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If you have lived and worked in Hong Kong, you must be aware of MPF. The mandatory provident fund (MPF) is a privately managed structured savings scheme. Both employees and employers are required to make contributions to the employee’s MPF account. The MPF helps Hong Kongers save for their retirement through various schemes.
When can you withdraw your MPF savings?
Pacific Prime Hong Kong has all the answers. The wonderful people at Pacific Prime have explained the process of withdrawing MPF in Hong Kong in this article.
Early withdrawal of MPF
You can withdraw your MPF early for reasons such as early retirement, leaving Hong Kong permanently, and more. In such situations, you must send a claim form to the trustee(s) of the respective MPF scheme(s) and attach the required documents. Note that the exact administrative procedure will differ depending on your trustee.
Moreover, you will also need to provide the trustee with an original statutory declaration form. If you need to make claims to multiple trustees, ensure that the declaration form for each trustee is signed and sealed by an authorized person. Once they have your documents, trustees must pay the MPF within 30 days.
Here are the supporting documents depending on your reason for early withdrawal:
Early retirement
If you choose to retire early, after the age of 60 and before 65 and have no intention of returning to work, you can apply for early withdrawal of MPF by submitting the following documents.
● Identification documents like the Hong Kong ID
●
Claim form for MPF payments on the grounds of early retirement
● Statutory declaration form
Permanent departure from Hong Kong
● Identification documents like the Hong Kong ID
●
Claim form for MPF payments on the grounds of permanent departure from Hong Kong
● Statutory declaration form
Terminal illness
● Medical certificate issued by a registered practitioner that you have an illness that is likely to reduce your life expectancy to 12 months or lessm/corporate/retirement-planning/
● Identification documents like the Hong Kong ID
●
Claim form for MPF payments on the grounds of terminal illness
For more information about the early withdrawal of MPF, you can always get in touch with Pacific Prime or find more details
here.
Withdrawal of MPF upon retirement● Identification documents like the Hong Kong ID
●
Claim form for MPF payments on the ground of attaining the retirement age of 65
About Pacific Prime
Pacific Prime Hong Kong has helped locals, expats, and businesses for over 20 years with all their insurance needs. Pacific Prime also offers
retirement planning solutions such as the MPF and more. If you have more questions about the MPF, you can always pick up your phone and reach out to one of Pacific Prime’s experts.
Contact Pacific Prime for unbiased advice today!