Adding overseas pension Funds to MPF

[Trebor]

I have an overseas pension worth about GBP 67k

Does anyone know if it's possible to add additional funds such as this to my existing MPF account?

If so will they accept GBP?

I have no intention returning home so i've got the current administrator asking the local tax authority if it's possible to commute it to my current country of residence.

[shri]

Trebor - The MPF allows voluntary contributions from both employers and employees.

Doubt they'll accept GBP, you'll have to transfer and fund the account in HKD. (There are no GBP denominated funds in various MPF funds that I've seen.)

[Trebor]

Thanks Shri.

My existing pension Trustee will only send it to a recognised scheme so i would assume that they would have to do a forex first. Would HSBC automatically split the funds between my current selected allocation do you think?

[Claire ex-ax]

If it helps, the MPFA and The Pensions Regulator (UK) are both governing members of the International Organisation of Pension Supervisors (IOPS) so I guess there is recognition of each other's schemes.

[Trebor]

I have confirmation from the Guernsey (Not UK, but thanks anyway Claire) Income Tax that they are willing to transfer to a HK scheme.

DeletedUser - My reasoning behind it is that i have no plans to return home and should i leave HK to seek early retirement elsewhere (chance would be a fine thing) then I would be able to commute 100% of my vested MPF with me, rather than wait until i turned 65 or whatever the age is. My MPF is current doing ok too.

[Trebor]

Original Post Deleted

It would cost me 10% to transfer it now. Im just thinking it would be better to consolidate it now as it's going to cost me the same % to transfer it at a later date anyway.

[Trebor]

Yea im just exploring my options at the moment.

The attraction of being able to take 100% of the MPF with me should i leave HK is what's making me think about doing it.

[chris_in_hk]

You might want to look at QROPS, Qualifying Recognised Overseas Pension Scheme, as a possible option.

[dumbdonkey]

does any know if i can transfer my US 401k to hong kong MPF?