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Employer switching MPF provider

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  1. #11

    Join Date
    Jun 2011
    Posts
    1,749
    Quote Originally Posted by Beanieskis:
    So it seems there is a 0.5% bonus to the employees for switching. However they have yet to answer my question on if there's any fee charged by HSBA to withdraw, or any fee charged to purchase by AIA.
    I can answer that, no fees will be charged, not allowed. 0.5% bonus is also a weak offer, they can offer 1%. Your HR has not done your staff a solid it seems but perhaps you are also not worse off? You just saved the company some insurance costs basically..
    shri and Beanieskis like this.

  2. #12

    Join Date
    Dec 2002
    Location
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    48,281

    Similar experience. I switched from BCT to HSBC a while back and no change in the net value of the funds, other than missing out on some gap up while the cash was being faxed over in $50 bills and deposited into my MPF in HSBC.

    Took about 3 days for the transfer.

    RobRoy and Beanieskis like this.

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