MPF Full Portability to Let About One Million Workers Transfer Contributions Annually

The Mandatory Provident Fund Schemes Authority announced that Phase 1 of its MPF Full Portability program will commence on Dec 21, enabling about one million workers to shift both personal and employer mandatory contributions to a MPF scheme of their choice once per calendar year. Eligibility applies to employees who started work or switched jobs on or after May 1 2025, the date the earlier MPF offsetting arrangement was abolished.

Chair Ayesha Lau explained that the initiative aims to boost individual control over retirement portfolios and encourage more active management of retirement funds. She added that workers whose employment began before May 1 2025 may still have employer contributions earmarked for offsetting long-service or severance payments, meaning additional legislative changes will be needed to reconcile those cases. The 2026 transfer window runs from Dec 21 to Dec 31, with the 2027 window opening on Jan 1. Lau cautioned that the scheme does not alter existing employer contribution methods and advised participants to treat MPF as a long-term investment, avoiding frequent transfers solely for convenience.