§ ECA allows employees to transfer the accrued benefits from the mandatory contributions made by them during current employment and held in a contribution account under an MPF scheme (i.e. original scheme) to a trustee and a scheme of their choice (i.e. new trustee and new scheme). Such transfer can be carried out on a lump-sum basis once1every calendar year2.
§ If employees have transferred the accrued benefits which relate to previous employment or self-employment to their current contribution account, they can also transfer those benefits in a lump-sum to a trustee and scheme of their own choice at any time.
§ Employees wishing to transfer their accrued benefits should contact the new trustee directly. The transfer does not need to be arranged through their employers.
Type of Accrued Benefits in Contribution Account | Before ECA | After ECA |
---|---|---|
Employer Mandatory Contributions | Not Transferable | Not Transferable |
Employee Mandatory Contributions | Transferable in a Lump-sum Once1 Every Calendar Year2 | |
Mandatory Contributions Accrued during Former Employment or Self-Employment | Not Transferable Again | Transferable in a Lump-sum at Any Time |
1Unless the governing rules of the original scheme provide for more frequent transfers.
2Calendar year means the period from 1 January to 31 December in any given year.
Do plan earlier for your retirement!
Please click here for the relevant promotion!
Please contact us for more details.