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Holding multiple Mandatory Provident Fund (MPF) accounts is not uncommon among scheme members. However, it makes account management difficult and may even upset your retirement planning. It also pushes up the administrative costs of the entire MPF System, which makes fee reductions more difficult.
 
With a view to encouraging proactive management of MPF accounts, the Mandatory Provident Fund Schemes Authority (MPFA) launched a video series entitled MPF Heroes today (11 August). The video series provides the public with useful MPF information in a light-hearted manner and suggests scheme members hold just one personal account.
 
In the four-episode series, the quick-witted Dr MPF teaches the three “MPF Heroes” – Wind Catcher, Ah Fa and Muscle Man – some useful skills in MPF account management, including managing your MPF when changing jobs; consolidating multiple personal accounts into one; making good use of the transfer right under the Employee Choice Arrangement (ECA) and avoiding creating new personal accounts. He also talks about the factors to be considered when selecting trustees and schemes, and the potential risks involved in making MPF transfers.
 
All the videos, each lasting two to three minutes, will be shown on buses for about a month, starting today, and are now available on the MPFA website and YouTube.
 
To tie in with the launch of the videos, the MPFA will launch four rounds of a Facebook game, entitled MPF Heroes: Tactics to manage MPF accounts, from today until 29 September. Participants are required to watch the videos, like the MPFA Facebook fan page Rolling My Money and the related game posts, and post a message sharing their experience in managing their MPF accounts and the reasons behind their strategy. The 20 participants providing the most convincing response in each round will win a $100 movie coupon.

As of the end of June this year, there were over 4.9 million personal accounts in the MPF System, and over 1.2 million scheme members had more than one personal account. The MPFA suggests members hold just one personal account and consider consolidating their accounts if they have a number of them. Members are also advised not to create new accounts when they change jobs or when they exercise their transfer right under ECA.
 
The MPFA has introduced an application form specifically designed to facilitate account consolidation. The form is like a “dim sum” order form for members to consolidate multiple accounts in one go.  

In the MPF Heroes video series, Dr MPF (second from right) teaches the other three “MPF Heroes”, Wind Catcher (first from right), Ah Fa (third from right) and Muscle Man (left), some useful skills in managing their MPF accounts.

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11 August 2015