Is growth in my MPF balance my investment return?

Accrued benefits combine contributions with investment results. The MPFA glossary explains that both employer and member contributions form part of those benefits. Comparing the opening and closing balances alone therefore mixes money paid in with investment gains or losses. [C2]

Use the annual benefit statement’s separate contribution, transfer and gain or loss information to understand the movement. It describes your account over its stated reporting period. [C2, C4]

The Code’s sample statement calculates the period’s account gain or loss by taking the closing balance, subtracting the opening balance, contributions invested and transfers in, then adding back transfers out or withdrawals after fees. Use the matching amounts and labels on your own statement and ask for clarification if a transaction is unclear. [C1]

This arithmetic explains why a transfer into the account is not itself investment profit. The statement provides transfers and contributions separately from account gains or losses. [C1, C2]

The Code describes the stated account return figures as estimates. Its sample footnotes warn that frequent transactions, or significant contributions or withdrawals, can produce material differences from actual portfolio returns. Do not describe the estimate as a precise personal investment result simply because the balance calculation reconciles. [C1]

The same-period gain or loss and the since-inception return also refer to different time spans. Read their headings before comparing them; the sample statement distinguishes these measures. [C1]

The annual statement brings together account movements, balances and gains or losses. Keep it with the contribution and fund transaction information supplied for the account, and identify the period covered before asking about a particular entry. [C2, C4]

Fund information and your own account information answer different questions. Use the fund documents to understand the fund, and the statement to understand your account movements. Ask your trustee or the statement’s service channel to explain any reconciliation difference; this page does not judge whether your personal investment performance is satisfactory. [C1, C4]

Does a larger closing balance prove an investment gain?

No. Contributions and transfers can also change the balance. [C2]

Are employer contributions included in accrued benefits?

Yes. Accrued benefits include employer and member contributions plus investment results. [C2]

Is money transferred in counted as new investment profit?

No. The account gain calculation deducts transfers in. [C1]

Why are transfers out added back in the calculation?

The formula adds back the amount leaving after fees to separate withdrawals from investment gain or loss. [C1]

Are the statement’s account return estimates exact?

No. The Code’s sample warns of potentially material deviations from actual portfolio returns. [C1]

Does the period’s gain equal the since-inception gain?

They cover different time spans; read the stated period and heading. [C1]

What should I use to question an unexplained entry?

Use the annual statement alongside contribution and transaction records for the account. [C1, C4]

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General information, not advice.