How to Handle Your MPF When Changing Jobs?

What three options do job changers have?

A January 2011 Wen Wei Po column outlined three ways to handle the old MPF account: open a preserved account under a scheme of your choice and transfer the accrued benefits; keep a preserved account in the original scheme; or transfer into the new employer’s scheme. The self-chosen account lets you pick the risk profile and asset mix that fits best; staying suits those happy with the original trustee; moving to the new employer’s plan is simplest to manage, but the money cannot move freely again until the next job change.

What if you have too many preserved accounts?

Multiple accounts from frequent job changes are hard to manage and over-diversified assets complicate strategy; consider consolidating. Preserved accounts take no new contributions but stay invested on your instructions, with fees still applying.

What to check before transferring?

Guaranteed funds may carry lock-in terms — transferring out could forfeit the guarantee. Compare scheme fees and funds at MPF fund comparison.