About 1 million employees in Hong Kong will be allowed to move their entire Mandatory Provident Fund (MPF) balance to a different provider once a year under the “full portability” arrangement, effective from December 21 for the first phase of implementation.
The Mandatory Provident Fund Schemes Authority, which manages the city’s mandatory pension plans, said on Sunday that the “full portability” arrangement would be carried out in two phases to ensure a smooth and orderly implementation.
In a blog post, authority chairwoman Ayesha Macpherson Lau said the new arrangement would allow eligible members to transfer both the employer and employee contribution portions to their preferred MPF scheme once per calendar year.