Hong Kong: Pensions

Foreign, Commonwealth and Development Office written question – answered am ar 28 Mawrth 2024.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Lord Alton of Liverpool Lord Alton of Liverpool Crossbench

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.

Photo of Lord Ahmad of Wimbledon Lord Ahmad of Wimbledon Minister of State (Foreign, Commonwealth and Development Office)

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.

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