There are a number of steps you need to consider when buying units in
MPF funds:
Your account balance, as set out in the annual benefit statement, represents
the accumulated amount of your retirement accrued benefits 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 ultimate retirement savings
will increase. If the value of the units is declining, the value of
your ultimate retirement savings will be reduced.
Except for voluntary contributions, you can only cash in your account
balance when you are qualified to do so (see above). Hence your account
balance represents the most recent value of your retirement savings-savings
that can only be withdrawn in the future.
The law requires trustees to provide you with an account balance, (i.e.
the value of scheme members' MPF retirement savings), 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 retirement savings and your account.
