Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2025 (Commencement) Notice gazetted
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The Amendment Regulation was enacted by the Legislative Council (LegCo) on September 26, 2025, to provide the legal basis for implementing Phase One of Mandatory Provident Fund (MPF) "Full Portability", with the exact implementation date to be announced through a notice published in the Gazette. Under the Amendment Regulation, employees whose employment commences on or after May 1, 2025 (New EEs), may 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 in 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, "With the upcoming implementation of Phase One 'Full Portability' on December 21, we have fulfilled our commitment set out in the 2026 Policy Address to implement Phase One 'Full Portability' within 2026. This will strengthen New EEs' control over their MPF benefits, encourage them to more proactively manage their MPF investments, promote market competition, and create room for fee reductions. In relation to Phase Two 'Full Portability' which will benefit the remaining employees, we are preparing the relevant legislative proposal and will introduce an amendment bill into the LegCo by mid-2027."
The Commencement Notice will be tabled before the LegCo next Wednesday (October 21) for the negative vetting procedure.
Ends/Friday, October 16, 2026
Issued at HKT 11:00
Issued at HKT 11:00
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