver of satisfaction. The top three providers attract new members with add-on customer services including financial wellness education and e-alerts, which enable members to better understand their MPF and enjoy an improved service experience,” said Mr Wong.
Manulife and Fidelity are two of just a handful of providers that offer mobile applications for members to check on their MPF, which can assist members to plan ahead for their retirement.
Overall MPF Satisfaction Index levels remain relatively static
The Mercer MPF Satisfaction Index (MPF SI) recorded a score of 49.9 in August 2018, down from 52.6 in July. The index dropped slightly by three points in August, while MPF satisfaction levels have hovered consistently around 50 out of 100 over time.
“Although there is a potential uplift in the relevant income and maximum contribution levels, satisfaction levels towards the MPF is unaffected, consistent with our findings on the previous month’s index,” said Mr Wong.
Note to editors
The Mercer MPF SI was conducted by Nielsen to track the satisfaction level of MPF members. The survey interviews more than 2000 respondents per year who are among the working population with MPF and whose monthly personal income is not less than HKD 7,100 (minimum threshold eligible for MPF membership). The survey was conducted through methods of online self-completion (age 20 – 54) and offline street intercept (age 55 or above).
The service level comparison is based on data collected from Mercer MPF SI results, in which the providers are ranked based on the average satisfaction score as indicated by survey participants for 12 months ending June 30, 2018. Due to the uneven distribution of survey participants among the different providers, any provider with less than 1% of the total survey participant population will not be included in the results.
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