Change of Employment

Employees

The monthly MPF contributions made by employers and employees are usually accumulated through continuous investment in the "contribution account" * under the MPF account of scheme members.  When you change jobs, you may handle the MPF accrued benefits (including accumulated contributions and investment returns) in your original account in several ways, which may involve 'contribution account' and "preserved account" **.

Self-Employed Persons

When you change employment and cease working as a self-employed person, you may transfer the accrued benefits from the original scheme to another scheme.

* A "contribution account" is an account mainly used to accumulate MPF contributions in respect of your current employment or self-employment and investment returns.  Fees such as management fee and administration fee are commonly involved in running a contribution account.

** A "preserved account" is an account in which your accrued benefits in respect of your former employment or self-employment are held.  New contributions are generally not accepted.  Since your trustees will continue your former investment of accrued benefits in accordance with your instructions, fees are also involved in running a preserved account, like the 'contribution account'.

There are three ways to handle the MPF accounts when changing jobs:

• Open a preserved account in another scheme of your own choice for continuous investment;
• Open a preserved account in your original scheme for continuous investment; or
• Transfer to your contribution account in the scheme of your new employer.

Employees and self-employed persons should take note of potential transaction costs, since transferring MPF accrued benefits or consolidating accounts may involve fund transactions.  The possible bid-offer spread incurred may affect the profitability of your investments.  Factors to consider also include choosing an appropriate MPF trustee, an MPF scheme and a fund portfolio to meet your investment objectives.  The new publication on MPF investment education "How to Make MPF Investment Decisions" (temporarily available in Chinese only) aims at explaining to the scheme members the major decisions during their lifelong journey of MPF investment, and the various factors that scheme members need to take into account so as to make informed investment decisions.  You may obtain more detailed information regarding choosing MPF trustee, scheme and fund portfolio from this publication.

Please refer to our publication "How to Manage Your MPF When Changing Jobs" to learn more about the procedures of consolidating preserved accounts or transferring MPF accrued benefits.

If you want to check how many preserved accounts you have, and/or the information of the relevant trustee(s), you may bring along your Hong Kong Identity Card during office hours to one of the MPFA Offices.  Or you may click here to download the enquiry form, and mail or fax (Fax No: 3146 7367) the completed form together with a copy of your Hong Kong Identity Card to the MPFA office at Kwun Tong.  A reply letter will be sent to you by mail.