Your account balance, as set out in the Annual Benefit Statement, represents the amount of your accrued benefits (i.e. your MPF assets, including the total contributions and investment returns) at a particular point in time. Your account balance is basically the aggregated value of the fund units accumulated in your account.
Unless you have made changes to the units acquired, fund units will accumulate as your MPF contribution increases. If the value of your fund units is rising, the value of your accrued benefits will increase. If the value of the units is declining, the value of your accrued benefits will be reduced.
Except for voluntary contributions, you can only convert your account balance into cash when you are qualified to do so (see above). Hence your account balance represents the most updated value of your accrued benefits which can be withdrawn in the future.
The law requires trustees to provide you with an account balance, (i.e. the value of scheme members' accrued benefits), in the Annual Benefit Statements. The law also requires trustees to provide the Annual Benefit Statement to you once a year. Some trustees may provide similar information twice or even four times a year. In addition, trustees may also provide other means for scheme members to access more frequent and detailed information, such as Internet access, interactive voice response system ("IVRS"), automated teller machine ("ATM"), etc.
In order to monitor your retirement plan, you have to read the Annual Benefit Statement and other related information to gain a clear picture about the status of your account and hence your accrued benefits.
