Capitalist
Solutions
Promoting capitalism as the only moral and practical social system for man!
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PRESS RELEASE For Immediate ReleaseMake The MPF VoluntaryLocal think tank calls for choice to be returned to the individual [Hong Kong – 23 November 2005] Next week marks the fifth anniversary of the Mandatory Provident Fund (MPF) and there have been calls by a Hong Kong think tank to make the Mandatory Provident Fund (MPF) voluntary and have the Mandatory Provident Fund Authority (MPFA) abolished. Labelling the MPF as immoral Simon Patkin, Director of Capitalist Solutions said, “The MPF steals free choice from the individual and coerces him into a mandatory contract without his voluntary consent.” To solve this problem Mr. Patkin advocates making the MPF voluntary. “This means providers can still offer their products but this time consumers can have true choice in how they make their investments”, said Mr. Patkin. Mr. Patkin noted that the MPF was imposed on the population up as a result of bad philosophy. He said, “The government went ahead with this scheme because they believed ordinary people were incapable of thinking of themselves. They signed away individual freedom to choose over to those who claimed they knew better.” He added that he would like to see that choice returned. Over the last five years the MPF has averaged a return below the Hang Seng Index. “The MPF has averaged less than 4% per annum over the last five years and part of this is the high charges that trustees are allowed to impose”, said Mr, Patkin. “Eliminating the MPFA and its trustee scheme would significantly reduce these costs by removing unnecessary layers.” Mr. Patkin called upon the government to bring in these changes immediately as a moral imperative. He said, “Since consumers had their choice stolen from them, it is important for the government to return that freedom as quickly as possible.” About Capitalist SolutionsCapitalist Solutions is a free enterprise think tank promoting the philosophy of rational self-interest in Hong Kong. For more information please go to www.capitalist-solutions.com. # # # END # # #
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