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Do you know how many Mandatory Provident Fund (MPF) personal account¹  (PA) you currently hold? Are you sure who the trustees are? The Mandatory Provident Fund Schemes Authority (MPFA) encourages scheme members to have only one PA for easy management.

The MPFA set up a personal account checking counter in Kowloon Bay today (15 March) to help scheme members check on site how many PAs they currently hold, and register and activate the e-Enquiry of Personal Account (ePA) service, which will help them manage their MPF investment and consolidate their accounts.



The counter will also be open tomorrow (16 March) and will be set up in other districts later this month. Details are as follows:
 

The MPFA’s Statistical Analysis of Accrued Benefits Held by Scheme Members of Mandatory Provident Fund Schemes published last year showed that there were 3.87 million contribution accounts²  (CA) and 5.36 million PAs in the MPF System. This means that on average, each employee member had 1.24 CAs, and each PA holder had 1.74 PAs. More than 40% had two or more PAs.

The MPFA reminds scheme members that managing their MPF involves more than regularly reviewing their funds’ performance or switching their investment portfolio. PA consolidation is indispensable as well.

To avoid creating multiple PAs, when scheme members change jobs, they may consider transferring their MPF accrued from their previous employment to the MPF account set up by their new employer. They can also choose to merge multiple PAs into one account.

The MPF is an important part of scheme members’ retirement savings. The more PAs a scheme member holds, the more scattered his MPF investment will be, requiring more time spent on management. Scheme members who have more than one PA should take swift action to consolidate their PAs.

The MPFA launched an ePA platform and a mobile application (MPFA ePA) in late 2016. Scheme members can now get a report on their MPF personal accounts anytime, anywhere using their computer or mobile device free of charge. By the end of February 2018, over 46,000 scheme members had registered and activated the service.

– Ends –

15 March 2018

¹ A personal account mainly receives MPF benefits attributable to a scheme member's former employment or former self-employment transferred from other MPF accounts, and also MPF benefits attributable to a scheme member's current employment transferred from a contribution account for investment.

² A contribution account mainly receives MPF contributions related to a scheme member's current employment or self-employment for investment.