The Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2025 will come into operation on December 21, following a notice published today in the Government Gazette.

This commencement notice facilitates the rollout of Phase One of Mandatory Provident Fund (MPF) "Full Portability". Under the Amendment Regulation, employees whose employment began on or after May 1 last year (New EEs) will be permitted to transfer the entirety of their accrued benefits derived from employer mandatory contributions in respect of their current employment.

These funds can be moved from the employer’s chosen MPF scheme to a personal account of an MPF scheme of their own choice. Transfers can be made once every calendar year, or more frequently if permitted by the governing rules of the transferring MPF scheme.

Secretary for Financial Services & the Treasury Christopher Hui stated that with the implementation of Phase One "Full Portability" on December 21, the Government has fulfilled its commitment outlined in the 2026 Policy Address. He noted that this change will give new employees greater control over their MPF benefits, encourage more proactive management of their investments, stimulate market competition, and create room for fee reductions.

Mr Hui added that the Government is currently drafting legislative proposals for Phase Two "Full Portability", which will extend these benefits to the remaining workforce. The corresponding amendment bill is scheduled to be introduced to the Legislative Council by mid-2027.

The commencement notice will be tabled before the Legislative Council next Wednesday for negative vetting.