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Anyone left MPF in place despite leaving HK?

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  1. #11
    Quote Originally Posted by bdw:
    I left early 2020 and still keep my MPF account for two main reasons. 1) Im a lazy fucker, 2) I can load up my Octopus card with $10k-$20k in consumption vouchers per year from the government. Once I withdraw MPF, the government seems to use this as an indicator to stop giving out freebies.

    I've been tracking my MPF value over the last 3 years (without employment in HK so I havent added a single cent into it during this time). Now I can say the value is higher than it was pre-COVID, but not as high as it reached in 2021. Basically 2021 was an awesome year for MPF, and 2022 was a shit year:

    Jan-23 $535k
    Oct-22 $478k
    Aug-22 $540k
    Jun-22 $549k
    Apr-22 $587k
    Feb-22 $592k
    Nov-21 $617k
    Aug-21 $613k
    Jun-21 $617k
    Apr-21 $606k
    Feb-21 $582k
    Nov-20 $528k
    Aug-20 $519k
    Apr-20 $440k

    My thinking now is basically once the freebie vouchers dry up then thats probably a good time to withdraw. Hopefully it also coincides with a recovery in the price. Jan 2023 looks good so far!

    Wow that is a lot of MPF

  2. #12

    Join Date
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    1,693
    Quote Originally Posted by mangoprawnsalad:
    Wow that is a lot of MPF
    If bdw has been getting MPF since 2009 (when joined Geo) until 2020 I think its rather a very small MPF. Like the minimum 1500 HKD at some decent return would yield these amounts. Most people do voluntary contributions which are also matched by the company.

    For example where I work now I put aside 5% and the company matches that with another 10%, for people that worked 10+ years then we are talking serious money..
    shri, bdw and Crankshaft like this.

  3. #13

    Join Date
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    Quote Originally Posted by RobRoy:
    If bdw has been getting MPF since 2009 (when joined Geo) until 2020 I think its rather a very small MPF. Like the minimum 1500 HKD at some decent return would yield these amounts. Most people do voluntary contributions which are also matched by the company.

    For example where I work now I put aside 5% and the company matches that with another 10%, for people that worked 10+ years then we are talking serious money..
    My dad literally forgot to invest his MPF in anything except the default conservative strategy for well over a decade. So he didn't accumulate as much as he should have.

    He changed to equity investments and got some returns after that!

  4. #14

    Join Date
    Jun 2011
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    Quote Originally Posted by shree711:
    My dad literally forgot to invest his MPF in anything except the default conservative strategy for well over a decade. So he didn't accumulate as much as he should have.

    He changed to equity investments and got some returns after that!
    Well you can buy the Hang Seng tracker as well and get nothing for 10 years
    shri, aw451, muzzdang and 1 others like this.

  5. #15

    Join Date
    Feb 2009
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    8,280
    Quote Originally Posted by mangoprawnsalad:
    Wow that is a lot of MPF
    I was in HK for 12 years. So its just the basic minimum amount required by law, I think around $3k/month. I guess it adds up after a while
    RobRoy likes this.

  6. #16

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    Quote Originally Posted by RobRoy:
    Well you can buy the Hang Seng tracker as well and get nothing for 10 years
    He would never have bought Hang Seng. It would have been US stocks if at all.

  7. #17

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    Quote Originally Posted by mangoprawnsalad:
    Just curious if anyone left MPF in place rather than applying for early withdrawal.

    Since now doesn't seem like a good time to cash out even though the HK equities have rebounded somewhat since late last year. And it is after all a tax-free account where there doesn't seem any harm to allow it to compound until retirement.

    Any thoughts?
    No problem with cashing out now if you put it into something else that is equally low. No loss then and if you choose wisely it may well perform better than it would (and with less charges) than leaving it where it is.

    (Basically what Shri said)

  8. #18

    Join Date
    Jul 2008
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    I have the reverse situation. I left the UK after about 9 years of NI contributions. They told me that it wouldn't be enough to get a UK pension when I retire. I haven't gotten round to getting the money back, it's only been 21 years.


  9. #19

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    Can you actually reclaim NI contributions? It's not quite the same as MPF. It's not just for pension. It's more like a tax.

    Edit: no you can't, not unless you have overpaid or paid the incorrect class. NI covers other benefits not just pension.

    Last edited by Pauljoecoe; 31-01-2023 at 04:29 PM.

  10. #20

    Join Date
    Feb 2019
    Posts
    210
    Quote Originally Posted by chobochobo:
    I have the reverse situation. I left the UK after about 9 years of NI contributions. They told me that it wouldn't be enough to get a UK pension when I retire. I haven't gotten round to getting the money back, it's only been 21 years.
    don’t qualify for voluntary contributions? You’d only need to do one year and then you can draw down 10/35ths of the annual gov pension upon retirement. Not a lot but something.