Information Centre

FAQ

MPF System

Transfer Arrangements

What can be transferred

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1. Are employees allowed to transfer all of the MPF derived from their mandatory contributions (including both employer and employee portions)?

Currently, employees are allowed to transfer the following:

 

  • MPF derived from employee mandatory contributions in their contribution accounts under current employment in its entire amount once a calendar year; and
  • MPF derived from the mandatory contributions made under former employments or self-employments which have been transferred to their contribution accounts under current employment in its entire amount.

 

After the implementation of Phase One MPF Full Portability on 21 December 2026*, employees whose current employment commenced on or after 1 May 2025 are also allowed to transfer the MPF derived from employer mandatory contributions under current employment in its entire amount once a calendar year 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.

 

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

2. Can an employee choose to transfer only the MPF derived from mandatory contributions made under former employment or self-employment, and not the MPF derived from mandatory contributions made during current employment?

Yes. An employee is not required to transfer all the transferable MPF held in the contribution account at one time.  The employee may transfer selected part(s) of the MPF in the contribution account. For example, an employee can choose to transfer only the MPF derived from mandatory contributions made under former employment in the contribution account, while retaining other parts of the MPF (e.g. employer and employee mandatory contributions from current employment) in the account.  The selected part(s) of the MPF must be transferred in its entire amount.  

 

Note that the MPF derived from employer (if applicable) and / or employee mandatory contributions can only be transferred to a personal account, while those derived from mandatory contributions made under former employment or self-employment can be transferred to either a personal account or another contribution account.

3. Can employees transfer the MPF derived from voluntary contributions they have made in their contribution account?

The transfer arrangements for the MPF derived from voluntary contributions are subject to the governing rules of the MPF scheme selected by employers (Original Scheme).  The employee is required to contact the employer and the trustee of the Original Scheme to find out more about the governing rules of the MPF scheme.

4. Can ORSO scheme members transfer their ORSO benefits under MPF Full Portability?
MPF Full Portability does not apply to ORSO schemes. Transfer arrangements are subject to the governing rules of the individual ORSO schemes.

Frequency of transfer

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1. Is it mandatory for employees whose current employment commenced on or after 1 May 2025 to exercise their transfer right under MPF Full Portability to transfer their MPF?

No. If employees are satisfied with the MPF schemes participated by their employers (Original Scheme), they are not required to transfer their MPF.  They may consider retaining the MPF in the Original Scheme.  It is important to note that transferring MPF may not necessarily result in higher investment returns.

 

Employees should note that after the trustee of the Original Scheme has redeemed the funds and before the trustee of the scheme of their own choice (New Scheme) has subscribed to new funds, there will generally be a time-lag of one to two weeks, during which the MPF will not be invested in any fund. During this period, the fund prices may change due to market fluctuations and there is a risk of a “sell low, buy high” scenario occurring. For instance, if the fund price is on an upward trend, your existing fund units in the Original Scheme may be sold at a low price level, while the new fund units in the New Scheme be bought at a relatively higher price. Be mindful of this risk before making a transfer.

 
2. Can employees transfer their MPF more than once a year?

Since November 2012, employees are allowed to transfer the MPF derived from employee mandatory contributions in their contribution accounts under current employment 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 are also allowed to transfer the MPF derived from employer mandatory contributions in their contribution accounts under current employment in its entire amount once a calendar year.

 

MPF derived from employer (if applicable) and employee mandatory contributions can be transferred together or separately.


The MPF derived from mandatory contributions made under former employment or self-employment which have been transferred to their contribution account can be transferred any time in its entire amount.


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

3. If an employee has not exercised the transfer right under MPF Full Portability this year, can that right be accumulated and carried forward to the next year? In other words, in this case can the employee make a transfer twice next year?
No. The transfer right cannot be accumulated.
4. Can employees make a one-off request to the trustee of the scheme of their own choice (New Scheme) to set up an auto-transfer arrangement, so that the MPF derived from employer (if applicable) and / or employee mandatory contributions can be transferred to the scheme of trustee of the New Scheme on a regular basis (say, once every year)?
No. Employees must submit the transfer request through the eMPF Platform under MPF Full Portability every time when they wish to make a transfer.
5. Suppose an employee has exercised the transfer right of MPF derived from employer (if applicable) and / or employee mandatory contributions in a year, and then changed job later in the same year. Is the employee allowed to transfer the MPF derived from employer (if applicable) and / or employee mandatory contributions in the contribution account under the new employment in the same year?
Yes. Employees can transfer the MPF derived from employer (if applicable) and / or employee mandatory contributions in their contribution accounts during current employment in its entire amount once every year.  This right works on a per employment basis.  In other words, after changing jobs, employees can transfer the MPF derived from employer (if applicable) and / or employee mandatory contributions in their new contribution account in the same year.
6. If an employee works for more than one employer and thus has two or more contribution accounts, is the employee limited to make a transfer of MPF derived from employer (if applicable) and / or employee mandatory contributions only once a year?
An employee holding two or more contribution accounts due to multiple employments can make a transfer of MPF derived from employer (if applicable) and / or employee mandatory contributions in each contribution account once a calendar year respectively. The transfer requests do not need to be made at the same time.
7. After making a transfer of MPF derived from employer (if applicable) and / or employee mandatory contributions, is the employee required to wait for 12 months before making another transfer?
No. An employee has the right to make a transfer of MPF derived from employer (if applicable) and / or employee mandatory contributions at any time once every calendar year (i.e. the period from 1 January to 31 December in any given year).  In other words, if an employee has made a transfer during the current year, the employee can apply for another transfer at any time on or after 1 January in the following year.
8. If an employee has made a transfer of MPF derived from employer (if applicable) and / or employee mandatory contributions 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, can the employee transfer the MPF held in the personal account again to another scheme?

The MPF held in a personal account can be transferred at any time to any MPF scheme.  In other words, the MPF transferred from the contribution account to the personal account can be transferred again at any time to any MPF scheme by the scheme member.

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