How Does the DIS Differ from Choosing MPF Funds Yourself?
Mechanism compare: fee caps, when de-risking applies, and historical medians (MPFA + our data)
The Default Investment Strategy (DIS) is a standardised arrangement every MPF scheme must offer: a Core Accumulation Fund (~60% higher-risk assets) and an Age 65 Plus Fund (~20%). Management fees are capped at 0.75% p.a. and recurrent out-of-pocket expenses at 0.2% p.a. Automatic de-risking applies only when invested in the DIS as a whole — picking the CAF alone does not trigger it. As of 2026-09-30, the median 5-year annualised return of 28 Core Accumulation Funds was +6.14%. Past performance is not indicative of future results.
Data as of 2026-09-30 CAF ~60% higher-risk A65 ~20% higher-risk Mgmt fee cap 0.75% p.a.
COMPARE
DIS vs self-select: how the mechanics differ
Summarised from MPFA materials on the Default Investment Strategy. Confirm your own account against trustee / eMPF records.
| Item | Invested as DIS | Self-selected funds |
|---|---|---|
| Structure | CAF + Age 65 Plus (age-based mix) | Member chooses one or more constituent funds and weights |
| Illustrative risk mix | CAF ~60% higher-risk / 40% lower-risk; A65 ~20% / 80% | Depends on chosen funds (equity, mixed, bond, conservative, etc.) |
| Automatic de-risking | CAF→A65 each year from 50–64 (only when invested as DIS) | Not triggered merely by holding CAF/A65 as self-selected funds |
| Statutory fee caps | Mgmt fee 0.75% p.a.; recurrent out-of-pocket 0.2% p.a. | Generally no equivalent statutory cap (see each fund’s published FER) |
| When it applies | Default if no choice is made; members may also elect the DIS | Member directs investment into named funds |
FEES · DE-RISKING
Fee caps and age-based de-risking (when they apply)
- DIS funds are subject to statutory fee caps (0.75% p.a. management fee; 0.2% p.a. recurrent out-of-pocket expenses).
- Members invested via the DIS: 100% CAF before 50; annual shift to A65 from 50–64; fully in A65 from about age 64.
- Self-selecting CAF or A65 as constituent funds does not start that annual reallocation.
- Under self-select, fees, risk and regional exposures follow each fund’s offering document / factsheet.
NEUTRAL PUBLIC DATA, NOT A RECOMMENDATION
DIS fund historical medians (as of 2026-09-30)
Equal-weight medians of DIS constituent funds in our classification — factual reference only. Past performance is not indicative of future results.
| Core Accumulation | Age 65 Plus | |
|---|---|---|
| Funds | 28 | 28 |
| 1y return median | +9.73% | +1.82% |
| 5y ann. median | +6.14% | +0.66% |
| 2022 median | -16.49% | -14.82% |
| Median max drawdown (2020-07 – 2026-09) | -20.61% | -16.61% |
| FER median | 0.78% | 0.79% |
Historical contrast with mixed-asset categories of similar equity bands (not a ranking)
CAF holds ~60% higher-risk assets — shown next to “mixed assets (61–80% equity)”; A65 ~20% — next to “mixed assets (21–40% equity)”. Category definitions differ; figures are not a quality ranking.
| Category | n | 1y med. | 5y ann. med. | FER | 2022 | MDD med. |
|---|---|---|---|---|---|---|
| Core Accumulation (DIS) | 28 | +9.73% | +6.14% | 0.78% | -16.49% | -20.61% |
| Mixed assets (61–80% equity) | 29 | +8.48% | +4.18% | 1.34% | -16.74% | -28.14% |
| Age 65 Plus (DIS) | 28 | +1.82% | +0.66% | 0.79% | -14.82% | -16.61% |
| Mixed assets (21–40% equity) | 24 | +2.48% | +0.51% | 1.33% | -15.47% | -22.29% |
Sources and related pages
What is the DIS DIS performance by scheme CAF category Age 65 Plus category Mixed 61–80% Fees guide
Sources: MPFA · MPF Fund Platform
Published: 2026-11-02 · Site data refresh 2026-10-21 · Fund data as of 2026-09-30
FAQ
What is the main difference between the DIS and self-selecting funds?
The DIS is a default, standardised mix (CAF + Age 65 Plus) with statutory fee caps and automatic age-based de-risking when held as the DIS. Self-selecting means you choose funds and weights yourself; the same statutory fee caps and auto de-risking generally do not apply.
Does picking the Core Accumulation Fund alone de-risk automatically?
No. Per the MPFA, automatic de-risking applies only to members invested in the DIS as a whole; holding the CAF as a self-selected fund does not trigger the annual 50–64 reallocation.
What are the DIS fee caps?
By law, DIS fund management fees are capped at 0.75% p.a. and recurrent out-of-pocket expenses at 0.2% p.a. Our data shows median FER 0.78% for CAF and 0.79% for Age 65 Plus (as of 2026-09-30).
Will this site say whether members should join or leave the DIS?
No. This page only summarises mechanisms and historical figures as factual reference; it is not personal advice. For personalised views, consult a registered MPF intermediary.
Can historical returns predict the future?
No. Past performance is not indicative of future results. The tables only reflect published medians as of 2026-09-30.