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5 mins readThree Simple Steps to Make MPF Consolidation Easy
Life in Hong Kong is fast-paced, and managing MPF accounts is often overlooked when changing jobs. This can result in multiple MPF accounts under your name, making management inefficient and potentially affecting your investment strategy. In fact, consolidating your MPF personal accounts is straightforward—just follow these three simple steps.
Step 1: Identify All Your MPF Accounts
Start by gathering information on all your MPF accounts, including the scheme name and account number. You can do this by:
- Checking letters from your MPF provider, such as your annual statement.
- Logging into your online MPF account or contacting your trustee directly.
If you're unsure how many MPF accounts you have, you can download the “e-Enquiry of Personal Account" from the MPFA website. Complete the form and submit it with a copy of your identification document via mail, fax, or in person. The MPFA will inform you which trustees hold your accounts, though they won’t provide account numbers—you’ll need to contact the trustees directly for those details.
Alternatively, you can visit the MPFA’s ePA website or mobile app for ePA service, allowing you to check your personal account records anytime.
Step 2: Choose the Right Trustee and Scheme
Once you’ve identified all your accounts, select an MPF trustee and scheme that best suit your needs. Consider the following factors:
- Fund options and performance
- Fees and charges
- Service quality
- Individual needs such as your investment goals and risk tolerance
You can refer to the MPFA’s MPF Fund Platform or My MPF Choice platform for insights to help you make an informed decision.
Step 3: Complete and Submit the Application
Fill out the "Scheme Member's Request for Account Consolidation Form" and submit it to your chosen trustee. Within two to three weeks, you should receive:
- A "Transfer Statement" from your existing trustee.
- A "Transfer Confirmation" from your new trustee.
Carefully review these documents to ensure accuracy. Keep in mind that your signature on the form must match the one previously submitted to the trustee. If you're unsure, contact your trustee to verify your signature record.
My MPF Tips:
- Consolidating MPF accounts or transferring accrued benefits is free of charge.
- 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.
- If you hold a Guaranteed Fund, transferring may impact guaranteed returns—review the terms carefully before proceeding.
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