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Withdrawal of Accrued Benefits

Withdrawal of Accrued Benefits

Since the MPF System was introduced to help the workforce save for old age, withdrawal of accrued benefits derived from mandatory contributions and tax deductible voluntary contributions is only allowed when scheme members reach the age of 65, as stipulated in the Mandatory Provident Fund Schemes Ordinance.

However, there are circumstances under which accrued benefits may be paid before members reach the age of 65, provided that specified conditions can be met. The circumstances are:
  • early retirement at age 60 or above;
  • permanent departure from Hong Kong;
  • total incapacity;
  • terminal illness;
  • a small balance of $5,000 or less, and as at the date of the claim, at least 12 months have elapsed since the latest contribution day in respect of the member; or
  • death (the accrued benefits will be regarded as part of the member's estate to be claimed by the personal representative of the estate)

More information can be found here.

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