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What should I Do with My MPF Accrued Benefits when I Change Employer?

Options for Handling Your MPF when Changing Employers

You should manage the MPF benefits accumulated during your previous employment in one of the following ways:

	Features
(1) Transfer the MPF benefits to your contribution account opened under your new employment.	Features: Easy management. As you have only single MPF account, you only need to check that account to get a complete picture of your full range of your MPF investments.
(2) Transfer the MPF benefits to your existing personal account.	Features: You could choose a trustee and scheme which offers funds that best suit you in terms of implicit risks and asset allocation. Transferring the MPF accrued from your previous job to the same personal account whenever you change jobs makes it easier for you to monitor the fund performance and formulate your investment strategy.

If you do not have any personal accounts, or you are satisfied with the MPF scheme chosen by your former employer, you may consider retaining your MPF benefits in that account for continued investment.

If you do not manage your MPF benefits each time you change jobs, you will accumulate more and more personal accounts over time. Holding multiple accounts may make account management inconvenient. You may also find it difficult to work out an overall investment strategy if your assets are scattered across different accounts.

Since MPF makes up one part of your overall retirement assets, you should proactively manage your MPF when you change jobs.

The process of consolidating of personal accounts involves buying and selling funds. After the original trustee has redeemed the funds, and before the new trustee subscribes new funds in accordance with your instructions, there will generally be a time-lag of about one to two weeks, during which your MPF benefits will not be invested in any fund. During this period, fund prices may change due to market fluctuations, and there is a risk of a “sell low, buy high” scenario. For instance, if the fund price is on an upward trend, your existing fund units in the original scheme may be sold at a low price, while the new fund units in the new scheme are bought at a relatively higher price.

Also, if you have invested in guaranteed funds in your original scheme, you may not be able to enjoy the guaranteed returns if the transfer causes you to fail to fulfill certain qualifying conditions, such as the minimum investment period.