Why Did Full MPF Portability Need a Central Database First?

What Did Anna Wu Propose?

MPFA chairwoman Anna Wu said “semi-portability” was only transitional — the long-term goal was “full portability,” letting employees move both their own and employers’ accrued benefits to a preferred trustee once a year. But the plan first required data on every member’s account, so the MPFA would study a “central database” for feasibility and cost-effectiveness.

What Was the Timetable?

“Semi-portability,” letting employees choose trustees for their own contributions, was hoped to pass LegCo before its term ended and launch next year. Full portability was a long-term goal bringing fundamental change, needing wide discussion — likely years away.

How Would the Offsetting Mechanism Be Handled?

Wu said offsetting was labour legislation, beyond the MPFA’s remit — for the government and policy bureaux to consider. For full portability, the MPFA needed a way to store all member account data so employers could trace where their contributions’ accrued benefits went.