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Hong Kong: Pensions

Question for Foreign, Commonwealth and Development Office

UIN HL3229, tabled on 13 March 2024

To ask His Majesty's Government whether they will take steps to impose sanctions on Hong Kong Chief Executive John Lee for his role in the development of the proposed Article 23 legislation in Hong Kong; and whether they will make representations to HSBC and Standard Chartered to allow Hong Kongers to access to their Mandatory Provident Fund.

Answered on

28 March 2024

The Government is aware that individuals who have chosen to take up the British Nationals (Overseas) Visa (BN(O)) route are having difficulties in accessing their pensions held in the Hong Kong Mandatory Provident Funds (MPF). Financial institutions operating in Hong Kong do so within a strict legal and regulatory framework. British officials in Hong Kong have raised this directly with the Hong Kong SAR Government and the Hong Kong MPF Schemes Authority and will continue to do so. We have also raised the issue with trustee HSBC directly. We will continue to urge the Hong Kong authorities and all relevant bodies to facilitate early drawdown of funds as is the case for other Hong Kong residents who move overseas permanently. We continue to keep sanctions designations under review. It would not be appropriate to speculate about future sanctions measures as to do so could reduce their impact.