Your annual benefits statement: a report card for your MPF performance

Ah Jik’s former colleague Wai-yin has just become a father, so Ah Jik dropped by after work to meet the newborn. Chatting in the living room, Ah Jik noticed letters piling up by the TV — some from MPF trustees. “Every year I get the trustee’s ‘annual benefits statement,'” said Wai-yin, “but I never read it properly.”

What is the annual benefits statement for?

A report card on your MPF investing over the past year. “The MPF is part of your personal assets — you should care about it,” said Ah Jik. “The annual benefits statement is like a report card for your MPF investments, letting you review performance over the past financial period.” It records contributions and investment activity for the period — employee and employer contributions, accrued-benefits transfers, fund transactions and account balances — so members can see their account’s latest state, with every transaction’s details and the closing balance.

What is the difference between the concise and detailed versions?

Trustees must issue one at least once a year; you can request the full details. Trustees must send members a “detailed” or “concise” annual benefits statement at least once a year; if the trustee chooses the concise version, members can still request detailed account information from their trustee.

What do you do after reading it?

Review your portfolio regularly and adjust to your life stage. Wai-yin said retirement is still far off, but with a child now, it’s time to plan ahead. Ah Jik agreed: “For an ideal retirement life, plan early — including reviewing your MPF portfolio from time to time. Besides the annual benefits statement, the trustee’s ‘fund fact sheets’ explain different funds’ investment strategies, so you can consider whether to adjust based on your life stage and financial situation.” Finding the best MPF fund Hong Kong offers starts with reading these documents. To learn more about reading the statement, check the MPFA’s latest leaflet, available on its website.

To compare different funds’ investment strategies, visit MPF fund comparison.