Transferring your accrued benefits and consolidating MPF accounts

It's common to have multiple MPF accounts—especially if you've had employers using different MPF schemes or you've been self-employed.

We can help you combine them into a single HSBC MPF account. That way, you can manage check your balance and change investment allocations easily through our online or mobile banking services.

If you already hold an HSBC MPF personal account and an HSBC Personal Integrated Account, you can transfer your benefits via the HSBC HK Mobile Banking app. Simply gather the details of your MPF personal accounts, then log on to the app to transfer your accrued benefits to your HSBC MPF personal account.

You can still transfer your benefits and consolidate your personal accounts into one HSBC MPF personal account if you're an existing HSBC bank customer.

* Unless the governing rules of the original scheme allow more frequent transfers.

** Applies only to employees with 2 or more contribution accounts; an employee who's employed by more than 1 employer at the same time may have more than 1 contribution account.

Note: Even if you've exercised your transfer rights under ECA, new MPF contributions—including both employer and employee mandatory and voluntary contributions for subsequent contribution periods—will continue to be made to your current employer's chosen MPF scheme, not to your new chosen scheme.

How to apply

To transfer your accrued benefits, as derived from your employee mandatory contributions, under ECA, you'll need to:

• hold an HSBC MPF personal account
  
• submit to us a completed Employee Choice Arrangement (ECA) – transfer election (INEC) form, and Employee Choice Arrangement (ECA) - Transfer Election Form (MPF(S)-P(P)) which you can download from the MPFA website

If you're an existing HSBC bank customer without an HSBC MPF personal account, you can open one and consolidate your MPF personal accounts on the HSBC HK Mobile Banking app. See our instructions on how to consolidate your accounts.

When you cease or you're about to cease self-employment, don't forget to inform us by simply completing a Cessation of Self-Employment/ Transfer of Accrued Benefits Notification Form (IN33)

You can manage your accrued benefits through any of the following options:

• Retain them in the existing HSBC MPF scheme
• Transfer them to a personal account in any MPF scheme of your choice

You may choose to transfer your accrued benefits between an HSBC MPF TVC account and a TVC account under a Registered Scheme offering TVCs[@mpf-consolidate-tvc], at any time provided that:

• the transfer must be in a lump sum
• the entire balance must be transferred

Please note that you cannot claim tax deductions for the transfer of accrued benefits from a TVC account to another TVC member account in another registered scheme. It would have been counted in the original MPF scheme for which the TVC contributions were originally made as new contributions in the relevant tax assessment year.

Speak with our MPF specialists who will be able to address your enquiries directly.

Find assistance through our 24/7 HSBC MPF member hotline. Or if you would like to speak to a customer service representative instead, we're available between 8:30am and 7:30pm, Mondays to Fridays; between 8:30am and 1:00pm on Saturdays, except on public holidays.

HSBC MPF member hotline: +852 3128 0128.