MPF Full Portability to Benefit ~1 Million Workers Starting Dec 21

The Mandatory Provident Fund Schemes Authority (MPFA) announced that about one million employees will gain the ability to transfer both their own and their employers’ mandatory contributions to any MPF scheme of their choice once each calendar year. Phase 1 of the Full Portability scheme begins on 21 December 2026. Eligible workers are those who joined the workforce or changed jobs on or after 1 May 2025, when the MPF offsetting arrangement was abolished. MPFA chairman Ayesha Lau said the move will give people more control over their retirement portfolios and encourage proactive management. Workers who started their current jobs before 1 May 2025 may need legislative amendments because their employer contributions could still be used for long‑service or severance payments. Transfers for 2026 can be made between 21 December and 31 December; 2027 transfers open on 1 January. Employers will continue to contribute through the schemes they participate in. Lau cautioned that MPF is a long‑term investment and advised against frequent scheme changes for no strategic reason.