Moving jobs? Transfer your MPF in three steps

Chi-ming starts a new job next month and wants to sort out the accrued benefits in his old MPF account — but doesn’t know the steps. Here’s the transfer process for job changers.

Step one: how do you notify the trustee of termination?

Your former employer must notify the trustee within 10 days after your last month of employment. If your employer fails to file the termination notice for any reason, you can submit a statutory declaration to the trustee yourself stating you’ve left the company.

Step two: how do you choose what to do with the benefits?

Tell the trustee within three months. Employees must notify the old scheme’s trustee within three months of the trustee receiving the termination notice, stating how to handle the accrued benefits in the old account. Different trustees may have different procedures for transferring benefits and switching portfolios — check the details with the relevant trustee first.

Step three: what documents must you verify after transfer?

Check the amounts and account details are correct. Whether you move benefits to another scheme or keep them in a preserved account under the old scheme, carefully verify all documents the trustee issues to make sure the transferred amounts and account details are right.

Before changing jobs, compare trustee fund performance at MPF fund comparison.