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MPFA welcomes the Chief Executive’s announcement of the implementation of “full portability” of MPF benefits in the 2024 Policy Address, and that it is tasked to work out the implementation details. 

MPFA Chairman Mrs Ayesha Macpherson Lau said, “I welcome the Chief Executive’s announcement of the implementation of ‘full portability’ of MPF benefits. This initiative will enhance employees’ autonomy in transferring accrued benefits derived from their employers’ mandatory contributions to a scheme of their choice, and support the working population to more actively manage their MPF investment. It will also foster more competition in the MPF market, driving MPF trustees to reduce fees further and enhance fund performance and service quality to provide better retirement protection for the working population.” 

Mrs Lau also welcomed the Chief Executive’s reiteration of the abolition of the arrangement of using the accrued benefits of employers’ mandatory contributions under the MPF System to offset severance payment and long service payment on 1 May next year. This measure is a significant step forward in strengthening the retirement reserves of the working population and enhancing the MPF System. Together with the full operation of the eMPF Platform by the end of 2025, these two major reforms will lay a crucial foundation to support the implementation of “full portability” of MPF benefits. 

Mrs Lau thanked the SAR Government for its support and stressed that the MPFA will continue to drive various reform measures to improve the operation of the MPF System to achieve the vision of “MPF of the People, for the People”. MPFA will fully support the Government in working out the implementation details of “full portability” of MPF benefits. 

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16 October 2024