What did workers expect from MPF semi-portability?
A Convoy survey in November 2010 found 80% of 546 respondents wanted MPF semi-portability implemented as soon as possible, saying they would exercise the right. Only 29% were satisfied with their employer’s current MPF plan; 78% felt MPF savings alone couldn’t fund a comfortable retirement; and just half knew their preserved-account details.
How was the industry preparing?
Convoy chairman Wong Lee-man urged the MPFA to improve public understanding — more education, fee transparency, and simpler preserved-account consolidation. CEO Feng Xuexin said the firm would hire more staff for preserved-account business, aiming to lift licensed advisers from 80% to 100% within the year. Workers can already compare trustee funds at MPF fund comparison.
When would semi-portability arrive?
The policy was not expected before 2012. Employees who could afford it were advised to top up contributions or add other savings for retirement.
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