MPF System

Withdrawal of MPF

Under the MPF legislation, scheme members may only withdraw their MPF derived from their mandatory contributions and tax deductible voluntary contributions (TVC) upon reaching age 65, except for certain specific circumstances.

When scheme members reach the age of 65, they can choose one of the following ways to manage their MPF:

Withdrawal by instalments
Withdrawal in one lump sum
Remaining in the MPF scheme for continuous investment

Will trustees charge a fee for withdrawal by instalments?

Every year, trustees are required to process at least the first four withdrawals free of charge^.

Trustees may have different policies and arrangements for withdrawal by instalments. Before making an application, scheme members may contact their trustees to obtain more information.

^ Other than necessary transaction costs, which are incurred, or reasonably likely to be incurred, by the trustee in selling or purchasing investments in order to give effect to the payment; and payable to a party other than that trustee.

How to apply for MPF withdrawal?

If a member decides to withdraw his/her MPF, the member should make the claim and submit the required supporting documents to the trustees via the eMPF Platform (Note: Do not send the documents to MPFA or the relevant trustee).

Withdrawal Grounds	Required Supporting Document
Reaching the age of 65	Identity document (e.g. HKID Card)

Scheme members who are unsure of the number and details of the MPF accounts they have, they are encouraged to register with and log in to the eMPF Platform to access and manage all their MPF and related information via a one-stop online platform.

Scheme members who have yet to register for the eMPF Platform, they can submit a prescribed paper form to the eMPF Platform for checking their MPF account information. If necessary, authorized persons may also submit a request to the eMPF Platform. The forms are available for download from the eMPF website.

Factors to consider and points to note

Scheme members should pay attention to the following points before making a decision on how to manage their MPF :

Consider personal needs

Members should consider the amount of personal assets they have and their daily needs after retirement. For instance, whether they will be in need of cash to cover their daily expenses or for other purposes.

Understand how MPF funds work

MPF is invested in MPF funds and the price of fund units will change according to market fluctuations. As such, the value of MPF held by a scheme member is determined by the current market price of the MPF funds.

When scheme members withdraw their MPF, their fund units in their accounts will be sold at the current market price and the relevant amount will be paid to the scheme members. As it takes time to process the withdrawal applications, the fund price may vary subject to market fluctuations. As a result, the final price of the fund units may differ from the price when the withdrawal application was made.

Understand the rules for withdrawing voluntary contributions

Withdrawal of MPF derived from voluntary contributions is subject to the governing rules of the scheme concerned. If scheme members have voluntary contributions in their accounts, they should contact their trustees for the withdrawal rules for voluntary contributions.

Be aware of the conditions associated with a guaranteed fund

If scheme members have invested in a guaranteed fund, they should check whether withdrawal in a lump sum or by instalments will result in the failure to fulfil certain qualifying conditions, such as the minimum investment period. If scheme members make withdrawal before the expiry of such minimum investment period, they will not be eligible for the guaranteed returns.

Timely review of fund choices

MPF that are not withdrawn will be kept in the account for further investment. Scheme members should regularly review their investment portfolio, and consider whether they need to make any adjustments.

Be aware of investment risks

Regardless of whether scheme members choose to withdraw their MPF by instalments or retain them all in their accounts, any MPF not withdrawn will continue to be invested. The value of these assets may change due to market fluctuations.

In addition, members’ accounts will be subject to management fees and other charges by the trustees as usual based on the total value of MPF assets in the members’ accounts.