MPFA encourages scheme members to consolidate their personal accounts

January 6, 2019
Eddie Choy
The Mandatory Provident Fund Schemes Authority’s (MPFA’s) Statistical Analysis of Accrued Benefits Held by Scheme Members of Mandatory Provident Fund Schemes, published last year, showed that, as at the end of December 2016, there were 5.36 million personal accounts1 (PAs) in the Mandatory Provident Fund (MPF) System. More than 40% of the PA holders had two or more PAs.

To avoid having multiple PAs, you should consider transferring your MPF benefits from your previous employment to the MPF account set up by your new employer after changing jobs. You should merge multiple PAs into one account.

The MPFA has an e-Enquiry of Personal Account (ePA) platform and a mobile application (MPFA ePA). Once you have signed up and activated your account for the ePA service, you can get a report on your MPF personal accounts anytime, anywhere using your computer or mobile device free of charge.

The more PAs you hold, the more scattered your MPF investments will be, requiring more time and effort to manage them. If you have more than one PA, take action to consolidate them now!

 

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