Changed jobs? Don’t ignore your MPF preserved accounts — three things to check before consolidating

A month into a new job, remember to deal with your MPF preserved accounts. Many workers change jobs several times without ever touching them, but a job change is the ideal moment to consolidate. Before transferring accrued benefits, watch out for a few things.

What should you check before transferring?

First, bid-offer spreads; second, trustee service and fees; third, lock-in periods on guaranteed funds. Some MPF funds carry a bid-offer spread, so transfers can incur dealing costs — ask the trustee first, and check Fund Expense Ratios on the MPFA’s fee comparison platform. When picking a trustee, compare service scope, fund range and variety, and whether fund features and risk-return profiles suit your goals.

What’s the trap with guaranteed funds?

Transferring out may breach the guarantee conditions, costing you the promised benefit. If your old scheme holds a guaranteed fund, check whether the transfer violates lock-in terms; likewise, understand exactly what conditions a new scheme’s guaranteed fund requires before the guarantee applies.

Where can you get more MPF information?

The MPFA hotline 2918 0102 and www.mpfa.org.hk both carry detailed guidance. You can also visit the MPF education centre to learn about account types and transfer arrangements.