Information Centre

College students taking on part-time job is not uncommon. The Mandatory Provident Fund Schemes Ordinance requires employers to enrol both their full-time and part-time employees aged 18 to 64 who have been employed for a continuous period of 60 days or more in an MPF scheme within the first 60 days of their employment. Some good employers even make MPF contributions for part-time employees who work less than 60 days. Therefore, even during their school years, these young MPF scheme members may already have more than one MPF account. If they neglect to manage these MPF accounts will not only lead to inconvenience and difficulty in developing an appropriate and comprehensive investment strategy if their MPF assets are scattered across different accounts, but they may also forget about these retirement reserves after graduation.

Consolidating multiple MPF personal accounts into one account under his/her favourite MPF trustee and scheme is not a difficult task at all with only three simple steps to take.

Step 1: Check the documents sent by your MPF trustees and log in to your online MPF accounts, or contact your trustees to find out the scheme name and account number of your personal accounts. If you have completely forgotten about all the account details, you can also apply for the E-enquiry of Personal Account service on the MPFA website or mobile application to check your personal account records.

Step 2: When consolidating your personal accounts, you can refer to the Public Register on the MPFA's website and the MPF Fund Platform to select your preferred MPF trustee and scheme. During the selection process, you may consider the scope and quality of services provided by trustee, whether the funds meet your investment needs, whether there are sufficient fund choices, and the fee levels and fund performance.

Step 3: Complete the "Scheme Member's Request for Account Consolidation Form" and submit it to your selected trustee. After receiving the "Transfer Statement" and "Transfer Confirmation" from the trustee, carefully check and ensure that the amount and account information are correct.

Members are advised to note the process of consolidating personal accounts involves buying and selling funds, so there is usually a time lag of about one to two weeks, during which your MPF benefits will not be invested.