- Hong Kong's pension fund inflows likely dropped to their lowest level in three years as residents take early retirement or leave the city, according to an independent research firm.
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Net inflows to the Mandatory Provident Fund MPF system in the third quarter slowed to HK $0.5 billion $1.3 billion the lowest since 2018 when MPF Ratings Ltd. started tracking data. The amount of new money is falling since the second quarter of last year, according to firm estimates based on publicly available data.
The total contributions and benefits of the Authority have fluctuated from quarter to quarter, a spokesperson for the Mandatory Provident Fund Schemes Authority said, adding that third quarter figures will be released in due course. The program, which allows participants to pick from a wide variety of privately managed funds, managed about $157 billion at the end of June according to its most recent quarterly report.
The authority clearly specifies early withdrawal reasons; amongst them retirement and long retirement, offsetting of severance and permanent service payments, as well as permanent departures from Hong Kong, Francis Chung said in an interview with MPF Ratings. Given the local and global challenges Hong Kong has faced in the past 15 to 18 months, unusually high numbers are possible in these categories. The drop in MPF inflows coincides with a decreasing population since mid 2020 as of now. The former British colony population decreased 1.2% in the first half of the year compared with a year ago.
Many Hong Kong residents have left the city following the large-scale pro-democracy protests in 2019 and a national security law imposed by China last year. The U.K. government anticipates that about 300,000 residents will use British national passports to leave Hong Kong.
Even though people leaving the city permanently are entitled to withdrawal, some residents moving to the UK via the BN O passport route said they were not allowed to take retirement money with them, Bloomberg reported in August.
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