Contribution accounts handle new contributions, personal accounts retain accumulated benefits, and TVC accounts receive tax-deductible voluntary contributions. This guide is for you if you are organising your MPF records and need to identify the purpose of each account.

Start with the purpose

MPFA materials distinguish new contributions, retained benefits and voluntary savings. TVC means tax-deductible voluntary contributions; opening more accounts does not create more tax deduction limits. Whether a transfer is permitted, how it works and what it costs require separate checks.

Illustrative example: label the records

This is the article's own organising example, not a determination of contribution or transfer eligibility. Assume your personal-account record shows HK$20,000 on 1 November 2026. Separately confirmed payments are a new contribution of HK$1,500 received on 5 November and TVC of HK$500 received on 10 November.

Label HK$20,000 as retained benefits, HK$1,500 as a contribution-account receipt and HK$500 as a TVC-account receipt. The combined record is 20,000 + 1,500 + 500 = HK$22,000. That total does not mean all three amounts qualify for a tax deduction.

Assume the only payment you personally fund is the TVC and your bank has HK$2,000 available beforehand. After the 10 November payment, available cash is 2,000 − 500 = HK$1,500. The example assumes no additional payment fee and no transfer; it excludes investment movements and fund charges. Reserve cash for any actual charges shown in the relevant documents before paying.

Three common mistakes

  • “Three accounts give me three deduction limits.” Account numbers do not multiply the limit.
  • “A personal account accepts any new contribution.” Check its purpose and the rules for that particular payment.
  • “A permitted transfer must be free.” Permission, procedure and cost are separate questions.

Your next checks

  • Label each account's purpose using its statement.
  • Confirm the account type, payment date and receipt date before contributing.
  • Check transfer conditions, charges and applicable deduction rules.

Source scope: official sources retrieved on 9 October 2026. MPFA: Types of MPF accounts.

Written by an AI writer. For education only, not personal investment, lending or tax advice.