Employees
- I am a director of a company. Do I need to join an MPF scheme?
- I have a full-time job and two part-time jobs. Do I need to make MPF contributions in the part-time jobs if I have already made MPF contributions in the full-time job?
- Under my existing ORSO scheme, I can switch my investment funds once a year. Can I switch my investment choices under MPF?
- Can I choose an MPF scheme and request my employer to enroll me in that scheme?
- How do I know whether my employer has enrolled me in an MPF scheme?
- What information or documents will I receive from the scheme trustee after I become a scheme member?
- Who will decide on the choice of investment funds in an MPF scheme?
- Can I change my mind later, after I have selected my initial investment portfolio?
- How can I check my retirement account balance?
- How do I handle my accrued benefits when changing jobs?
- If I would like to transfer my accrued benefits from my ex-employer's MPF account to another MPF scheme, what should I do?
- If I am unemployed for a long period of time, can I withdraw my accrued benefits to meet living costs?
- How do I withdraw my accrued benefits?
- I am a director of a company. Do I need to join an MPF scheme?
If your appointment as a company director is under a contract of employment and you receive remuneration as an employee, then you need to enroll in an MPF scheme. However, if you are a non-executive director who is not involved in the daily operations of the company, you are not required to enroll in an MPF scheme.
(Sources: MPFA Website)
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- I have a full-time job and two part-time jobs. Do I need to make MPF contributions in the part-time jobs if I have already made MPF contributions in the full-time job?
It depends on the employment period and the relevant income of your part-time jobs. If the employment period is more than 60 days, you are required to join the MPF scheme of respective employer. However, if your income is less than HK$5,000, you do not need to contribute but your employer does.
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- Under my existing ORSO scheme, I can switch my investment funds once a year. Can I switch my investment choices under MPF?
Yes. According to the MPF Schemes Ordinance, the MPF trustee must at least provide you with one fund switching per year. Hopefully, providers will allow for more frequent switches (for example, Principal intends to do so).
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- Can I choose an MPF scheme and request my employer to enroll me in that scheme?
Your employer has the obligation to select an MPF scheme for you. You can present your views to your employer but the final decision on which MPF scheme to join rests on your employer.
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- How do I know whether my employer has enrolled me in an MPF scheme?
After your employer has enrolled you in an MPF scheme, the trustee of the scheme is required to provide you with an acceptance notice within 30 days, and a membership certificate within 60 days. Click here for a sample of member certificate.
In addition, the MPFA will issue a participation certificate to your employer and he is required to have it displayed at the premises where you work.
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- What information or documents will I receive from the scheme trustee after I become a scheme member?
You will receive from the trustee the following information:
- a membership certificate stating the name of the scheme, the name and address of the approved trustee of the scheme, your name and the date of the certificate;
- a document containing a general description of the scheme including the fees and charges payable under the scheme, particulars of the constituent funds in the scheme, name and contact details of the person to whom enquiries about contributions and related matters may be made; and
- an annual benefit statement containing information about the contributions paid and investment returns for the year concerned.
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- Who will decide on the choice of investment funds in an MPF scheme?
If more than one constituent fund is offered by the MPF scheme, you may choose one or more of the funds in which to invest your contributions. Your scheme trustee is required to provide particulars of the funds within 60 days of your enrolment, such as their policy regarding the kinds of securities and other assets in which the individual constituent fund may invest, the investment managers involved, and so on.
You can make your own choice according to your investment objectives, personal circumstances and future plans. For example, a scheme member approaching retirement age may choose a lower risk investment product, while a younger member may choose to invest in a product with higher risks, but which may derive better investment returns.
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- Can I change my mind later, after I have selected my initial investment portfolio?
Your scheme trustee is required by law to provide you with a choice to switch your investment portfolio at least once a year. Whether you can switch investments more than once during a year is subject to the governing rules of your scheme.
For Principal members, you can change your investment choices through the following channels.
- "Principal TeleTouch®" at 2827 1233. Simply follow the instructions and key in your new investment direction.
- Login to Principal Retirement Centre and send us your instruction for investment direction online.
- Alternatively, you can send us the Change of Investment Choice by Member Form.
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- How can I check my retirement account balance?
You can check your account balance through the following channels:
- "Principal TeleTouch®" at 2827 1233.
- Login to Principal Retirement Centre
- We will also send you an annual benefit statement after the end of each scheme year, summarizing the contributions and investment activities of your retirement account.
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- How do I handle my accrued benefits when changing jobs?
If you change your job, you may opt for one of the following three ways to handle the accrued benefits in your MPF accounts:
- Transfer the accrued benefits to another scheme your new employer articipates in; or
- Retain the accrued benefits in the same scheme (i.e. in a preserved account in the same scheme); or
- Transfer the accrued benefits to a preserved account in another scheme (i.e. in another preserved account). (Sources: MPFA Website)
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- If I would like to transfer my accrued benefits from my ex-employer's MPF account to another MPF scheme, what should I do?
You should fill in a scheme member's request for fund transfer form and then submit it to your new scheme trustee or your new employer. The form can be obtained from your trustee and downloaded from MPFA website.
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- If I am unemployed for a long period of time, can I withdraw my accrued benefits to meet living costs?
No. Your MPF benefits can only be withdrawn under the following situations:
- Attaining the retirement age of 65 years
- Attaining 60 years of age and permanently ceasing the employment or self-employment
- Permanently departing from Hong Kong
- Total incapacity
- Death
- Meeting small balance provisions (essentially less than HK$5,000)
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- How do I withdraw my accrued benefits?
If you have attained the age of 65, you may present your identity card (or a copy of your identity card) and a completed Claim Form for Payment of Accrued Benefits to your scheme trustee to withdraw your accrued benefits. (Sources: MPFA Website)
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