Employer

For employees whose employment commences before the transition date:

1. Employers may continue to use the accrued benefits derived from their MPF contributions (irrespective of the contributions made before, on or after the transition date, and irrespective of mandatory or voluntary contributions) to offset employees' pre-transition portion of SP/LSP.
2. Pre-transition portion of SP/LSP of employees will be calculated on the basis of the last month's wage immediately preceding the transition date and the years of service as at the transition date.
3. If the total amount of pre- and post-transition portion of SP/LSP of an employee exceeds the $390,000 cap, the amount in excess will be deducted from post-transition portion of SP/LSP.