The Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2025 was approved by the Legislative Council today (September 26) to provide the necessary legal basis for the implementation of the Phase One Proposal of Mandatory Provident Fund (MPF) "Full Portability".
 
     The Phase One Proposal of "Full Portability" is expected to be implemented within next year. Employees whose employment commences on or after May 1, 2025 (New EEs), may by then transfer accrued benefits derived from employer mandatory contributions in respect of the current employment in its entire amount 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, once every calendar year or more than once in every calendar year if the governing rules of the MPF scheme from which the accrued benefits are transferred so provide.
 
     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "As a first step for implementing 'Full Portability', the Phase One Proposal will help strengthen New EEs' control over their MPF benefits, encouraging them to more proactively manage their MPF accounts and investment strategies. 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.
 
     "As regards the Phase Two Proposal benefitting employees whose employment commenced before May 1, 2025, we will commence the relevant legislative amendments within next year to shorten the lead time between the implementation of the two proposals as far as possible."
 
     Taking into account the onboarding progress of the eMPF Platform and the time required for completing all necessary administrative and other groundwork, as well as putting thorough risk control in place, the Government expects to implement the Phase One Proposal of "Full Portability" within next year. The Secretary for Financial Services and the Treasury will separately announce the exact date through a notice published in the Gazette.

Ends/Friday, September 26, 2025
Issued at HKT 10:24

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