TYPES OF MPF EARLY WITHDRAWAL

Company Secretarial

Under the Mandatory Provident Fund (MPF) Legislation, you can’t withdrawal MPF until you are 65-year-old. However, you can withdraw your MPF earlier under below circumstances:

Early Retirement Withdrawal

If you are reaching age 60 and no more employment. Then you have to make a statutory declaration that you have no intention of becoming employed or self-employed again. And then you can withdraw you MPF in a lump sum or by instalments.

Permanent departure from Hong Kong Withdrawal

If you are going to leave Hong Kong permanently and reside elsewhere. Then it decided to leave or going to leave Hong Kong. And also, you have no intention of returning to Hong Kong for employment or as a permanent resident. Yet, you have to provide your foreign passport or visa to your MPF trustees as evidence. Let your trustees know you have the right to reside in a place outside Hong Kong.

On the ground of permanent departure, you have to think deep. As you have only one chance to apply for the early withdrawal MPF with this reason. Meanwhile, your final decision is enforcing by law. If the MPF member made a false or misleading statement to the trustees. MPF Authority will take legal action.

Total Incapacity Withdrawal

When the MPF members become permanently unfit to perform his/her previous job. Then the members have to provide a medical certificate written by a registered doctor.

Terminal illness Withdrawal

When the MPF members have an illness that is likely to reduce their life expectancy to 12 months or less. Then the members have to provide a medical certificate issued by a registered doctor.

Early Withdrawal due to Small balance

If you have a balance of not more than $5,000 in only one MPF scheme. And as at the date of application, at least 12 months must have elapsed since the last contribution date. Then you needed to make a statutory declaration that you have no intention of becoming employed or self-employed again.

Early Withdrawal due to Death

Sadly, if the MPF of a deceased scheme member is a part of the member’s estate. Hence, it must be claimed by the member’s personal representative or Official Administrator.

For further information, please contact us.

You may want to read: HOW TO CALCULATE MPF CONTRIBUTIONS?

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