Can I withdraw MPF early at 60? Early retirement rules

Adapted from a report published in March 2012.

As March 2012 arrived, many Hong Kong workers approaching 60 were asking the same question: can I take my MPF money once I turn 60? The answer was “yes, with conditions” — if you have reached 60 and decide to stop working for good, you could claim your benefits on early-retirement grounds. One catch applied at the time: the law only allowed a lump-sum withdrawal, not instalments.

What is MPF early withdrawal at 60?

MPF early withdrawal at 60 means claiming your accrued benefits before the normal withdrawal age of 65, on the grounds that you have reached 60 and will no longer take up paid work. You needed to get the “Claim of Accrued Benefits” form (MPF(S)–W) and a statutory declaration (MPF(S)–W(SD1)) from the MPFA or its website, swear the declaration at a Home Affairs Department office, and submit both to your trustee; members with more than one MPF account had to file one set per account.

How do you apply for early-retirement withdrawal?

The process was straightforward — get the forms and the sworn declaration right, and it generally took a few weeks, after which the trustee mailed a cheque or paid the money directly into your bank account. The steps were:

1. Get the MPF(S)–W claim form and MPF(S)–W(SD1) statutory declaration from the MPFA
2. Complete the forms and swear the declaration at a Home Affairs Department office
3. Submit everything to your MPF trustee
4. Wait a few weeks for processing, then receive a cheque or bank transfer

Could MPF be withdrawn in instalments?

Under the law as it stood in March 2012, MPF could not be drawn in instalments — members could only take a lump sum or leave the whole amount invested. The MPFA was, however, consulting on more flexible options, including phased withdrawals after retirement age and a new early-withdrawal ground for members diagnosed with a life-threatening illness; the public consultation closed on 31 March 2012. You can read more in the MPFA’s education hub.