Does early withdrawal of MPF affect your residency status in HK??

[leecljohn]

I am planning to withdraw my MPF before leaving Hong Kong to take care of my parents.

However, I will have certain commitment in HK that would require my residency.

Is there any part of the declaration that I will no longer be a resident of Hong Kong? Or is it just that I won't be allowed to work in Hong Kong and contributes to MPF?

Thanks in advance.

[leecljohn]

Great!!! this ease my mind a bit....tbh i'm not looking to return to HK for work.....beside my commitment here....i still have family members here and i would come back for visit maybe once every year or two....

Anyway, thanks for the tips!!~~

[HK_Katherine]

Plus the point of MPF is to save for YOUR retirement, not to fund your parents. The Government makes it difficult to access for a reason - so people will not waste it before their retirement! I realise sometimes it seems like a way of accessing free money, but it really is there for a reason and you need to recognise that.

[orel100x]

Plus the point of MPF is to save for YOUR retirement, not to fund your parents. The Government makes it difficult to access for a reason - so people will not waste it before their retirement! I realise sometimes it seems like a way of accessing free money, but it really is there for a reason and you need to recognise that.

I'm sure their intentions are good, but I can't see how one can retire with just MPF in HK, unless he/she was extremely lucky and wise in choosing the investment funds...

[kk16]

I don't mean to hijack this thread but I do have another question related to MPF.

Background: Currently I have two MPF accounts, one from my previous job which I left a year ago, that account has apparently turned into personal account now (don't know what that means?). Anyway when I started my current job I didn't mention about previous MPF account(manulife), so my current employer automatically chose another company (Fidelity) and now my current MPF $ goes into this Fidelity account.
My question is how can i combine them into one account preferably with Manulife?
Thanks

[civil_servant]

I don't mean to hijack this thread but I do have another question related to MPF.

Background: Currently I have two MPF accounts, one from my previous job which I left a year ago, that account has apparently turned into personal account now (don't know what that means?). Anyway when I started my current job I didn't mention about previous MPF account(manulife), so my current employer automatically chose another company (Fidelity) and now my current MPF $ goes into this Fidelity account.
My question is how can i combine them into one account preferably with Manulife?
Thanks

You can transfer from your Fidelity to your Manulife account once a year. However, new contributions will still be paid to your Fidelity account. You can't change that. A personal account is still an MPF account, but it means you choose the provider.

[kk16]

Thank you for your reply.
How will it work if at some point I want to leave HK for good and would like to withdraw my MPF? same as OP

You can transfer from your Fidelity to your Manulife account once a year. However, new contributions will still be paid to your Fidelity account. You can't change that. A personal account is still an MPF account, but it means you choose the provider.

[HK_Katherine]

I'm sure their intentions are good, but I can't see how one can retire with just MPF in HK, unless he/she was extremely lucky and wise in choosing the investment funds...

You assume everyone is a rich expat. If you are on a low wage, then saving 9% of your income each month for 40 years provides a perfectly good retirement pot. The only reason it doesn't work for most of us is the upper threshold cuts in and so we are saving a piddling amount in each (relative to our incomes) so its never going to be enough.

[TheBrit]

You assume everyone is a rich expat. If you are on a low wage, then saving 9% of your income each month for 40 years provides a perfectly good retirement pot. The only reason it doesn't work for most of us is the upper threshold cuts in and so we are saving a piddling amount in each (relative to our incomes) so its never going to be enough.

Savings fall short for retirees - The Standard

The research showed that the problem of insufficient pension savings remains severe in Hong Kong as two thirds of the respondents encounter a shortfall of HK$1.03 million between their retirement reserves and living expenses.

Furthermore, 52 percent do not know their MPF investment returns; 44 percent only irregularly or never review their MPF account; and 39 percent are unaware of the composition of their MPF investment portfolios, the research reveals.

[HK_Katherine]

Savings fall short for retirees - The Standard

Very detailed and well researched article, thanks.