Hong Kong Mandatory Provident Fund Schemes Authority welcomes Legislative Council approval enabling Phase One MPF full portability

The Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) welcomed the Legislative Council’s approval of amendments to the MPF Schemes (General) Regulation that provide the legal basis to implement Phase One of Mandatory Provident Fund (MPF) full portability. Under the Phase One proposal, employees whose employment commenced on or after 1 May 2025 may choose to transfer MPF benefits derived from employer mandatory contributions from an employer’s contribution account to a personal account in an MPF scheme of their own choice. The MPFA linked full portability with the full operation of the eMPF Platform, citing the potential to encourage more active employee management of MPF investments, foster competition and create room for further fee reductions. It is progressing preparatory work with a target to implement Phase One within the next year, and will support the Government’s legislative amendment exercise within the next year for Phase Two, which would extend full portability to employees whose employment commenced before 1 May 2025. The authority will also roll out publicity and education activities for employees, employers, MPF intermediaries and other stakeholders on the detailed arrangements.