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The Management Board of the Mandatory Provident Fund Schemes Authority (MPFA) today (22 September) discussed the review report submitted by its Working Group on Review of Withdrawal of MPF Benefits.

The Working Group was set up early this year to discuss whether to add new grounds for early withdrawal of MPF benefits and the modes of MPF benefit payments.

At today's meeting, the Management Board supported in principle the Working Group's proposals which include:

• adding "terminal illness" as a new ground for early withdrawal; and
• allowing scheme members to have greater flexibility in choosing the mode of MPF benefit payments upon reaching retirement age by amending the legislation to clarify that scheme members need not withdraw the benefits in a lump sum.

The MPFA will first seek the views of the MPFS Advisory Committee before proceeding to a public consultation.


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22 September 2011