Information Centre

FAQ

MPF System

Impact on different persons

Employees

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1. What are the objectives of MPF Full Portability? What are the benefits to employees?  

After the implementation of Phase One MPF Full Portability on 21 December 2026*, employees whose current employment commenced on or after 1 May 2025 can transfer the MPF derived from employer mandatory contributions, in addition to employee mandatory contributions under current employment, from the contribution account in the MPF scheme participated by the employer to a personal account in an MPF scheme of the employee’s choice in its entire amount once a calendar year.  It gives greater autonomy of choice to employees, allowing them to choose their own MPF trustee(s), scheme(s) and fund(s), thus encouraging them to manage their MPF investments more actively and thereby further enhance market competition.

 

* The date is subject to the completion of the scrutiny of the relevant legal notice by the Legislative Council.

2. What are the rights of employees after implementation of MPF Full Portability?

Currently, an employee is allowed to transfer the MPF derived from employee mandatory contributions under current employment from the contribution account in an MPF scheme participated by the employer to a personal account in an MPF scheme of the employee’s choice in its entire amount once a calendar year.

After the implementation of Phase One MPF Full Portability on 21 December 2026*, employees whose current employment commenced on or after 1 May 2025 can also transfer the MPF derived from employer mandatory contributions under current employment from the contribution account in the MPF scheme participated by the employer to a personal account in an MPF scheme of the employee’s choice in its entire amount once a calendar year.

MPF derived from employer (if applicable) and employee mandatory contributions can be transferred together or separately to the same or different MPF scheme(s).

If an employee is satisfied with the MPF scheme participated by the employer, the employee does not have to make any transfer.

* The date is subject to the completion of the scrutiny of the relevant legal notice by the Legislative Council.

3. Do employees need to arrange the transfer of their MPF held under contribution accounts via their employers?
No. Employees who wish to transfer the MPF held under contribution accounts need only to submit the transfer request via the eMPFTM Platform.  Employers are not required to be involved in the process of making the transfer.
4. If an employee has more than one employment and more than one contribution account, does the employee have only one chance to transfer the MPF derived from employer mandatory contributions each calendar year?
The transfer frequency should be calculated on a per employment basis.  If an employee is concurrently employed by multiple employers, the employee may transfer the MPF derived from employer mandatory contributions for each current employment which commenced on or after 1 May 2025 once per calendar year.

Employers

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1. Is there any impact on employers after implementation of MPF Full Portability?

There is no impact on employers, for the following reasons:

 

  • Employers do not need to be involved in the process of transferring MPF.
  • The MPF administrative arrangements handled by employers in respect of their employees remain unchanged. Employers continue to choose, enrol their employees to the MPF schemes (Original Scheme) and make contributions to the Original Scheme for their employees (including both employer and employee contributions).
  • As only employees whose current employment commenced on or after 1 May 2025 are allowed to transfer the MPF derived from employer mandatory contributions during employment under Phase One MPF Full Portability, the arrangement does not affect the employers' administrative arrangements on offsetting of severance payments or long-service payments**.

 

** For employees whose employment commenced on or after 1 May 2025, their employers can no longer use the MPF derived from employer mandatory contributions in respect of the current employment to offset the severance payments / long service payments under the Employment Ordnance.

2. After employees have transferred their MPF derived from employer (if applicable) and / or employee mandatory contributions under current employments, do their employers need to make subsequent contributions to the new MPF accounts chosen by the employees?
No. After employees have made a transfer of the MPF derived from employer (if applicable) and / or employee mandatory contributions under current employments, their employers will continue to make MPF contributions (for both the employer and employee portions) to the MPF schemes participated by the employers, and not to the new MPF accounts chosen by the employees.
3. Can employees request their employers to make the mandatory contributions for each wage period to the MPF accounts chosen by the employees?
No. Even employees have transferred their MPF derived from employer (if applicable) and / or employee mandatory contributions under current employments to MPF schemes of their choice, employers will continue to make contributions (including both employer and employee contributions) to the MPF schemes participated by the employers.

Self-employed Persons

1. Is there any impact on self-employed persons after MPF Full Portability is implemented?

There is no impact on self-employed persons. They can still enrol themselves in MPF schemes of their own choice (Except the Employer-sponsored Scheme). MPF Full Portability does not have any impact on the contribution arrangements or the procedures for transferring their MPF. Their rights and obligations under the MPF System remain unchanged.

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