Information Centre

Many people wish to see their parents stay healthy and enjoy family time with their grandchildren after retirement. As life expectancy continues to increase in Hong Kong, more retirement reserves are required, highlighting the importance of good financial management. In addition to supporting the monthly family expenses of retired or soon-to-retire parents, we can help them better manage their retirement financial planning, including their MPF.

After dedicating decades to their careers, parents may have accumulated assets in various MPF accounts if they had not consolidated these accounts during job transitions. This not only makes MPF management inconvenient, overly decentralized assets also hinder comprehensive asset management to add value to their retirement reserves. We can help our parents by using the website or mobile apps of the MPFA’s e-Enquiry of Personal Account (ePA) to check their personal MPF accounts and arrange account consolidation to their preferred MPF trustee and scheme after discussion.

We can also encourage our parents to proactively manage their MPF investment to enhance their retirement reserves to help alleviate financial pressure in the future. When our parents are approaching retirement, their investment period is shorter, and their risk-tolerance level becomes lower. Therefore, they may consider switching their MPF assets to low-risk products to ensure their investment portfolio can secure their MPF assets accumulated over the years 

If your parents have reached the age of 65, they are eligible to withdraw their MPF benefits, either by instalments, in one lump sum, or they can leave them in the MPF scheme for continued investment. It is essential for them to consider their personal needs and understand relevant scheme rules in choosing the most suitable withdrawal options.

To expand the investment options for retired or soon-to-retire scheme members, the MPFA has encouraged the industry to provide a more diverse selection of retirement investment products to cater for the needs of scheme members. To this end, the MPFA issued a guideline to MPF trustees on 1 April 2020, encouraging them to develop retirement investment solutions with the aim of providing stable returns over the medium and long term, while outperforming inflation. There are already 4 related products in the market. We should always bear in mind that while helping our parents manage their MPF, we should also plan early and manage our MPF investments for our own retirement life in the future.