MPF System

Account Management

Be aware of out-of-market period

When transferring MPF, the original trustee must sell the fund units in the original scheme before the new trustee could buy fund units in accordance with the member’s fund choices.

During this process, there will be an out-of-market period of about one to two weeks, during which the MPF concerned will not be invested in any MPF funds.

What are the risks involved?

As fund prices may change during this period along with market fluctuations, scheme members may be subject to “sell high, buy low” or “sell low, buy high” scenarios.

Be aware of the conditions of guaranteed funds

A guaranteed fund generally provides a capital guarantee or a minimum rate of return, subject to certain conditions to be fulfilled by scheme members.

Most guaranteed funds have a minimum lock-in period, during which members must invest in those funds to receive the guarantee. Scheme members should check that they meet all the qualifying conditions before consolidating their accounts, otherwise they may not be qualified to receive the guarantee.

More information on guaranteed funds

For information on individual guaranteed funds and their qualifying conditions, scheme members may refer to the MPF Scheme Brochures of such funds. These documents can also be downloaded from trustees’ websites. For more information, please contact the relevant trustees.

Choosing MPF Funds

When transferring MPF from one MPF scheme to another, scheme members must indicate their fund choices.

If a scheme member has not provided any fund choices, the transferred MPF will be invested according to the Default Investment Strategy (DIS).


For more information, please contact the relevant trustees.

Be aware of requirements for opening personal accounts

For scheme members who wish to transfer their MPF to their chosen schemes but do not have personal accounts in those schemes, they are required to open a personal account in the new scheme before transferring their MPF. 


To open a personal account, you must:


  • obtain an enrolment form from the relevant trustee
  • provide personal particulars
  • indicate fund choices
  • complete the tax residency self-certification ( i.e. declaration on whether you are a tax resident outside Hong Kong)


For more information, please contact the relevant trustees.