With the introduction of Employee Choice Arrangement (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 employees’ details from new trustees to original trustees will be transmitted over ePASS system developed by MPFA.
With a view to shorten the payment cycle arising from ECA, the CMU has developed a bulk settlement service for MPF Schemes trustees to settle payments arising from MPF Schemes switching under the ECA. This settlement service would help shorten processing time for MPF Schemes switching.
A CMU member, who is also a trustee.
- Please refer to Section 1 under Part V of the CMU Reference Manual on Reference Materials page