Job-hoppers can choose their own MPF scheme

Changed jobs since the MPF launched in 2000? You may hold several preserved accounts. When you leave a job, you have the right to move the accrued benefits in your former employer’s account to an MPF scheme or trustee of your choice — picking funds that suit your needs and strengthening your retirement protection.

What are the options for the old account?

Three: move to a scheme of your choice, stay with the old scheme, or merge into the new employer’s scheme.

What should you watch with the “own choice” option?

A newly opened preserved account requires you to choose funds — otherwise the trustee invests via the default fund. With an existing preserved account, consider re-selecting your fund mix. Staying with old schemes after many job changes can leave you with too many accounts to manage, and over-scattered assets make strategy and performance review harder.

What’s the catch with the new employer’s scheme?

Once benefits enter the new employer’s contribution account, they cannot be freely transferred again. Only after employment ends and the benefits move to a preserved account can you transfer them freely.

Lost track of your preserved accounts?

Bring your ID to any MPFA office in person, or download the enquiry form and mail or fax it. The MPFA will tell you which trustees hold your preserved accounts.

Before an MPF transfer, compare fees and returns at MPF fund comparison or learn how preserved accounts work at the MPF education centre.