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How to withdraw your MPF in Hong Kong

If you live and work in Hong Kong, chances are you’re covered by the city-state’s mandatory provident fund (MPF), which is a privately managed and structured savings scheme in which employers and employees are required to make contributions to the employee’s MPF account. The MPF helps working citizens, residents, and eligible expats in the SAR save for their retirement through a suite of individual, employer-sponsored schemes, as well as industry schemes. 

Whether you need to withdraw early or are simply planning to withdraw upon retirement, this Pacific Prime Hong Kong article tells you what you need to do. 

Individual Health Insurance Plans

Early withdrawal of MPF

There are many reasons for why you may need to withdraw your MPF early. You may decide to retire early, depart Hong Kong permanently, or even face terminal illness and death, amongst others. In any case, you’ll need to send a claim form to the trustee(s) of the relevant MPF scheme(s) and attach supporting documents (see below). However, the exact administrative procedure and documents for making a claim will differ depending on your trustee. 

You’ll also need to submit an original statutory declaration form to the trustee. If you need to make claims to multiple trustees, make sure that you prepare a declaration form for each trustee and ensure that each declaration form is signed and sealed (if applicable) by a person authorized to administer a statutory declaration. Once they’ve received all the documents, trustees are required to pay out the MPF within 30 days. 

Here are the supporting documents depending on your category for early withdrawal:

Early retirement

If you choose to retire early (i.e. after the age of 60 but before the age of 65) and have no intention of returning to employment or being self-employed, you’ll need an identification document such as a Hong Kong ID card, claim form for MPF payments on the grounds of early retirement, and a statutory declaration form. You can decide to withdraw your MPF in a lump sum or in installments. 

Permanent departure from Hong Kong

For those who have departed Hong Kong or will depart from Hong Kong, and have no intention of resettling in Hong Kong as a permanent resident or returning for employment, you’ll need an identification document such as a Hong Kong ID card, a claim form for MPF payments on the grounds of permanent departure from Hong Kong, a statutory declaration form, and documentary proof to show that you’re permitted to reside in a place outside Hong Kong.

Total incapacity

To qualify for early withdrawal of MPF under the condition of total incapacity, you’ll need to provide a medical certificate issued by a registered practitioner to say that you’ve become permanently unfit to perform the particular kind of work of your previous jobs. In addition, you’ll need identification documents such as a Hong Kong ID card, and a claim form for MPF payments on the grounds of total incapacity

Terminal illness 

Similarly, you’ll need to provide a medical certificate issued by a registered practitioner to say that you have an illness that is likely to reduce your life expectancy to 12 months or less in order to qualify for early withdrawal of MPF under the terminal illness category. You’ll also need identification documents such as a Hong Kong ID card and a claim form for MPF payments on the grounds of a terminal illness

Small balance

Do you have a balance of no more than HKD $5,000 in only one MPF scheme? And, at the date of application, has it been at least 12 months since the last contribution date? If you answered yes to both questions and do not intend to become employed or self-employed again, you can withdraw your MPF early. You’ll need identification documents such as a Hong Kong ID card, a claim form for MPF payments on the grounds of a small balance, and a statutory declaration form

Death

In the unfortunate event of your death, your MPF scheme will become a part of your estate, so it must be claimed by your personal representative or by an Official Administrator. They’ll need to provide their identification documents, such as a Hong Kong ID card, a claim form for MPF payments on the grounds of death, and a Letter of Administration or Probate in order to withdraw your MPF. 

Withdrawal of MPF upon retirement 

Upon reaching the age of 65, you’ll also be able to withdraw from the MPF scheme. You have one of three options: 

  1. to withdraw by installments, 
  2. to withdraw in one lump sum, or 
  3. to remain in the MPF scheme for continuous investments. 

If you prefer to withdraw by installments, you should note that trustees may have different policies and arrangements for this, so it’s best to contact your trustee or use the Trustee Service Comparative Platform to get more information. 

If you do decide to withdraw your MPF, you should send a claim form to the trustee(s) of the relevant MPF scheme(s) and attach the following supporting documents:

Get in touch with Pacific Prime Hong Kong today!

Pacific Prime Hong Kong has over two decades of experience in the insurance and employee benefits industry, providing a range of solutions for locals, expats, and businesses alike. This includes retirement planning solutions such as the MPF. If you have any questions or concerns, you’re more than welcome to get in touch. We pride ourselves in our impartiality, knowledge, and service-mindedness. 

Contact us today!

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Content Creator at Pacific Prime Hong Kong
Suphanida aims to demystify the world of insurance by creating informative and engaging content. As a wordsmith, she spends the majority of her day writing and editing website content, blog posts, in-depth guides, and more.

Outside of work, Suphanida enjoys traveling to new places and immersing herself in different cultures.
Suphanida