Canadian-based insurance firm Manulife has become the first operator of Hong Kong retirement funds to allow residents moving to Britain via new visa plans to take out their money early.

Hongkongers using the British National (Overseas) visa to resettle in Britain can now apply to the insurance company for a pre-retirement withdrawal before age 65, according to the latest internal guidelines issued by Manulife, the largest provider of schemes in Hong Kong that manage residents’ Mandatory Provident Funds.

Manulife has just added the visa to a list of scenarios of permanent departures that permit early MPF withdrawals, the guidelines show. Two other scenarios are when the Hongkonger leaves for mainland China, or acquires a family or spouse permit in another country to live outside Hong Kong.

The new visa was introduced by London in January to let BN(O) passport holders from Hong Kong live, work and study in the United Kingdom for five years. They can apply for full citizenship after an additional year of stay.

Some Manulife customers and MPF providers had been hesitant about processing early withdrawals due to doubts over the new visa’s status, a wealth manager at the insurer told Apple Daily.

Manulife’s new policy could help Hongkongers better prepare for their relocation plans, said the manager, named Mic. “The savings are hard-earned money from long years of work. Surely, it is best to put the money back into their own pockets,” he said.

Applicants would need to submit other documents, including an oath-taking certificate from Hong Kong’s Home Affairs Department, Mic said.

Some other MPF providers, including HSBC, BCT, AIA and Sun Life, said in reply to Apple Daily’s inquiries that they would process withdrawal applications from holders of the BN(O) visa.

The Mandatory Provident Fund Schemes Authority, the industry’s regulator, said service providers were responsible for making sure that applicants had been granted residency outside Hong Kong.

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