MPF semi-portability transfers up 32%, 3 in 4 eye full portability

BCT, the Bank Consortium Trust group, published new data and survey findings on 6 November: in the first ten months of 2026, the number of members transferring into BCT through MPF semi-portability (the Employee Choice Arrangement) rose 32% year on year, while its survey found three in four workers are preparing to use full portability or want to learn more about it. Interest in actively managing MPF savings is climbing ahead of the first phase of full portability, which opens on 21 December.

Semi-portability transfers up 32% in the first ten months

According to BCT data as at 31 October 2026, members moving into BCT under semi-portability in January–October rose 32% compared with the same period last year. Wong Yuk-lun, BCT’s head of pension, said the figures show more and more Hong Kong workers are actively reviewing and managing their retirement savings rather than relying on passive contributions alone.

Survey: nearly three in four paying attention to full portability

BCT has run its monthly MPF satisfaction survey since April 2025, polling about 200 working Hongkongers each month — 3,800 in total by October 2026. It found 27% of respondents actively research MPF to find the arrangement best suited to them, and 47% want more information — together nearly three in four — while only 26% have little interest so far. Interest also rises with age: respondents aged 40 or above are about 5 percentage points more willing to spend time studying their MPF arrangements than those under 40, which BCT attributes to retirement goals becoming clearer.

Members stayed with equities in October; more switches, smaller amounts

BCT’s data shows members continued to favour equities in October: the number of members switching funds rose about 18% month on month and the number of transactions about 6%, but the total amount switched fell 36% — more participation, smaller switch sizes. Equity funds saw net inflows more than double month on month, with US equity funds still the top destination; HK equity and global equity inflows rose about 37% and 44% respectively, and Asia equity funds turned from net outflows to mild net inflows. Conservative, mixed-asset and bond funds all recorded net outflows. Pandora Pang of IPP Financial Advisers warned that divergent global market performance in October underlines the importance of diversification: over-concentration in a single market or hot theme can expose retirement savings to sharp swings.

October market pullback; bond fund index rebounded

On performance, the AQUMON MPF composite-plus-inflation index returned -2.6% in October. The equity fund index fell 5.26% for the month, led down by Asia equity (-9.03%), with Greater China (-8.27%) and Hong Kong equity (-6.56%) also weak; Europe equity was the only positive sector, up 0.05%. Bonds broadly rebounded, with the bond fund index up 1.2% for the month.

More choice, not switching for switching’s sake

Wong reminded members that full portability gives them greater autonomy to pursue reasonable returns, but its purpose is to widen choice — not to encourage frequent fund switching. Members should avoid switching for its own sake, and instead use the opportunity to review their overall MPF arrangements, compare funds and service support across schemes, and plan according to their life stage, retirement goals and risk tolerance. He added that the first phase should especially help young people just entering the workforce start retirement planning early and build the habit of managing their MPF actively.