The Mandatory Provident Fund Schemes Authority (MPFA) said on Thursday that all 24 mandatory pension schemes are expected to onboard the centralized electronic platform known as eMPF within 18 months.

The platform, set to launch on June 26, will see its first onboarding by YF Life Trustees Ltd, according to the authority. China Life Trustees Ltd will follow suit on July 29.

Members will be able to handle their MPF contributions, changes to their investment portfolios and the withdrawal of benefits through the centralized system

Another three early movers will move onto the platform in the fourth quarter this year, said Cheng Yan-chee, managing director of the MPFA. These include Bank of Communications Trustee Ltd, Standard Chartered Trustee (Hong Kong) and Bank of East Asia (Trustees).

Currently, there are 12 MPF trustees providing 24 schemes to approximately 4.7 million members and 360,000 participating employers. The combined net asset value of all MPF schemes exceeds HK$1.1 trillion ($140 billion), data from the Financial Services and the Treasury Bureau show. But each trustee has its own platform for management.

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The eMPF platform is designed to streamline, standardize and automate the current MPF administration processes, thereby enhancing operational efficiency and creating room for fee reductions.

Members will be able to handle their MPF contributions, changes to their investment portfolios and the withdrawal of benefits through the centralized system.

It is estimated that the electronic platform will be able to achieve an average administrative fee reduction of 36 percent in the first two years and a reduction of 41-55 percent within a decade, said Ayesha Macpherson Lau, chairwoman of the MPF Schemes Authority.

She said the platform interface will be user-friendly, following a similar design to that of typical online services.

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Additionally, the "one account for a lifetime" feature fixes the situation in which individuals have multiple MPF accounts due to job switches, Lau said.