Hong Kong’s departing residents withdrew $334m in pension funds in Q3

Hong Kong residents leaving the city for good withdrew a total of HK$2.604 billion ($334 million) from their Mandatory Provident Fund (MPF) pension accounts in the third quarter of 2021, up 52.8 per cent from a year earlier, government data showed.

A total of 9,300 claims were made during the third quarter, compared with 8,100 claims taking out HK$1.704 billion during the same period in 2020, data from the Mandatory Provident Fund Schemes Authority (MPFA) released on Thursday showed.

The increase in withdrawals is in line with the “continuous inflow of contributions and accumulated investment returns overall,” said an MPFA spokesperson.