MPF “free walk”: choosing your provider

The MPF portability legislation being drafted gives you a new right: move your own contributions to a provider you choose, for them to invest — once a year. Your employer’s contributions stay put.

How much can you move?

Your employee-contribution portion, capped at HK$1,000 a month. That’s 5% of the $20,000 monthly income ceiling. When changing jobs you have three options: leave everything with the original provider; move to your new employer’s provider; or move to your chosen provider.

How many account types can you hold?

Up to five contribution account types; at least two. Your MPF assets are classified by source and nature: employer mandatory contributions and employee mandatory contributions deducted from your salary are the basic two. Imagine retiring with five full piggy banks to crack open!

What changes after semi-portability?

More autonomy over your MPF, but withdrawal rules stay. You can only withdraw at retirement or as regulations allow; ask your provider whether lump-sum or partial withdrawals are possible. Employees earning over $5,000 a month without another government-recognised retirement plan must join their employer’s MPF scheme.

Before moving MPF, compare provider fees at MPF fund comparison or learn the arrangement at the MPF education centre.