English
For Mandatory Provident Fund (MPF) Scheme trustees, the CMU provides a money settlement service that helps shorten the payment cycle and processing time for MPF scheme switching under the Employee Choice Arrangement (ECA). This service offers a secure and efficient channel for money transfer between trustees, closing the circle on MPF scheme transfers swiftly and securely, embodying a commitment to enhancing efficiency and supporting members.
With the introduction of ECA by the Mandatory Provident Fund Schemes Authority (MPFA) in 2012, employees are allowed to transfer, once a year, accrued benefits derived from their own mandatory contributions made during current employment from an account under their employer's chosen scheme to an MPF scheme of the employee's own choice. Transfer of relevant employee details from new trustees to original trustees is transmitted over the ePASS system developed by MPFA.
To further enhance efficiency, a bulk settlement service was developed for MPF Scheme trustees to settle payments arising from MPF scheme switching under the ECA. This settlement service helps shorten processing time for MPF scheme switching, providing trustees with a streamlined and secure solution.
Click to view original imageEligible Participants
A CMU Member, who is also a trustee.
Related Information
- Please refer to Section 1 under Part V of the CMU Reference Manual on Reference Materials page
