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Hong Kong MPF "full portability" Phase 1 starts Dec 21: staff hired after May 2025 can move employer contributions to scheme of choice
The government gazetted on October 16 a notice designating December 21, 2026 as the commencement date of the Mandatory Provident Fund Schemes (General) (Amendment) Rules 2025, launching Phase 1 of MPF "full portability". Employees hired on or after May 1, 2025 can, once a year, transfer in full the accrued benefits from their current employer's mandatory contributions to a personal account under an MPF scheme of their choice. Financial Services Secretary Christopher Hui said this fulfills the 2026 Policy Address pledge to implement Phase 1 within the year.
Why it matters
"Full portability" is the biggest reform of Hong Kong's MPF system in years: employees can finally move the contributions their employer pays for them into schemes with lower fees or better performance. The MPF authority expects competition among schemes to create room for lower fees, making every dollar of contributions work harder.
Full report
The Hong Kong government gazetted on October 16 the Mandatory Provident Fund Schemes (General) (Amendment) Rules 2025 (Commencement) Notice, designating December 21, 2026 as the commencement date and formally launching Phase 1 of MPF "full portability". Employees hired on or after May 1, 2025 ("New EEs") may, once a year, transfer in full the accrued benefits derived from the mandatory contributions of their current employment from the scheme chosen by their employer to a personal account under an MPF scheme of their own choice (receiving schemes' rules may permit more frequent transfers).
Secretary for Financial Services and the Treasury Christopher Hui said the move fulfills the 2026 Policy Address commitment to implement Phase 1 within the year; the new arrangement gives employees greater control over their MPF, encourages active investment management, promotes market competition and creates room to lower fees. Legislative proposals for Phase 2, covering the remaining employees, are being drafted and the government plans to table an amendment bill to the Legislative Council in mid-2027; the commencement notice will be tabled for negative vetting on October 21.
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