Job change - MPF

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  1. #1

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    Job change - MPF

    Previous employer paid MPF into HSBC and new one uses Manulife.

    What's the process like for moving everything from HSBC into Manulife to have just the 1 MPF account? Or can the new employer be told to please keep paying HSBC instead of Manulife?


  2. #2

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    Quote Originally Posted by Paxbritannia:
    Previous employer paid MPF into HSBC and new one uses Manulife.

    What's the process like for moving everything from HSBC into Manulife to have just the 1 MPF account? Or can the new employer be told to please keep paying HSBC instead of Manulife?
    An employer has to set up an Employer MPF account with each provider, so likely they will sign up for one and thats what you're stuck with. It's a lot of paperwork to open an MPF and time to learn the system, so I don't think they will do that just for your convenience.

    You will use your new employers MPF provider, and your existing ones can remain or you can combine them, the choice is yours.

  3. #3

    The funds from your previous employer can be maintained at HSBC or moved to any other MPF provider. You cannot change your new employer paying into the Manulife fund. However, after 12 months, you're able to move the balance to an MPF provider of your choice. Hence, if you prefer HSBC, you can transfer money from your Manulife account every 12 months.


  4. #4

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    Thanks, the above explains the process quickly.

    Curious to see what others do when they change jobs?