MPF - Withdrawal of accrued benefits

Posted by HK Expert (345 days ago)

The declaration one has to sign says that the person who signs it will PERMANENTLY leave Hong Kong.

What is the definition of permanent departure from Hong Kong? Any provisions on the period of departure?

Does the withdrwal of accrued benefits on the grounds of PERMANENT departure from Hong Kong mean that a person who withdraws their benefits could return a few days later.

I am worried about signing such a declaration in case it means it will cause my permanent residency status to be revoked or removed. I don't work in Hong Kong,as I was made redundant and I will leave Hong Kong to satisfy the requirement, but may return a short while later.

I checked the MPF website, but it doesn't really help that much, suffice to say, that one could return to HK and that withdrawal of accrued benefits on the grounds of permanent departure will not prevent a person returning to HK to work again.

I just wonder if any one has gone through the procedure and could provide any information that may be useful.

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Posted by Mark Six (345 days ago)

I had my permanent residency approved a couple of weeks before I left "permanently", withdrew all my MPF funds and have been back for a couple of visits since with no problem using my ID card to go in and out. Certainly no one has ever suggested I will lose PR status. I am about to return to commence full time work again, and I believe if I depart "permanently" again I will not be permitted to withdraw from the MPF.

Posted by HK Expert (345 days ago)

Thanks for your comments Mark Six

Posted by CF (344 days ago)

I believe the reason that is mentioned is because if you come back to HK and contribute to MPF again, then you CANNOT withdrawal the funds until you reach retirement age. I think this is to prevent the withdrawal of the funds on a continual basis - ie someone coming for a few years, then leaving then returning and doing the same. I suspect this is why they ask if the move is permanent.

Posted by HK Expert (344 days ago)

Thanks CF for your comment. I am just wondering if anyone has submitted a claim for their accrued benefits and then left Hong Kong and then returned a week later. In theory this is not a PERMANENT departure as implied by the declaration.

Posted by beancurd (343 days ago)

My hubby was able to withdraw all his MPF when we were about to leave Hk for good 2 years ago. He took the oath that he is leaving HK for good.
Then after getting all his MPF, he was offered the job again by the same HK company.
As regulations, the company and my hubby again re-started to contribute to MPF.
Last year, he became Hk permanent resident.

Posted by HK Expert (343 days ago)

Thanks beancurd for your comments too.

Posted by MyCsPiTTa (70 days ago)

Hi,

I understand you can only withdraw your MPF funds once upon permanently leaving HK. Which will, of course, cause a problem if you ever return then want to leave agian. So I want to know; is it possible to simply leave your MPF scheme in place when you leave country, giving you the option to withdraw them at a later stage in you life (retirement, even) when you are sure you will not be back. This would mean you could come a go multiple times from HK, using the same MPF account each time.
I don't see anything in the documentation that say you have to be IN HK to make the withdrawl - in fact, you are meant to show a permanent residence in another country as proof. But I'd hate for my savings to become govt property after some hidden "account inactivity" clause.