Ousted Lawmaker Backs BN(O) Documents Ban For MPF

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2021-03-11 HKT 13:26

Share this story

facebook

  • People moving to the UK on BN(O) visas may well come back to Hong Kong if they don't like it there, says former lawmaker Kenneth Leung. File photo: RTHK

    People moving to the UK on BN(O) visas may well come back to Hong Kong if they don't like it there, says former lawmaker Kenneth Leung. File photo: RTHK

A member of the MPF Schemes Advisory Committee, disqualified pro-democracy lawmaker Kenneth Leung, said on Thursday that it makes sense for the authorities to refuse to accept BN(O) passports and visas as proof that someone is leaving the territory and that they are entitled to empty their MPF accounts early.

Leung said on a radio show that people moving to the UK under the visa scheme might come back to Hong Kong if they don't settle in well there.

"You need to give a very high level of proof in order to withdraw your MPF early, because the aim of the set-up of the MPF is to protect retirement. That's why the legislation has been drafted in such a way to preserve accrued MPF benefits within the scheme," he said.

The former legislator said the crux of the issue is whether SAR residents with BN(O) status going to Britain can prove that they are relocating there permanently – although it is not clear how people moving away on other passports are able to do this either.

He said the decision on BN(O) documents may be "tainted with some political insinuation" but the fact that the Hong Kong government no longer recognises the BN(O) passport is not a consideration – even though the MPF Schemes Authority stressed this point in a statement on Wednesday.

"Of course the [BN(O) visa] scheme itself is highly politicised. That's why people would think that the decision could be a political decision as well. But as a regulator, I think the MPFA should maintain its neutrality and professionalism," Leung said, adding that it could be a good idea for the authority to better explain its decision.

He said people unhappy with the regulator's stance could file a legal challenge.

Leung added that he believes Hong Kong people who eventually gain British citizenship via the BN(O) visa scheme, secure work in the UK and buy property there, would at that point be allowed to access their MPF money.

RECENT NEWS

StartmeupHK Festival And Hong Kong Fintech Week 2025 Merge For 10th Anniversary Milestone

Invest Hong Kong (InvestHK) announced on 10 March 2025 that both of its flagship events, Hong Kong Fintech Week 2025 an... Read more

Ant AI-Powered Health Insurance Processes 7.25M Claims In 2024, 55%YoY Increase

In 2024, Ant Insurance, the online insurance brokerage platform of Ant Group, processed 7.25 million health claims, mar... Read more

Ping An Talent Uses AI For Job Matching, But Can Technology Make Recruitment Fairer?

Ping An Insurance (Group) Company of China, Ltd. has launched its 2025 Spring Campus Recruitment, offering over 2,000 p... Read more

HKEX Partners With CMU OmniClear To Boost Post-Trade Securities Infrastructure

Hong Kong Exchanges and Clearing Limited (HKEX) announced on 4 March 2025 that it signed a Memorandum of Understanding ... Read more

PAObank Secures Insurance Agency Licence, Partners With Ping An And FWD Hong Kong

PAO Bank Limited (PAObank) has received its Insurance Agency Licence from the Insurance Authority and signed strategic ... Read more

IFAST Launches Self-Service Accounts For Hong Kong Family Offices

Fintech solutions provider iFAST HK launches self-service accounts in Hong Kong, catering to the growing demand for ind... Read more