Change of Employment

Employees

If you change your job, there are three ways to handle the accrued benefits of your previous MPF account(s):

• transfer the accrued benefits to the contribution account^* under your new employer's MPF scheme; or
• retain the accrued benefits in the previous MPF scheme under a preserved account^**; or
• transfer the accrued benefits to a preserved account of an MPF scheme of your own choice.

^* A contribution account is an account in which your MPF contributions and investment returns derived in respect of your current employment or self-employment are held and accumulated.

^** A preserved account is an account in which your accrued MPF benefits, including contributions and investment returns, in respect of your former employment or self-employment are held. See below for more information on preserved accounts.

Self-Employed Persons

When you change employment and cease working as a self-employed person, you may transfer the accrued benefits from your scheme to another scheme.

Preserved Accounts

Preserved accounts serve a practical purpose in that you can use them to retain your accrued benefits derived from previous jobs under your own name. Preserved accounts will receive no further contribution but will continue to be invested according to your instructions, thus fees and charges will still be incurred. If you have multiple preserved accounts, you may wish to consolidate them for easier management.

Nevertheless, you will need to take into account a number of factors when consolidating your preserved accounts. For example, you should take note of the timing because consolidation involves the redemption of funds in which bid/offer spreads may cause losses. Please refer to our publication and form related to transfer of MPF benefits.

If you cannot remember how many preserved accounts you have, you may click here to download the request form and return to us in person or by mail.