MPF 全自由行邊個可以轉？首階段 2026 年 12 月 21 日起，2025 年 5 月 1 日後入職／轉職僱員

The one-line answer: who can transfer?

Full Portability comes in two phases, and the answer depends on who you are (per MPFA's official information):

• Employees who joined the workforce or changed jobs on or after 1 May 2025 (about 1 million): once phase 1 takes effect on 21 December 2026, they may — in addition to the existing employee-contribution transfer right — transfer, once per calendar year, the accrued benefits from their current employer's mandatory contributions, in full, to a scheme of their own choice;
• Every employed person: the employee mandatory contributions in their current-employment contribution account have been transferable once per calendar year since the Employee Choice Arrangement ("semi-portability") in November 2012;
• Anyone, employed or not: benefits accrued from past employment can already be transferred at any time, in full, to a scheme of your choice — no annual restriction.

A necessary date footnote: the 21 December 2026 commencement was gazetted by the Government on 16 October 2026; the MPFA's official page still notes that the precise date is subject to the Legislative Council completing scrutiny of the relevant legal notice — final confirmation follows official announcements.

Three benefit pools, three sets of transfer rights

Your MPF balance actually splits into parts, each with a different degree of transferability:

• Current-employment employee mandatory contributions: everyone — once per calendar year (ECA, since 2012);
• Current-employment employer mandatory contributions: phase-1 cohort only (joined the workforce or changed jobs on or after 1 May 2025) — once per calendar year, from 21 December 2026;
• Past-employment benefits: everyone — at any time, no frequency limit.

Why 1 May 2025 is the dividing line? That is when the MPF-offsetting mechanism was abolished (the transition day). For employees hired earlier, employer mandatory contributions may still be used to offset long service payments or severance for service years before the transition day — the reason phase-2 legislation takes longer. The MPFA says it is supporting the Government in advancing phase-2 legislation to cover the remaining employees.

(Self-employed persons already choose their own schemes and are not bound by an employer's scheme choice, so they are largely unaffected.)

Four checks before you transfer

Having the right to transfer ≠ transferring immediately is best value. Before acting:

1. Compare fund expense ratios (FER): the whole point is to "choose cheaper and better" — compare charges and fund choices item by item;
2. Mind the transfer "vacuum period": processing takes weeks, during which your money sits out of the market — a timing risk; the eMPF platform is progressively shortening this;
3. Lock-up unchanged: a transfer only changes where the money sits; accrued benefits remain locked until age 65 or another statutory exception;
4. Past performance is not indicative of future returns: fund prices can fall as well as rise — assess your risk appetite and years to retirement before moving.

Compiled from the MPFA's "Introduction to MPF Full Portability" (revised 16 October 2026), the MPFA Chairman's blog (25 October 2026) and Government press releases — for general information and education only, not investment advice. Transfer arrangements and dates follow official MPFA/Government announcements. To check whether you fall in phase 1 and compare schemes, contact our MPF principal-intermediary team (Reg. No. IC000746).