Making MPF voluntary contributions

You can choose to put as little or as much as you want into your voluntary contributions. But you should consider what your retirement needs are.

Got some excess cash that you can afford to put away but don't want to invest it actively? You could put it towards your voluntary contributions instead. But you should make sure that you've set aside some emergency savings before you go ahead. That's because you may only be able to make partial withdrawals on certain grounds.

That depends on the type of voluntary contributions you made.

Flexi-Contributions

Withdrawals can be made at any time. You can withdraw more than once a year, but your MPF scheme may have rules around how often you can withdraw, and how much you can withdraw.

EEVC

Withdrawals are subject to the governing rules of the MPF scheme you're in. Usually, you may withdraw or transfer your accrued benefits once you've ceased employment with your current employer. You may need your employer's consent to make a withdrawal during your employment.

TVC

Withdrawals are allowed once you've reached age 65, or only on certain grounds. These are the same conditions that apply to MPF mandatory contributions. But you can transfer the accrued benefits under a TVC account to another TVC account that's under a different scheme at any time.

You may enjoy tax relief on the contributions you make to your tax-deductible contribution (TVC) account. Please note that you can get a maximum tax-deductible amount of HKD60,000 each assessment year. An assessment year runs from 1 April to 31 March of the next year. This limit is shared across both your TVC and Qualifying Deferred Annuity Premiums (QDAP). Any tax deduction claims will apply to your TVCs first.