No handling fee for MPF transfers

九月 27, 2012
Joe Chan

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.

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