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Scheme members making false declarations to withdraw their MPF commit a criminal offence

In response to today’s police operations against some Mandatory Provident Fund (MPF) scheme members who allegedly made false declarations to withdraw their MPF benefits early, as well as those aiding and abetting them in doing so, the Mandatory Provident Fund Schemes Authority (MPFA) issued the following statement:

  1. The MPF System aims to assist the working population to save for retirement. The Mandatory Provident Fund Schemes Ordinance (MPFSO) therefore stipulates that scheme members can withdraw their MPF benefits only upon reaching the age of 65.
     
  2. The MPFSO states that scheme members can withdraw their MPF benefits early under certain specified conditions, one of which is that a scheme member is going to depart or has departed from Hong Kong permanently.
     
  3. If scheme members apply for early withdrawal of MPF benefits on this ground, they should submit to their MPF trustees an application form, together with relevant documents proving permission to reside in a place outside Hong Kong and a statutory declaration declaring their permanent departure from Hong Kong on a specified date. These claims are vetted by their trustees.
     
  4. Anyone making a false declaration to a trustee commits a criminal offence, breaching the MPFSO or other laws, and may be sentenced to imprisonment and be fined.
     
  5. The MPFA has been maintaining close contact with the Police and MPF trustees. The MPFA and the Police have also put in place a referral mechanism whereby the MPFA will refer cases involving persons aiding or abetting scheme members in committing an offence or other cases possibly involving other crimes to the Police for follow-up investigation.
     
  6. The MPFA will continue to fully cooperate with the Police to combat such crimes.
     
  7. The MPFA would like to remind scheme members that making a false declaration is a criminal offence and that they should abide by the law. The MPF is a saving scheme for retirement, and withdrawing MPF benefits early will have an impact on the savings for retirement.

- Ends -
 

25 August 2015
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