Joseph Li: Your MPF “Annual Check-Up” — 5 Keys to Reading Your Annual Benefit Statement

Happy Year of the Rabbit! Last time we compared MPF accounts to health check-ups needing regular review; this time AXA Hong Kong’s Joseph Li decodes the annual benefit statement — the “annual settlement” trustees must mail members within three months of each financial year-end.

The 5 keys

1. Gains/losses: “Account movement summary” shows the financial year’s profit/loss; “account gain/loss summary” shows the cumulative figure since you joined the scheme — don’t mix them up.

2. Account balances: “By contribution type and account” gives start- and end-of-year balances; “by constituent fund” shows each fund’s start/end balances, year-end unit counts and fund prices.

3. Investment mandate: Shows your fund allocation at statement date. If you left this blank on the application, the trustee parked your money in the default fund (e.g. conservative) — review the split regularly as life stages change.

4. Asset distribution: Charts and percentages of each fund’s share. Tip: if you never switched during the year, compare the year-end distribution with your monthly mandate split to spot the best performer — e.g. starting 25%/25%/50% in conservative, guaranteed and growth funds, ending with guaranteed at 29% means it grew the most.

5. Unit transaction details: Actual dealing dates of each contribution. Punctual employer contributions are allocated 3–5 working days after receipt; if a month is missing, call the trustee — confirmed defaulting employers must pay a 5% surcharge on top of the contributions.

How often to review?

At least yearly. MPF is long-term — it needs regular “watering” to grow; don’t shelve the statement, and don’t chase markets or switch during volatility. Compare fund performance at MPF fund comparison.