Phase one of MBF portability approved

It will be implemented sometime in 2026.

Hong Kong has approved phase one of the Mandatory Provident Fund (MPF) “Full Portability”, enabling employees to transfer benefits accrued to a personal account of an MPF scheme of their choice.

It is expected to be implemented in 2026.

Employees whose employment commences on or after May 1 2025 (for new employees) may by then transfer accrued benefits derived from employer mandatory contributions from a contribution account of the MPF scheme participated in by the employer to a personal account of an MPF scheme of their own choice.

They can make the transfer once every calendar year or more than once in every calendar year if the governing rules of the MPF scheme, depending on the rules of the scheme chosen.

This is expected to help strengthen new employees’ control over their MPF benefits, encouraging them to more proactively manage their MPF accounts and investment strategies, said Christopher Hui, Secretary for Financial Services & the Treasury.

“It will also help promote competition in the MPF market, and encourage trustees to continue to reduce fees, improve fund performances and enhance service quality, such that the working population's retirement reserve will be strengthened as a result,” Hui said in a statement to news.gov.hk.

As regards the Phase Two Proposal benefitting employees whose employment commenced before 1 May 2025, Hui said the government will commence the relevant legislative amendments within next year.