Like Tree10Likes

Questions about MPF

Closed Thread
Page 2 of 2 FirstFirst 1 2
  1. #11

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    48,354
    Quote Originally Posted by ndt:
    This is interesting, never heard before, any anecdotal for this?
    BNO issues:

    https://www.mpfa.org.hk/en/info-cent...ases/202103001

    I have to dig up the MM2H / retirement visa info, I am very sure I've read about either MM2H or a portugal withdrawal for someone with a local passport being denied.

    If you have an overseas passport - you can always retire back home.

    It essentially is a test on the "permanent" part of your departure.

  2. #12

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    48,354
    Quote Originally Posted by Beltie:
    Can I still ask questions here in this thread in the next upcoming days if I have some issues following this matter's procedure, or should I open a new thread then? Sorry this is my first time using this forum.
    Might be best to continue here - provides some context to any questions you may have.

  3. #13

    Join Date
    Feb 2022
    Posts
    6
    Quote Originally Posted by shri:
    One thing, do read up and research on the move - your father will need to convince the MPF authority that he has an unrestricted ability to move to where he is planning. If it involves a BNO and that new visa / scheme, the MPF does not consider it an unrestricted move. The same applies for many retirement visas, as they're temporary.
    Hmm, okay I will have a talk about this too, thank you for the heads up!

  4. #14

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    48,354
    Quote Originally Posted by Beltie:
    Hmm, okay I will have a talk about this too, thank you for the heads up!
    Very specifically - BNO issues are well documented.

  5. #15

    Join Date
    Feb 2005
    Location
    Manchester, UK
    Posts
    7,825
    Quote Originally Posted by Beltie:
    hmm, my reply didn't go through, says it needs moderator, maybe because there is a link?
    Thank you for your detailed guide, this is going to make my life a lot easier! The consolidation form is really helpful, one question though, does that mean he doesn't have to go through all the banks in the city and withdraw all at once, but from which bank? or we can choose where to withdraw from?

    My another question is from my dad, for instance, if he decides to return back to HK to work here again, can he do that or is it a criminal offense? I read somewhere that it is, or is it an offense only when if he again wants to withdraw MPF early?

    Thank you so much for your help!
    1. 1st you choose which bank to consolidate all account into, some banks give bonus for moving other mpf accounts to theirs so have a look at banks mpf online and find the best one or easiest one that your dad can use

    2. You dad can return to work in HK after withdrawing MPF but he will only be able to get the new MPF money once he reaches retirement age at 60 something, best not to return to HK so fast to work

    3. Like shri said, make sure you dad can early withdraw his MPF by proving that he is allowed to live in a foreign country with his foreign passport for example, HK Govt doesn't want to make it easy for HK people to leave to UK by using the BNO visa so MPF is not allowed to withdraw early.

    4. Feel free to keep asking in this thread for any more MPF related questions and hope if works out for your dad.

    I will start my MPF early withdrawal in April as it takes a month to process, i have 3 accounts so i have to fill 3 x 3 forms and submit to 3 different MPF providers individually as I couldnt be bothered to consolidate and dont know how long that takes

  6. #16

    With the current covid situation, MPFA customer service counters are currently all closed. Will I have to wait for them to reopen before I can start the early withdrawal procedure? My MPF is with Manulife. Thanks


  7. #17

    Join Date
    Feb 2021
    Posts
    242

    There are still people at work behind closed doors. Try electronically or deliver to the office address.
    Expect delays at postal services and MPF

    butmo221 likes this.

  8. #18

    Join Date
    Feb 2006
    Posts
    829

    is your father retired, and is he eligeable to make regular withdrawals from MPF as a retiree?

    If he is, and if he's moving somewhere else but not on a permanent visa/foreign passport, could you consider taking regular, scheduled withdrawals from the MPF? Just set up instructions for the trustees to transfer over regular sums each month/quarter as they permit? I haven't seen anything that says HK retirees have to be resident in HK to make withdrawals from their MPF into their HK bank accounts, but I could be wrong - check the rules!

    If there's no ban, just take those withdrawals, transfer into HK bank account, and then send to wherever you're moving to?

    Just in case he's going to the UK, I heard that HK pensions aren't taxed there, and that the MPF counts as a pension. If that is true, if you don't need the full MPF lump sum all at once, the regular withdrawals could be a tax efficient way to fund expenses. Please do check with a tax accountant, and don't assume what I've said is correct! I don't really know anything about tax issues, this is just what I heard from people emigrating!