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How to transfer your MPF?

If you are an employee, under the Employee Choice Arrangement (“ECA”), you may opt to transfer your MPF benefits derived from employee mandatory contributions in your contribution account under current employment (Original Scheme) to a MPF scheme of your choice once a calendar year1,2.

If your transfer involves selling your interests in a guarantee fund, please check with the trustee of the Original scheme the relevant terms and conditions of this fund as failure to fulfil some qualifying conditions may cause the loss of guaranteed returns.

Your contribution account under current employment may consist of different parts of MPF benefits derived from different sources and subject to different transfer rules, as follows:

Parts of MPF in a contribution account (i.e. Types of contributions that the MPF are derived from) Transfer rule Type of account receiving the MPF
Contributions from current employment    
Employer mandatory contributions

Not transferable

 N/A
Employer mandatory contributions

Transferable once every calendar year1,2

 Personal account
Employer voluntary contributions Subject to the governing rules of the Original Scheme Personal account
Employer voluntary contributions Subject to the governing rules of the Original Scheme Personal account

Parts of MPF in a contribution account (i.e. Types of contributions that the MPF are derived from)

 Transfer rule Type of account receiving the MPF
Contributions from former employment
 
Mandatory contributions transferred to the contribution account under current employment

Transferable at any time

 Personal account or other contribution accounts3
Voluntary contributions transferred to the contribution account under current employment

Subject to the governing rules of the Original Scheme

 Personal account or other contribution accounts3

If you are a SEP account holder, personal account holder or tax deductible voluntary contribution (TVC) account holder, you can transfer your MPF benefits held in such accounts to any other MPF schemes of your choice at any time.

Please note that transfers of MPF benefits involves some potential risks, such as the risk of a “sell low, buy high” scenario occurring during investment time-lag and the loss of entitlement to the guarantee of a guarantee fund.

1 Calendar year means the period from 1 January to 31 December in any given year.

2 Unless the governing rules of Original Scheme provide for more frequent transfer-out.

3 Only applies to employees with two or more contribution accounts. If an employee is employed by more than one employer at the same time, he/she may have more than one contribution account.

      

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