Asked by: Sarah Hall (Labour (Co-op) - Warrington South)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the denial of acess to the Mandatory Provident Fund by people from Hong Kong who are living in the UK on a British National (Overseas) visa on the financial wellbeing of those people; and if she will make an estimate of the amount of retirement savings held in the Mandatory Provident Fund by people from Hong Kong living in the UK.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
This government is deeply committed to supporting members of the Hong Kong community who have relocated to the UK. We are aware that individuals who have chosen to take up the British National (Overseas) route are having difficulties accessing their Mandatory Provident Fund from Hong Kong.
Whilst documentary requirements for withdrawing funds are a matter for the Hong Kong authorities, officials have raised this issue directly with the Hong Kong Special Administrative Region Government and the Hong Kong MPF Schemes Authority. We have urged them to facilitate early draw down of funds as is the case for other Hong Kong residents who move overseas permanently and have made clear such discrimination of BN(O)s is unacceptable.