What Changed
- Gazetted the Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2025 (Commencement) Notice appointing December 21, 2026, as the effective date.
- Enabled employees hired on or after May 1, 2025, to transfer employer mandatory contribution benefits from current employment to a personal MPF scheme of their choice once per calendar year.
- Scheduled the Commencement Notice for tabling before LegCo on October 21, 2026, for negative vetting, while planning Phase Two legislation by mid-2027.
Employees in Hong Kong starting new employment on or after May 1, 2025, as well as employers and Mandatory Provident Fund (MPF) scheme trustees, are directly impacted by the upcoming implementation of Phase One of MPF "Full Portability". On October 16, 2026, the Hong Kong SAR Government published in the Gazette the Mandatory Provident Fund Schemes (General) (Amendment) Regulation 2025 (Commencement) Notice, appointing December 21, 2026, as the date on which the Amendment Regulation (L.N. 206 of 2025) comes into operation.
The Amendment Regulation was enacted by the Legislative Council (LegCo) on September 26, 2025, establishing the statutory basis for Phase One. Under the regulation, employees whose employment commences on or after May 1, 2025 (referred to as New EEs) may transfer the full amount of accrued benefits derived from employer mandatory contributions regarding their current employment. These benefits can be moved from the employer's designated MPF contribution account to a personal account in an MPF scheme of the employee's own choice once per calendar year, or more frequently if allowed by the governing rules of the transferring scheme.
According to the Secretary for Financial Services and the Treasury, Mr Christopher Hui, this notice fulfills the Government's commitment in the 2026 Policy Address to implement Phase One within 2026. The initiative is intended to strengthen control over retirement benefits, encourage proactive investment management, stimulate market competition, and create scope for fee reductions.
The Commencement Notice is scheduled to be tabled before LegCo on October 21, 2026, for the negative vetting procedure. To cover remaining employees under Phase Two "Full Portability", the Government is currently drafting legislative proposals and intends to introduce an amendment bill into LegCo by mid-2027.
Who May Be Affected
Hong Kong employees commencing employment on or after May 1, 2025, employers, and MPF scheme trustees/providers.
Cross-Border Context
Applies directly to statutory retirement benefit schemes (MPF) for employers and employees operating within Hong Kong SAR.
What to check next
- Outcome of the LegCo negative vetting procedure following the October 21, 2026 tabling.
- Operational guidance published by the Mandatory Provident Fund Schemes Authority (MPFA) or individual trustees.
- Introduction of the Phase Two amendment bill targeted for mid-2027.
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.