Enployees are not required to pay any handling fee if they decide to transfer their mandatory provident fund benefits to another trustee, when the so-called Employee Choice Arrangement comes into effect in November. And employees must transfer all their money, not just part of it.
This was dislosed by a senior manager with the Mandatory Provident Fund Schemes Authority, Eddie Chan. Mr Chan also said that employees can’t expect to earn any interest on their money while the transfer – which could take between six and eight weeks – is underway.
Mr Chan also said employees should carefully consider the products, services and fees of different trustees before making a decision on whether to transfer.