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MPF 101 — Hong Kong

How the Mandatory Provident Fund works, fund types, and what to watch for.

For information only. Not advice, recommendation, or solicitation. Data has not been independently verified — always verify directly with the authorised intermediary or fund provider before making decisions.

Contributions

Both employer and employee contribute 5% of relevant income, subject to minimum and maximum levels set by the MPFA. Self-employed contribute on their own.

Fund types

Equity, Mixed Assets, Bond, MPF Conservative, Money Market, and the Default Investment Strategy (DIS) — Core Accumulation Fund and Age 65 Plus Fund.

Default Investment Strategy (DIS)

If you do not select funds, your money goes into the DIS — a globally diversified glide path that de-risks as you age. Fees are capped (currently 0.75% management fee + 0.20% recurrent out-of-pocket expenses).

Fees matter — a lot

A 1% difference in annual fees can erode 20%+ of your final balance over a 30-year career. Always check the Fund Expense Ratio (FER).

Employee Choice Arrangement (ECA)

You can transfer the employee mandatory portion of your accrued benefits to another MPF trustee once per calendar year.

Simple steps to consolidate or transfer your MPF

All 12 MPF trustees completed their move onto the eMPF Platform in 2026, so every account you hold — and every transfer between them — now runs through one system.

  1. 1

    Set up iAM Smart

    • Register for iAM Smart, the Hong Kong Government digital identity app. It is how you prove who you are online, and it is what the eMPF Platform uses to verify you.
    • The iAM Smart+ tier adds a legally recognised digital signature. Some MPF instructions require it, so it is worth doing at the same time.
  2. 2

    Register on the eMPF Platform

    • Create your account on the eMPF Platform — web portal or the eMPF mobile app — signing in with iAM Smart.
    • Every MPF account you hold then appears in one place, whichever trustee it sits with. This is usually the first time people see how many old accounts they actually have.
  3. 3

    Compare your options

    • Check the MPF Fund Platform on the MPFA website — the Mandatory Provident Fund Schemes Authority publishes each fund's fees, fund expense ratio, risk class and past performance there.
    • Use our comparison tool to weigh the funds you already hold against what the rest of the market offers.
    • Consider speaking to a registered MPF intermediary before you act — the official Hong Kong term for a person or firm licensed to advise on MPF. You can check anyone against the MPFA public register.
  4. 4

    Choose the right route

    • Personal accounts left behind at previous jobs are merged through Personal Account Consolidation, into one scheme of your choice. There is no annual limit on this.
    • While you are still employed, the Employee Choice Arrangement (ECA) lets you move the employee mandatory portion of your contribution account — once per calendar year, in one lump sum. The employer portion stays put until you leave that employer.
  5. 5

    Submit the transfer and check the detail

    • Pick the destination scheme, then submit the instruction on the eMPF Platform. If you do not already hold an account with that trustee, the enrolment is handled in the same flow.
    • Check the destination fund's fund expense ratio and risk class against your own risk tolerance and time horizon — a cheaper fund in the wrong risk class is not a better fund.
    • Allow roughly one to two weeks for units to be sold and repurchased. Your money is out of the market for that window, so time it when you can live with the gap.

Not sure which option fits you?

Talk it through with a registered MPF intermediary before you move anything.

Request a call

Goes to martinguido.com, run by Martin Guido, a registered MPF intermediary. BaoFactor is information only.

Compare and sort funds across providers: MPF fund rankings →