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What to Do When Changing Jobs?

Congratulations on your new job! But don’t forget about your MPF benefits accrued from your previous job.

Your options

When you leave a job, your former employer will inform the MPF trustee about this change. The trustee will then send you a written notice asking for your instruction on how to handle the benefits accrued from your previous job. You may choose to: 
  1. transfer your accrued benefits to your contribution account under the MPF scheme of your new employer; or
  2. transfer your accrued benefits to an existing personal account that you hold. 


If you do not hold any personal account, and you are satisfied with the MPF scheme chosen by your former employer, you may retain your MPF benefits in a personal account under the scheme of your previous job.

Reminder: If the trustee does not receive instruction from you within 3 months after receiving the notice of your employment cessation from your former employer, your accrued benefits will be automatically transferred to a personal account under the original scheme as required by law. From there, they will continue to be invested. Many employees are unaware of such arrangement and so a new personal account is created every time they change jobs. The benefits accrued and transferred to that personal account (whether the transfer is made before or after 1 April 2017) will remain invested in the fund(s) that they are currently invested in. These accrued benefits will not be affected by the launch of the Default Investment Strategy ("DIS"). You may not have given investment instructions for future benefits of that personal account. If you put benefits into that personal account in the future, these benefits will be invested according to the DIS. If you do not want to invest your benefits according to the DIS, you should give your trustee an investment instruction when you put any benefits into that personal account.


How it works

For both Option (1) and Option (2) above, please fill in the “Scheme Member’s Request for Fund Transfer Form” [Form MPF(S)-P(M)], and submit it to the new trustee. The new trustee will then contact the original trustee to arrange the transfer. Once the transfer is completed, you will receive a “Transfer Statement” from your original trustee and a “Transfer Confirmation” from the new trustee. Please check the information on them carefully to make sure it is correct. If you have any doubts, please contact your trustee.

If you choose to retain your accrued benefits in the original scheme, you can still fill in the “Scheme Member’s Request for Fund Transfer Form” [Form MPF(S)-P(M)] and return it to your original trustee. The original trustee will open a personal account for you under the scheme and transfer the accrued benefits to that account. However, even if you do not submit the “Scheme Member’s Request for Fund Transfer Form”, the trustee will still automatically transfer your accrued benefits to a personal account under the original scheme upon expiry of 3 months after receiving the notice of your employment cessation from your former employer.

The Form MPF(S)-P(M) is available from your trustees or can be downloaded here.

Reminder: Remember to submit the "Scheme Member’s Request for Fund Transfer Form” [Form MPF(S)-P(M)] to the new trustee but not to MPFA.

Hold just one personal account

When you change jobs in the future, make it a habit to arrange transferring your accrued benefits in a timely manner to avoid creating more and more personal accounts for yourself. For easy MPF management, it’s best to hold just one personal account.  If you are currently holding multiple personal accounts, please consider consolidating them

Friendly reminders

Be aware of a “sell low, buy high” scenario
Option (1) and Option (2) involve fund transaction. The original trustee has to sell the fund units in your account, and the new trustee will then buy fund units according to your instructions (see diagram). During this selling and buying process, there will be a time-lag of around 1 to 2 weeks where your MPF benefits will not be invested in any fund. As fund prices may change during this period due to market fluctuations, you may be subject to the “sell high, buy low” or “sell low, buy high” scenarios.

1. You submit a completed transfer form to the new trustee.
2. The new trustee, after checking the information on the form, will send the form to the original trustee.
3. The original trustee, after verifying the information on the form, will redeem the fund units from your account and send the redeemed amount to the new trustee by post in the form of a cheque.
4. The new trustee will clear the cheque of transfer-in amount and allocate them to the fund(s) chosen by you.
5. The original trustee and new trustee will issue a transfer statement and a transfer confirmation to you respectively.


Be aware of the risk of losing your guarantee entitlement
If you have chosen to invest in a guaranteed fund in your existing scheme, please pay special attention! A guaranteed fund generally provides a capital guarantee or a minimum rate of return, subject to a set of conditions being fulfilled. In other words, scheme members must meet certain conditions such as a minimum “lock-in period”, i.e. a fixed period of time in which the member must invest in such a fund in order to receive the guarantee. If you are currently investing in a guaranteed fund, check the qualifying conditions in details and be sure you do meet the conditions before consolidating your accounts, or else your entitlement to the guarantee may be disqualified. For details of individual guaranteed funds and their qualifying conditions, please refer to the principal brochures and offering documents provided by the trustees. These documents can be downloaded from trustees’ websites. Please contact your trustees for details.

Be aware of how the transferred-in benefits will be invested
If you wish to transfer your accrued benefits from one MPF scheme to another, please be aware of how the transferred-in benefits will be invested. In general, the transferred-in benefits will be invested according to the Default Investment Strategy ("DIS") if you have not given any investment instructions for the transferred-in benefits of the account to the new trustee. Please approach your new trustee to seek clarification, where necessary.

Research your options. Make sure you choose an appropriate MPF trustee, a suitable MPF scheme and a fund portfolio that meet your investment objectives and personal circumstances.

More information on how to choose a trustee or scheme can be found here.

Download leaflet “Manage Your MPF When You Change Jobs”.