Hong Kong Mandatory Provident Fund Schemes Authority outlines full portability from 21 December for about 1 million employees

In a new blog post, Hong Kong Mandatory Provident Fund Schemes Authority Chairman Ayesha Macpherson Lau outlined the first phase of Mandatory Provident Fund (MPF) full portability, scheduled to begin on 21 December 2026 under an earlier government announcement. Legislative amendments for this phase have already been approved. It will initially cover about 1 million employees who entered the workforce or changed jobs on or after 1 May 2025. Eligible employees will be able to transfer all mandatory contributions accumulated during their current employment to a personal account in an MPF scheme of their choice once per calendar year. Following the abolition of MPF offsetting on 1 May 2025, this extends the existing transfer right beyond employee mandatory contributions to include employer mandatory contributions. The two contribution types can be transferred separately. Employers will continue paying both through the schemes in which they participate. Members can initiate transfers for 2026 from 21 to 31 December 2026 and transfers for 2027 from 1 January 2027. Phase Two will cover employees whose current employment began before 1 May 2025 and requires further legislative amendments because employer contributions may still offset long service or severance payments relating to employment before that date. Lau cautioned against frequent transfers and urged members to compare fund choices, performance and fees against their investment objectives and risk tolerance.