Mpf when not working

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  1. #1

    Mpf when not working

    What happens to your mpf funds from working in the previous company, when you no longer work anymore due to maybe taking a break or finding a new job becomes difficult?

    Does it just stay as it is and can be accumulated further when you start working again? Currently I am not working but every now and then i get messages regarding my account and how its keep increasing probably due to the scheme i chose and the values are gained. But nothing else is being contributed to it as i do not have any income at the moment.

    So my question is, it is still my account right? Even though i am not working now? I just wanted to be sure thank you in advance for the clarification.


  2. #2

    Join Date
    Jul 2006
    Posts
    3,886

    Yes still yours, it switches from being a company account (your MPF, affiliated to your employer) to being a personal scheme - your MPF not affiliated to an employer.

    As far as you're concerned there's no major difference. But you should look at what proportion of your contributions are classed as mandatory and what proportion are voluntary (if any) as you can treat them differently

    HOWEVER you may be required to re-notify your fund allocation otherwise it may default to DIS (default Investment Strategy) - How long ago did you cease working?

    Your fund will still gain and lose value with the movements of bonds/equities etc.

    How old are you?
    Personally I have my funds in low cost high risk equity funds currently. The older you are (and by your questions I guess you're nowhere near retirement) the lower risk you'll likely want.


  3. #3

    Join Date
    May 2009
    Posts
    1,289

    What Sage said plus:

    The voluntary contribution if any you can take out as cash (and invest it in ETF’s or so with a much smaller management fee.

    If you want you can also change provider and transfer the mandatory portion to another MPF provider if you like.