You can check your account balances through any of the following channels:
If you resign, your vested benefit is calculated up to the date you cease your employment and according to the unit prices of the funds at the time the payments or transfer of benefits are processed. If you have Employer Voluntary Contribution or Employer ORSO Transfer, the amount you are entitled to will depend on the reason for the termination reported by your employer and according to the vesting scale set by your employer.
You can refer to 'Closing vested benefit' of the 'Accrued Benefit Summary' section for details of your accrued benefits entitlement as at 30 June 2009.
You can retain your accrued benefits in a preserved account in the existing HSBC MPF scheme to enjoy special rate of Management Fees. For more details, please click here.
The 'Closing balance' is the dollar value of your MPF accounts, calculated at unit price, as at 30 June 2009.
The 'Adjusted closing balance' takes the higher amount of the market value or the guaranteed balance of the Guaranteed Fund. If you have invested in the Guaranteed Fund, you are entitled to the higher of the market value or the guaranteed balance, when any one of the guaranteed conditions is met (Please refer to the 'Principle Brochure' for details).
Other than the Guaranteed Fund, the 'Adjusted closing balance' is equal to the 'Closing balance'.
'Closing vested benefit' represents the dollar value of your MPF account balances vested to you according to the governing rules of the scheme as at 30 June 2009 (assuming that you leave employment under normal conditions). 'Vesting percentage' represents the percentage of benefits you are entitled to as at 30 June 2009 in accordance with relevant scheme rules and MPF regulations.
'Closing vested benefit' = 'Adjusted closing balance*' x 'Vesting percentage'
* Adjusted closing balance takes the higher amount of the market value or guaranteed balance of the Guaranteed Fund. For other funds, the adjusted closing balance will be equal to the closing balance.
You can refer to the 'ORSO transfer' columns of the 'Accrued Benefit Summary' section for details, where your entitlement is shown as 'Closing vested benefit', assuming you cease employment under normal conditions.
You can refer to the 'Investment Allocation' section for details if you have not changed your investment allocation after the date shown in the section. If it has been changed, you can logon our Personal Internet Banking services or call our HSBC MPF Hotline on (852) 2288 6729 to check the details of the current investment allocation.
No. The annual benefit statement shows the dollar value of overall account gain/loss of your MPF accounts for the current scheme financial year only.
Unit price and market value are directly related to each other. Unit price is the price per fund unit. When the unit price of a particular fund is high, the market value of the fund will also be high, and vice versa.
Market value = unit price x number of units held
You may refer to the 'Account Gain/Loss' in 'Fund Balance Summary' or 'Accrued Benefit Summary' section. The amounts are calculated based on the unit prices as at 30 June 2009 and are for reference only. The actual investment returns can be ascertained only when the benefits are paid out or transferred.
'Account(s) Gain/Loss During The Period' on the front page summarises the account gain/loss of all your MPF schemes included in that annual benefit statement.
The amount of the 'Account Gain/Loss' is calculated by subtracting the opening balance and all transactions during the scheme financial year from the closing balance as at 30 June 2009.
Example:
The unit price for the Balanced Fund as at 30 June 2009 (the last business day in this scheme financial year) is HKD11.87; the number of units held in Balanced Fund is 5,736.766 units, therefore the closing balance is HKD68,095.41 (i.e. 5,736.766 units x HKD11.87).
Account Gain/Loss During The Period = Closing balance - Opening balance - Total contribution invested (after fees) - Total amount transferred into scheme (after fees) + Total amount transferred out of scheme (after fees) - Others
HKD68,095.41 - HKD30,431.76 - HKD12,000.00 - HKD21,269.00 + HKD673.30 - HKD1,025.00 = HKD4,042.95
| Balanced Fund -------------------- |
||
| HKD | ||
| Opening balance (as at 1 July 2008) |
(a) | 30,431.76 |
| Total Contribution Invested (after fees) | (b) | 12,000.00 |
| Total Amount Transferred Into Scheme (after fees) | (c) | 21,269.00 |
| Total Amount Transferred Out of Scheme (after fees) | (d) | 673.30- |
| Account Gain/Loss During The Period | (e) = (f) - (a) - (b) - (c) - (d) - (g) | 4,042.95 |
| Others | (g) | 1,025.00 |
| Closing balance (as at 30 June 2009) |
(f) | 68,095.41 ======== |
Fees and charges of an MPF Conservative Fund can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. MPF Conservative Fund under HSBC SuperTrust, SuperTrust Plus and SimpleChoice uses method (ii) and the unit is deducted monthly.
Total fees deducted is shown as 'Fees' in the 'Fund Balance Summary' section.
The summary of account movements shows the overview of total amount move in and out of your HSBC MPF accounts within current scheme financial year.
Yes. You can refer to the 'Contribution Summary' section which summarises contributions made to your MPF accounts within the scheme financial year. Only transaction(s) completely processed on or before 30 June 2009 is included in the statement. You can also view your contribution records for the past 18 months through our Personal Internet Banking.
Yes. All Personal Contribution records are shown in the 'Personal Contribution' column under 'Accrued Benefit Summary' and 'Contribution Summary' section.
You may refer to the 'Total Contribution Invested (after fees)' field under 'Summary of Account Movements' section for the total contributions made for all of your HSBC MPF accounts. You may also refer to the 'Contribution Summary' section.
You may refer to the 'Accrued Benefit Summary' section for details. The total contributions made by your employer and yourself since you joined the scheme are shown as 'Total Contribution/Total Transfer-in' in the 'Employer' and 'Member' columns respectively.
Due to the account in SuperTrust Plus was set up on or after 1 July 2008, the 'Opening balance' would be zero. The 'Total Contribution / Total Transfer-in' shows the summation of total contributions made to and the accrued benefits transferred to the scheme in SuperTrust Plus. The accrued benefit transferred to SuperTrust Plus is calculated according to the unit price of the investment fund(s) at the date of scheme transfer.
Example:
The total contributions made in SuperTrust scheme is HKD7,000.00 and 560.000 units of Balanced Fund have been bought. Unit price of Balanced Fund at date of transfer is HKD13.00. So, accrued benefit transferred to SuperTrust Plus is HKD7,280.00 (i.e. 560.000 units x HKD13.00).
The total contributions made in SuperTrust Plus scheme is HKD8,000.00. 'Total Contribution / Total Transfer-in' shown in the 'Accrued Benefit Summary' of SuperTrust Plus would be HKD15,280.00 (i.e. HKD7,280.00 + HKD8,000.00).
No. Only contributions received and completely processed on or before 30 June 2009 are included in the statement. For information on your latest account balance, you can logon our Personal Internet Banking, call our HSBC MPF Hotline on (852) 2288 6729 or use our ATM service.
Reporting of default or outstanding contribution by us to the MPFA shall be made according to the current legislative requirement. For details, please visit the MPFA's website.
If the contributions are paid more frequently than monthly, the end date of the last contribution period and the total contributions invested for the contribution periods in that calendar month would be shown.
Example:
For the month of May, there are totally 4 weekly contribution periods (i.e. 2009/05/04 - 2009/05/10, 2009/05/11 - 2009/05/17, 2009/05/18 - 2009/05/24, 2009/05/25 - 2009/05/31).
| Payroll period | Mandatory contribution | Voluntary contribution | |||
| Employer | Member | Employer | Member | ||
| HKD | HKD | HKD | HKD | ||
| 2009/05/04 - 2009/05/10 | 200.00 | 200.00 | 200.00 | 0.00 | |
| 2009/05/11 - 2009/05/17 | 200.00 | 200.00 | 200.00 | 100.00 | |
| 2009/05/18 - 2009/05/24 | 200.00 | 200.00 | 200.00 | 0.00 | |
| 2009/05/25 - 2009/05/31 | 0.00 | 0.00 | 0.00 | 0.00 | |
Information shown in the annual benefit statement of 30 June 2009:
| *Date of relevant contribution period end | Mandatory contribution invested | Voluntary contribution invested | |||
| Employer | Member | Employer | Member | Total | |
| HKD | HKD | HKD | HKD | HKD | |
| 2009/05/31 | 600.00 | 600.00 | 600.00 | 100.00 | 1,900.00 |
Yes. You may refer to the 'Transfer In/out Summary' section which summarises transfer in/out transactions made to your MPF accounts within the scheme financial year. Only transaction(s) completely processed on or before 30 June 2009 is included in the statement.
If a member's MPF account does not have any fund balances and transactions during the scheme financial year from 1 July 2008 to 30 June 2009, we will issue a statement explaining some possible circumstances that may result in a zero balance.
Yes. We will deliver the statement to you as long as you remain as our scheme member as at 30 June 2009. There is a section on the last page of the statement to remind you to choose whether to retain your MPF accrued benefits in the scheme or withdraw them.
Since you have reached/will shortly attain the age of 65, this form is for you to inform us whether you would like to withdraw your MPF accrued benefits or retain them in the scheme. According to the MPF legislation, if we do not receive your instruction, your accrued benefits could become unclaimed benefits. Therefore, please complete and return the enclosed INAT form to us. If you choose to claim your accrued benefits, please complete and return INAT form and the claim form 'INPW' with a copy of your HKID card to us.
Starting from 2006, members with more than one HSBC MPF account will receive all their annual benefit statements in one envelope, mailed to the most recently updated address in the HSBC MPF records.
The total asset allocation shows the aggregated fund balance of your MPF accounts stated in the enclosed annual benefit statements as at 30 June 2009.
The 'Accrued Benefits Projection at different age' shows the projected benefits of your MPF accounts at different age intervals until the age of 65. The projection is prepared based on a set of assumptions. Please refer to the information beside the bar chart in the statement for details of the assumptions.
Projected average monthly amount refers to the expected monthly installment available to you, which lasts from the ages of 65 to 80 if you are male, and 65 to 85 if you are female, based on the total projected MPF benefit at age 65.
The 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' compares your projected relevant income at age 65 with the projected average monthly amount from age 65 to 80 (for male) or 85 (for female). Besides, it also shows your additional projected average monthly amount from age 65 to 80 (for male) or 85 (for female) if you start making a certain amount of additional monthly personal contribution on 1 July 2009. The 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' is prepared based on a set of assumptions. Please refer to the information beside the bar chart in the statement for details.
This percentage is calculated by dividing your 'Projected average monthly amount' for your retirement by the 'Projected relevant income at age 65'. It estimates the portion of the 'Projected relevant income as at age 65' which could be maintained after your retirement at age 65.
The 'Accrued Benefits Projection at different age' reflects a projected lump sum of MPF accrued benefits until your retirement at age 65, while the 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' shows a projected average monthly amount which will be available after your retirement until 80 (for male) or 85 (for female). The 'Accrued Benefits Projection at different age' and the 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' are projected based on several assumptions. Please refer to the information beside the bar chart in the statement for details.
The additional projected average monthly amount represented by the red and purple bars demonstrate 2 scenarios of different additional personal contribution amounts and their effects on the overall projected average monthly amount after age 65.
The red bar represents the additional projected average monthly amount resulting from HKD1,000 additional personal contribution made into your MPF account monthly; whereas the purple bar represents the additional projected average monthly amount resulting from a specific monthly additional personal contributions on top of the projected average monthly amount after age 65 to 80 (for male) and 85 (for female) (shaded in green), which is required for maintaining a living standard equivalent to 2/3 (that is approximately 66.67%) of your projected relevant income as at age 65. This information is for your reference only. You are free to make additional personal contributions according to your own retirement goals.
It shows the total contribution or/and transfer-in cumulated from the date you joined scheme to 30 June 2009. Any withdrawals of funds from your account are not reflected.
The opening balance is the dollar value of your MPF accounts as at 1 July 2008 which is equal to the closing balance of last year's statement. If the account was set up on or after 1 July 2008, the 'Opening balance' would be zero.
The unit price of 30 June 2009 is used for calculating the 'Closing balance'.
The 'Opening balance' is equal to the closing balance of last year's statement (i.e. 'Number of units held - Opening balance' in your account as at 1 July 2008, multiplied by the unit prices of the funds as at 30 June 2008, which is the last business day of the last scheme financial year).
These two summaries show the same total, but provide details of your account information using different approaches. 'Fund Balance Summary' shows your account transactions and balances by the funds you have invested in. 'Accrued Benefit Summary' shows your account transactions by different kinds of contributions or benefits, and it also provides the benefit entitlement of your account as at 30 June 2009.
'Fund Balance Summary' shows the closing balance of each fund the member invested in the scheme financial period. 'Accrued Benefit Summary', on the other hand, is broken down into different types of contributions. Therefore, the closing balances of each column shown in the two summaries are different. However, the total closing balances of the two summaries would be the same.
Please advise us as soon as your correspondence address changes by simply completing a Personal Details Change Form (IN91).
Your employer only knows the balance derived from employer's contributions.
'Transfer from other registered scheme(s)' means any benefits accrued from your previous employment or self-employment and transferred from another scheme(s). 'Preserved' benefits are derived from mandatory contributions or Minimum MPF benefits (MMB) transfers from an ORSO scheme. 'Non-preserved' benefits are derived from non-mandatory contributions.
No. The guarantee conditions do not apply to fund switching. You will only be entitled to the actual balance, i.e. the market value, which may be higher or lower than the guaranteed balance depending on the performance of the fund.
If employers fail to pay contributions within the time limit set by the MPF legislation, they are required to pay a surcharge of 5% on the outstanding mandatory contributions. The surcharge is paid by employer but credited to the employees' accounts.
Employees of large employers (or employers belonging to certain associations which have special agreements with us) are entitled to preferential fees and charges. The purchase of funds is still based on standard unit prices and the discount rate is given in the form of bonus units which is called a 'Special bonus'.
A 'Special bonus' is not allocated to the MPF Conservative Fund (CPF) because the fees and charges have not yet been deducted from the unit prices of CPF. The discount for CPF is reflected directly from the fees deducted from your member accounts.
An 'Employer reserve allocation' will only occur if there are employer's voluntary contributions and/or employer's ORSO transfers. If an employee ceases employment, any benefits he is not entitled to will be treated as unvested benefits and remitted to the reserve account. As the unvested benefits essentially belong to the employer, the employer can withdraw these benefits at any time. Some employers have a special arrangement for allocating the unvested benefits to employees still employed by the company as at a predetermined allocation date. The allocation of unvested benefits is called 'Employer reserve allocation.'
The Financial Secretary announced in the 2008-2009 Budget Speech that the Government would make an one-off injection amount of HKD6,000 into the MPF account of eligible MPF/ORSO scheme members with an aim to enhancing their retirement protection. For details, please visit the MPFA's website.
You should inform us of your new address and any changes of contact number, etc by completing a Personal Details Change Form. Download IN91 form.
This is only one of the options you can choose. Your options include:
As you are accumulating your funds for retirement purposes, it is important that you consider the long term financial strength and security of the MPF providers when making your decision.
You can check the latest contribution record of your account through any of the following ways:
You should decide how to treat your MPF benefits accrued in your current employment account (View Changing Jobs). You also need to enrol yourself into an MPF scheme as a self-employed person.
Simply complete a Scheme Member's Request for Fund Transfer Form and return it to us. Download INPM form.
If you would also like to apply for a preserved account under HSBC, you should complete a Preserved Account Holder Application Form (IN71 - SuperTrust, IN81 - SuperTrust Plus or IN77 - SimpleChoice) and return it along with your INPM form.
You can review the latest statement from your existing MPF service provider or contact your existing trustee.
You can attach copies of the latest annual benefit statement issued by your existing MPF service provider(s) and your identification document when submitting your transfer request to us, which may facilitate the verification process to be done by the transferor trustee. Please be reminded to tick the box under Section IV of INPM form.
You should put '31 December' as the day and month. Likewise, if your HKID card only contains the year and month but not the day, you should put the last day of the month.
The Fund Information provides you with the unit prices
Current unit prices are also available through these channels:
The cumulative performance of the Fund Information provides you with the past performance histories of the funds.
The unit prices are calculated based on the net asset value of each fund, ie the value of investments less fees and charges, divided by the number of units issued. (With the exception of the MPF Conservative Fund, where fees and charges are deducted directly from a member's account.)
The MPF legislation requires each MPF scheme to offer a CPF. Our CPF is a low risk fund, investing in high grade Hong Kong dollars denominated monetary instruments such as treasury bills, bills of exchange, commercial paper and certificates of deposits. The investment objective is to achieve a return higher than the average bank savings rate, however returns are not guaranteed.
According to the MPF legislation, fees can be deducted from the CPF only when the investment return is higher than the prescribed savings rate which is regularly published by the MPFA. The unit prices of the CPF have, therefore, not taken into account the deduction of fees. The fees for CPF are deducted in the form of units from a member's account only after the investment return and prescribed savings rate for each month are ascertained.
Our Guaranteed Fund is a low risk fund providing you with a guaranteed interest rate, provided certain conditions are met. If any of the Guarantee Conditions are met on withdrawal or transfer of benefits, members will be entitled to the guaranteed interest rate or actual investment returns, whichever is higher.
Our Guarantee Conditions include:
The guarantee will not apply when switching account balances between funds or when employers transfer their scheme to another provider.
The rate for the scheme financial year from 1 July 2008 to 30 June 2009 is 0.25% per annum.
The rate for the scheme financial year from 1 July 2009 to 30 June 2010 is 0.025% per annum.
The rate will be reviewed annually and determined at the beginning of each scheme financial year, ie 1 July each year.
No. By law, you must invest your MPF monies in the funds offered by the MPF scheme you participate in.
For SuperTrust and SuperTrust Plus
There is no limit to the number of fund switches that can be carried out per year, and there are no handling charges. However, we would remind you that the objective of MPF is to save for retirement and so your investment objectives should be longer term, dependent upon your personal circumstances.
For SimpleChoice
You can perform a portfolio rebalance* once per calendar year. Please refer to the Principal Brochure for details.
* Change the investment allocation of your existing account balance and future contributions.
According to sections 31IA and 31YAA of the Employment Ordinance, section 12A of the Mandatory Provident Fund Schemes Ordinance and the governing rules of the Scheme, your employer has the right to offset Severance or Long Service Payment from accrued benefits derived from both the employer's mandatory contributions and vested voluntary contributions made to the Scheme.
You do not need to apply for an MPF phone PIN. It is issued to you automatically after your enrolment, ie after you have submitted your application form.
Call the HSBC MPF Member Hotline on (852) 3128 0128, select preferred language and then press #. Our customer service representatives will ensure that a new PIN is issued and posted to you.
According to the MPF legislation, you can only withdraw your mandatory contributions when any one of the following circumstances occurs:
Simply complete a Claim Form for Payment of Accrued Benefits and return it together with the necessary supporting documents to us. Download INPW form
You can choose to withdraw your MPF accrued benefits when you attain the retirement age of 65 or retain them in the existing scheme until you wish to withdraw them. However, any voluntary contributions made under a contractual arrangement with your current employer can only be withdrawn with your employer's consent as you are still under employment.
A statutory declaration in Hong Kong can be made at public enquiry centres of the Home Affairs Department. If the declaration is not made in Hong Kong, then it should be made before a notary public or registered solicitor and duly signed on a statutory declaration form for MPF purposes.
By law, the MPF benefits of a deceased member will be payable to his/her personal representative as indicated in a Letter of Probate or Letter of Administration granted by the Probate Registry. Members do not need to designate any beneficiary during enrolment.
The personal representative should complete a claim form (INPW) and submit it with the following documents to us:
A certified true copy is a duplicated copy which is certified by an authorised party that it has been photocopied from an original document. Claimants can bring along a completed claim form together with all original supporting documents to any of our designated HSBC branches. Our branch staff will assist them in making photocopies and submit the documents to us. Alternatively, the photocopy can be signed by a solicitor or any other person authorised by the laws to make such certification.
You can apply to the Probate Registry for the desired form. For details of the application procedures, you may visit the Judiciary website for information about Guide to Court Services (Probate).
Mandatory contributions made by employees are tax deductible, subject to an annual maximum amount of HKD12,000. However, voluntary contributions are not tax deductible
Yes, you may use the Personal Contribution Application Form (INPC) to make ad hoc lump sum contributions after you have set up your regular Personal Contributions.
Simply complete a Change of Regular Personal Contribution Instruction Form (INPA) and send it to us.
You may request to withdraw your Personal Contributions up to four times a year, subject to a minimum of HKD5,000 for each withdrawal request.
You need to complete a Personal Contributions Partial Withdrawal Request Form (INPD). There is no handling charge. Please follow the instructions and requirements stated on the form.
Yes. To make regular additional Voluntary Contributions through deductions from your salary, you should complete a Change of Additional Voluntary Contribution Arrangement Form (IN55) and ask your employer to make the arrangements for you.
Both are voluntary contributions in addition to your mandatory contributions. The major differences are as follows:
Learn more about Personal Contributions.
Yes, you can retain your Personal Contributions in your MPF preserved account after your cessation of employment. There is no extra charge. When you select your transfer option on the Scheme Member's Request for Fund Transfer Form (INPM), simply choose to treat your voluntary contributions in the same way as your mandatory contributions.
Complete a Partial Withdrawal Request Form. Please note the instructions and requirements stated on the form. Download IN54 form.
You may request to withdraw your voluntary contributions up to four times a year, subject to a minimum of HKD5,000 for each withdrawal request. Where applicable you may need to obtain your employer's approval.
Yes. You can retain your voluntary contributions in a preserved account of an MPF scheme. When you complete a transfer form to inform us of your choice of treatment for your MPF benefits, you can notify us to handle your voluntary contributions in the same way as the mandatory contributions.
You can check your account balances through any of the following channels:
You can retain your accrued benefits in a preserved account in the existing HSBC MPF scheme to enjoy special rate of Management Fees. For more details, please click here.
The 'Closing balance' is the dollar value of your MPF accounts, calculated at unit price, as at 30 June 2009.
The 'Adjusted closing balance' takes the higher amount of the market value or the guaranteed balance of the Guaranteed Fund. If you have invested in the Guaranteed Fund, you are entitled to the higher of the market value or the guaranteed balance, when any one of the guaranteed conditions is met (Please refer to the 'Principle Brochure' for details).
Other than the Guaranteed Fund, the 'Adjusted closing balance' is equal to the 'Closing balance'.
You can refer to the 'Investment Allocation' section for details if you have not changed your investment allocation after the date shown in the section. If it has been changed, you can logon our Personal Internet Banking services or call our HSBC MPF Hotline on (852) 2288 6729 to check the details of the current investment allocation.
No. The annual benefit statement shows the dollar value of overall account gain/loss of your MPF accounts for the current scheme financial year only.
Unit price and market value are directly related to each other. Unit price is the price per fund unit. When the unit price of a particular fund is high, the market value of the fund will also be high, and vice versa.
Market value = unit price x number of units held
You may refer to the 'Account Gain/Loss' in 'Fund Balance Summary' or 'Accrued Benefit Summary' section. The amounts are calculated based on the unit prices as at 30 June 2009 and are for reference only. The actual investment returns can be ascertained only when the benefits are paid out or transferred.
'Account(s) Gain/Loss During The Period' on the front page summarises the account gain/loss of all your MPF schemes included in that annual benefit statement.
The amount of the 'Account Gain/Loss' is calculated by subtracting the opening balance and all transactions during the scheme financial year from the closing balance as at 30 June 2009.
Example:
The unit price for the Balanced Fund as at 30 June 2009 (the last business day in this scheme financial year) is HKD11.87; the number of units held in Balanced Fund is 5,736.766 units, therefore the closing balance is HKD68,095.41 (i.e. 5,736.766 units x HKD11.87).
Account Gain/Loss During The Period = Closing balance - Opening balance - Total contribution invested (after fees) - Total amount transferred into scheme (after fees) + Total amount transferred out of scheme (after fees) - Others
HKD68,095.41 - HKD30,431.76 - HKD12,000.00 - HKD21,269.00 + HKD673.30 - HKD1,025.00 = HKD4,042.95
| Balanced Fund -------------------- |
||
| HKD | ||
| Opening balance (as at 1 July 2008) |
(a) | 30,431.76 |
| Total Contribution Invested (after fees) | (b) | 12,000.00 |
| Total Amount Transferred Into Scheme (after fees) | (c) | 21,269.00 |
| Total Amount Transferred Out of Scheme (after fees) | (d) | 673.30- |
| Account Gain/Loss During The Period | (e) = (f) - (a) - (b) - (c) - (d) - (g) | 4,042.95 |
| Others | (g) | 1,025.00 |
| Closing balance (as at 30 June 2009) |
(f) | 68,095.41 ======== |
Fees and charges of an MPF Conservative Fund can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. MPF Conservative Fund under HSBC SuperTrust, SuperTrust Plus and SimpleChoice uses method (ii) and the unit is deducted monthly.
Total fees deducted is shown as 'Fees' in the 'Fund Balance Summary' section.
The summary of account movements shows the overview of total amount move in and out of your HSBC MPF accounts within current scheme financial year.
Yes. You can refer to the 'Contribution Summary' section which summarises contributions made to your MPF accounts within the scheme financial year. Only transaction(s) completely processed on or before 30 June 2009 is included in the statement. You can also view your contribution records for the past 18 months through our Personal Internet Banking.
Yes. All Personal Contribution records are shown in the 'Voluntary Contribution' column under 'Accrued Benefit Summary' and 'Contribution Summary' section.
No. Only contributions received and completely processed on or before 30 June 2009 are included in the statement. For information on your latest account balance, you can logon our Personal Internet Banking, call our HSBC MPF Hotline on (852) 2288 6729 or use our ATM service.
You may refer to the 'Total Contribution Invested (after fees)' field under 'Summary of Account Movements' section for the total contributions made for all of your HSBC MPF accounts, You may also refer to the 'Contribution Summary' section.
You may refer to the 'Accrued Benefit Summary' section for details. The total contributions made by myself since you joined the scheme are shown as 'Total Contribution/Total Transfer-in' in the 'Member' column.
Due to the account in SuperTrust Plus was set up on or after 1 July 2008, the 'Opening balance' would be zero. The 'Total Contribution / Total Transfer-in' shows the summation of total contributions made to and the accrued benefits transferred to the scheme in SuperTrust Plus. The accrued benefit transferred to SuperTrust Plus is calculated according to the unit price of the investment fund(s) at the date of scheme transfer.
Example:
The total contributions made in SuperTrust scheme is HKD7,000.00 and 560.000 units of Balanced Fund have been bought. Unit price of Balanced Fund at date of transfer is HKD13.00. So, accrued benefit transferred to SuperTrust Plus is HKD7,280.00 (i.e. 560.000 units x HKD13.00).
The total contributions made in SuperTrust Plus scheme is HKD8,000.00. 'Total Contribution / Total Transfer-in' shown in the 'Accrued Benefit Summary' of SuperTrust Plus would be HKD15,280.00 (i.e. HKD7,280.00 + HKD8,000.00).
If the contributions are paid more frequently than monthly, the end date of the last contribution period and the total contributions invested for contribution periods would be shown.
Example:
For the month of March, there are totally 3 contributions processed in a calendar month.
| Payroll Date | Processed Date | Mandatory contribution | Voluntary contribution |
| Member | Member | ||
| HKD | HKD | ||
| 2009/03/01 - 2009/03/31 | 2009/03/16 | 0.00 | 300.00 |
| 2009/03/20 | 0.00 | 300.00 | |
| 2009/03/27 | 1,000.00 | 1,000.00 |
Information shown in the annual benefit statement of 30 June 2009:
| Date of relevant contribution period end | Mandatory contribution invested | Voluntary contribution invested | |
| Member | Member | Total | |
| HKD | HKD | HKD | |
| 2009/03/31 | 1,000.00 | 1,600.00 | 2,600.00 |
Yes. You may refer to the 'Transfer In/out Summary' section which summarises transfer in/out transactions made to your MPF accounts within the scheme financial year. Only transaction(s) completely processed on or before 30 June 2009 is included in the statement.
If a member's MPF account does not have any fund balances and transactions during the scheme financial year from 1 July 2008 to 30 June 2009, we will issue a statement explaining some possible circumstances that may result in a zero balance.
Yes. We will deliver the statement to you as long as you remain as our scheme member as at 30 June 2009. There is a section on the last page of the statement to remind you to choose whether to retain your MPF accrued benefits in the scheme or withdraw them.
Since you have reached/will shortly attain the age of 65, this form is for you to inform us whether you would like to withdraw your MPF accrued benefits or retain them in the scheme. According to the MPF legislation, if we do not receive your instruction, your accrued benefits could become unclaimed benefits. Therefore, please complete and return the enclosed INAT form to us. If you choose to claim your accrued benefits, please complete and return INAT form and the claim form 'INPW' with a copy of your HKID card to us.
Starting from 2006, members with more than one HSBC MPF account will receive all their annual benefit statements in one envelope, mailed to the most recently updated address in the HSBC MPF records.
The total asset allocation shows the aggregated fund balance of your MPF accounts stated in the enclosed annual benefit statements as at 30 June 2009.
The 'Accrued Benefits Projection at different age' shows the projected benefits of your MPF accounts at different age intervals until the age of 65. The projection is prepared based on a set of assumptions. Please refer to the information beside the bar chart in the statement for details of the assumptions.
Projected average monthly amount refers to the expected monthly installment available to you, which lasts from the ages of 65 to 80 if you are male, and 65 to 85 if you are female, based on the total projected MPF benefit at age 65.
The 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' compares your projected relevant income at age 65 with the projected average monthly amount from age 65 to 80 (for male) or 85 (for female). Besides, it also shows your additional projected average monthly amount from age 65 to 80 (for male) or 85 (for female) if you start making a certain amount of additional monthly personal contribution on 1 July 2009. The 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' is prepared based on a set of assumptions. Please refer to the information beside the bar chart in the statement for details.
This percentage is calculated by dividing your 'Projected average monthly amount' for your retirement by the 'Projected relevant income at age 65'. It estimates the portion of the 'Projected relevant income as at age 65' which could be maintained after your retirement at age 65.
The 'Accrued Benefits Projection at different age' reflects a projected lump sum of MPF accrued benefits until your retirement at age 65, while the 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' shows a projected average monthly amount which will be available after your retirement until 80 (for male) or 85 (for female). The 'Accrued Benefits Projection at different age' and the 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' are projected based on several assumptions. Please refer to the information beside the bar chart in the statement for details.
The additional projected average monthly amount represented by the red and purple bars demonstrate 2 scenarios of different additional personal contribution amounts and their effects on the overall projected average monthly amount after age 65.
The red bar represents the additional projected average monthly amount resulting from HKD1,000 additional personal contribution made into your MPF account monthly; whereas the purple bar represents the additional projected average monthly amount resulting from a specific monthly additional personal contributions on top of the projected average monthly amount after age 65 to 80 (for male) and 85 (for female) (shaded in green), which is required for maintaining a living standard equivalent to 2/3 (that is approximately 66.67%) of your projected relevant income as at age 65. This information is for your reference only. You are free to make additional personal contributions according to your own retirement goals.
It shows the total contribution or/and transfer-in cumulated from the date you joined scheme to 30 June 2009. Any withdrawals of funds from your account are not reflected.
The opening balance is the dollar value of your MPF accounts as at 1 July 2008 which is equal to the closing balance of last year's statement. If the account was set up on or after 1 July 2008, the 'Opening balance' would be zero.
The unit price of 30 June 2009 is used for calculating the 'Closing balance'.
The 'Opening balance' is equal to the closing balance of last year's statement (i.e. 'Number of units held - Opening balance' in your account as at 1 July 2008, multiplied by the unit prices of the funds as at 30 June 2008, which is the last business day of the last scheme financial year).
These two summaries show the same total, but provide details of your account information using different approaches. 'Fund Balance Summary' shows your account transactions and balances by the funds you have invested in. 'Accrued Benefit Summary' shows your account transactions by different kinds of contributions or benefits, and it also provides the benefit entitlement of your account as at 30 June 2009.
'Fund Balance Summary' shows the closing balance of each fund the member invested in the scheme financial period. 'Accrued Benefit Summary', on the other hand, is broken down into different types of contributions. Therefore, the closing balances of each column shown in the two summaries are different. However, the total closing balances of the two summaries would be the same.
Please advise us as soon as your correspondence address changes by simply completing a Personal Details Change Form (IN91).
'Transfer from other registered scheme(s)' means any benefits accrued from your previous employment or self-employment and transferred from another scheme(s). 'Preserved' benefits are derived from mandatory contributions or Minimum MPF benefits (MMB) transfers from an ORSO scheme. 'Non-preserved' benefits are derived from non-mandatory contributions.
No. The guarantee conditions do not apply to fund switching. You will only be entitled to the actual balance, i.e. the market value, which may be higher or lower than the guaranteed balance depending on the performance of the fund.
The Financial Secretary announced in his 2008-2009 Budget Speech that the Government would make an one-off injection amount of HKD6,000 into the MPF account of eligible MPF/ORSO scheme members with an aim to enhancing their retirement protection. For details, please visit the MPFA's website.
You should inform us of your new address and any changes in telephone number, etc within 30 days of the change. Please complete a Personal Details Change Form. Download IN91 form.
Simply complete a Scheme Member's Request for Fund Transfer Form and return it to us. Download INPM form.
If you would also like to apply for a preserved account under HSBC, you should complete a Preserved Account Holder Application Form (IN71 - SuperTrust, IN81 - SuperTrust Plus or IN77 - SimpleChoice) and return it along with your INPM form.
You can review the latest statement from your existing MPF service provider or contact your existing trustee.
You can attach copies of the latest annual benefit statement issued by your existing MPF service provider(s) and your identification document when submitting your transfer request to us, which may facilitate the verification process to be done by the transferor trustee. Please be reminded to tick the box under Section IV of INPM form.
Regardless of the size of your business profits, you must enrol into an MPF scheme if you are a self-employed person between the ages of 18 and 65. However, you are not required to make mandatory contributions to the MPF scheme if your relevant income is lower than HKD60,000 per year (the new minimum level of relevant income with effect from 1 February 2003) or if you sustain a net loss in relation to your business.
Your choice of payment frequency will apply to a whole scheme financial year, ie 1 July to 30 June each year. You can change it in May each year together with your declaration of relevant income, and the new arrangement will take effect from the next financial year.
You should put '31 December' as the day and month. Likewise, if your HKID card only contains the year and month but not the day, you should put the last day of the month.
The Fund Information provides you with the unit prices.
Current unit prices are also available through these channels:
The cumulative performance of the Fund Information provides you with the past performance histories of the funds.
The unit prices are calculated based on the net asset value of each fund, ie the value of investments less fees and charges, divided by the number of units issued. (With the exception of the MPF Conservative Fund, where fees and charges are deducted directly from a member's account.)
The MPF legislation requires each MPF scheme to offer a CPF. Our CPF is a low risk fund, investing in high grade Hong Kong dollars denominated monetary instruments such as treasury bills, bills of exchange, commercial paper and certificates of deposits. The investment objective is to achieve a return higher than the average bank savings rate, however returns are not guaranteed.
According to the MPF legislation, fees can be deducted from the CPF only when the investment return is higher than the prescribed savings rate which is regularly published by the MPFA. The unit prices of the CPF have, therefore, not taken into account the deduction of fees. The fees for CPF are deducted in the form of units from a member's account only after the investment return and prescribed savings rate for each month are ascertained.
Our Guaranteed Fund is a low risk fund providing you with a guaranteed interest rate, provided certain conditions are met. If any of the Guarantee Conditions are met on withdrawal or transfer of benefits, members will be entitled to the guaranteed interest rate or actual investment returns, whichever is higher.
Our Guarantee Conditions include:
The guarantee will not apply when switching account balances between funds or when employers transfer their scheme to another provider.
The rate for the scheme financial year from 1 July 2008 to 30 June 2009 is 0.25% per annum.
The rate for the scheme financial year from 1 July 2009 to 30 June 2010 is 0.025% per annum.
The rate will be reviewed annually and determined at the beginning of each scheme financial year, ie 1 July each year.
No. By law, you must invest your MPF monies in the funds offered by the MPF scheme you participate in.
For SuperTrust and SuperTrust Plus
There is no limit to the number of fund switches that can be carried out per year, and there are no handling charges. However, we would remind you that the objective of MPF is to save for retirement and so your investment objectives should be longer term, dependent upon your personal circumstances.
For SimpleChoice
You can perform a portfolio rebalance* once per calendar year. Please refer to the Principal Brochure for details.
* Change the investment allocation of your existing account balance and future transferred amounts.
You do not need to apply for an MPF phone PIN. It is issued to you automatically after your enrolment, ie after you have submitted your application form.
Call the HSBC MPF Member Hotline on (852) 3128 0128, select preferred language and then press #. Our customer service representatives will ensure that a new PIN is issued and posted to you.
According to the MPF legislation, you can only withdraw your mandatory contributions when any one of the following circumstances occurs:
Simply complete a Claim Form for Payment of Accrued Benefits and return it together with the necessary supporting documents to us. Download INPW form
A statutory declaration in Hong Kong can be made at public enquiry centres of the Home Affairs Department. If the declaration is not made in Hong Kong, then it should be made before a notary public or registered solicitor and duly signed on a statutory declaration form for MPF purposes.
By law, the MPF benefits of a deceased member will be payable to his/her personal representative as indicated in a Letter of Probate or Letter of Administration granted by the Probate Registry. Members do not need to designate any beneficiary during enrolment.
The personal representative should complete a claim form (INPW) and submit it with the following documents to us:
A certified true copy is a duplicated copy which is certified by an authorised party that it has been photocopied from an original document. Claimants can bring along a completed claim form together with all original supporting documents to any of our designated HSBC branches. Our branch staff will assist them in making photocopies and submit the documents to us. Alternatively, the photocopy can be signed by a solicitor or any other person authorised by the laws to make such certification.
You can apply to the Probate Registry for the desired form. For details of the application procedures, you may visit the Judiciary website for information about Guide to Court Services (Probate).
Mandatory contributions are tax deductible, subject to an annual maximum amount of HKD12,000. However, voluntary contributions are not tax deductible.
Complete a Partial Withdrawal Request Form. Please note the instructions and requirements stated on the form. Download IN22 form.