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The Mandatory Provident Fund Schemes Authority (MPFA) invites members of the public to express their views on the proposals on the withdrawal of MPF benefits on or before 31 March.

The MPFA released a consultation document on the withdrawal of MPF benefits in December 2011, seeking views from the public on the following two proposals:

1. Mode of payment of MPF benefits
Allow scheme members, upon reaching retirement age, to withdraw their accrued benefits gradually, in addition to the current lump sum payment arrangement; and

2. Additional ground for early withdrawal of MPF benefits
Allow a scheme member to early withdraw MPF benefits where the member is suffering from an illness which will likely reduce the member's remaining life expectancy.

The consultation period will end on 31 March 2012. The consultation paper is available at MPFA offices, Public Enquiry Service Centres at District Offices, Job Centres and Recruitment Centres of the Labour Department and Consumer Advice Centres of the Consumer Council, or it can be downloaded from the MPFA website. Members of the public can send their views to the MPFA by post (Level 15, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong), fax (2259 8199) or email (WDB@mpfa.org.hk), or online via the MPFA website. The MPFA has also set up a telephone line (1833 108) to record comments from members of the public on the consultation paper.

A working group was set up under the MPFA Management Board last year to review the withdrawal of MPF benefits and to refine the withdrawal arrangements. The MPFA will continue to review and enhance the MPF System so that it remains in tune with the needs of society.

- Ends -

19 March 2012