MPF 7 Chapters Breakdown
MPFA official Study Notes — what each chapter covers
Question weight across chapters
MPFA's official Study Notes is structured into seven chapters. The question count per chapter reflects its relative weight in the exam: Chapter 3 (Key Features) is the largest, followed by Chapter 7 (Intermediaries) and Chapter 5 (Schemes & Investment) — together they account for most of the exam content.
Chapter 1: Introduction to the MPF System
Covers the background, objectives and legislative origins of the MPF, and its role within Hong Kong's three-pillar retirement protection framework. Candidates should understand why MPF was introduced in 2000 and how it sits alongside social security and voluntary savings — foundational context for the rest of the syllabus.
Chapter 2: Regulatory Framework
Covers the statutory functions of the MPFA, the Mandatory Provident Fund Schemes Ordinance (Cap. 485) and related regulations, penalties and enforcement powers. The detail of regulatory roles and legislation is the legal backbone of intermediary compliance work.
Chapter 3: Key Features of the MPF System
The largest chapter (close to half the exam): mandatory contributions (5% employer / 5% employee), minimum and maximum relevant income levels, vesting and portability of accrued benefits, and the legal grounds for withdrawing accrued benefits (retirement, early retirement, permanent departure, total incapacity, terminal illness, small balance, death). A must-win chapter.
Chapter 4: MPF Trustees
Covers the statutory duties, functions and registration requirements of MPF trustees, and MPFA oversight of them. Trustees are the legal holders of scheme assets — central to how the system works — and intermediaries need to grasp the role to explain it correctly to clients.
Chapter 5: MPF Schemes and Investment
Covers the types of MPF schemes (master trust, employer-sponsored, industry) and the range of constituent funds (equity, bond, mixed asset, guaranteed, money market, Default Investment Strategy etc.) and their risk/return characteristics. Intermediaries draw on this when recommending funds to clients.
Chapter 6: Interface Arrangements between ORSO and MPF
Covers the interface between Occupational Retirement Schemes Ordinance (ORSO) schemes and MPF: conditions for preserving an ORSO scheme, transfer arrangements between schemes, and calculation of the Minimum MPF Benefits. Small in volume but rich in subtle detail.
Chapter 7: MPF Intermediaries
Targets intermediaries directly: principal vs subsidiary intermediary registration categories, conduct requirements (honesty, fairness, diligence, client interest first, conflict avoidance), continuing professional development (CPD) obligations, and disciplinary consequences. The second-largest chapter and the topic intermediaries deal with daily in practice.
400+ practice questions across all seven chapters
PrepLicense offers a complete MPF Intermediaries question bank aligned with MPFA's official Study Notes, with bilingual explanations.
Independent study aid. Not affiliated with or endorsed by the Mandatory Provident Fund Schemes Authority (MPFA) or the Vocational Training Council (VTC).
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