What’s the Penalty for Faking Permanent Departure to Withdraw MPF?

How were two members fined in 2010?

In December 2010, two MPF scheme members, Wong Dik-long and Wong Ka-ming, were each fined HK$6,000 (HK$12,000 total) at Kwun Tong Magistrates’ Courts for false and misleading statements to trustees, breaching section 43E(1) of the MPF Schemes Ordinance. On 26 February and 27 May 2010 respectively, they applied for early withdrawal on permanent-departure grounds, falsely declaring they’d never done so before — the MPFA’s investigation exposed the lie.

What are the genuine early-withdrawal grounds?

Retirement at 65, early retirement at 60, permanent departure, total incapacity, death, small balances. Permanent departure can be used only once — a second claim is an offence.

What should members remember?

Don’t lie to cash out early — the fine is the least of it; a criminal record is worse. Rather than plotting withdrawals, grow the pot: choose wisely at MPF fund comparison.