MPF Fund Switching Gets Much Faster — From 5 Days to Same-Day, Trading Till 6pm
2011-04-14
Picking an MPF trustee isn’t just about fees — service quality matters too. Switching assets within a scheme used to take 5 working days, risking missed market timing. Many trustees have now slashed transfer times from 5 working days to same-day completion, extending daily trading hours to 6pm.
Who’s fastest?
| Trustee | Switching arrangement |
|---|---|
| AXA | After a platform upgrade: switch online by 6pm same-day, same-day pricing for buys and sells; previously 5 working days after forms received |
| Invesco | “Same-day pricing”: instructions via hotline or website by 4pm priced same-day; trading ends at 4pm |
| Fidelity | Instructions received by 5pm generally completed within 3 working days |
| ING | Same-day not available |
Intra-scheme switching is generally free, but processing times vary by trustee and prices move in between — the speed-up aims to keep members closer to the market.
What makes a quality trustee?
The MPFA’s bar: well-capitalised and financially sound. Trustees must file regular returns, financial statements and internal-control reports; to protect members’ assets they also maintain a “safety net” of sufficient insurance against trustee or custodian breaches. Compare trustees’ funds and charges at MPF fund comparison.
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