You can check your account balances through any of the following channels:
If you resign, your vested benefits is calculated up to the date you cease your employment. The amount you are entitled to depends on the reason for the termination reported by your employer as well as the unit prices for the funds at the time the payments or transfer of benefits are processed.
You can refer to 'Closing vested benefit' of the 'Accrued Benefit Summary' section for details of your accrued benefits entitlement as at 30 June 2008.
You can retain them in a preserved account in the existing HSBC MPF scheme to enjoy special rates of Management Fees. For more details, please click here.
'Closing vested benefit' represents the benefit amounts that vested as at 30 June 2008. 'Vesting percentage' represents the specified percentage to be applied in accordance with the relevant rules for calculating the vested benefit amounts. The vested benefit amounts shown therein are calculated on the assumption that you leave employment on 30 June 2008 under normal conditions.
'Closing vested benefit' = 'Adjusted closing balance*' x 'Vesting percentage'
* Adjusted closing balance is the balance which has taken the higher of the market value or guaranteed balance of the Guaranteed Fund as the basis for calculation. For all other funds, the adjusted closing balance will be equal to the closing balance.
The 'Closing balance' is calculated on market value basis, based on the unit price as at 30 June 2008. If you have investment in the Guaranteed Fund, you are entitled to the higher of the market value or the guaranteed balance provided that one of the guaranteed conditions is met. The 'Adjusted closing balance' shows the higher amount of the market value or the guaranteed balance.
If you have no investment in the Guaranteed Fund, the 'Adjusted closing balance' is simply 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 leave 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 OR, if 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 investment returns for the current scheme financial year only. Actually, the figures shown in 'Closing balance' do reflect the accumulated result as at 30 June 2008.
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.
You should refer to the 'Fund Balance Summary' section. The 'Investment returns' are shown in the subsection 'Others'. The amounts are calculated based on the unit prices as at 30 June 2008 and are for reference only. The actual investment returns can be ascertained only when the benefits are paid out or transferred.
The amount of the investment returns is calculated by subtracting the opening balance, contributions, transfer and transactions during the scheme financial year from the closing balance as at 30 June 2008.
Example:
The unit price for the Balanced Fund as at 30 June 2008 (the last business day in this scheme financial year) is HKD14.30; the number of units held in Balanced Fund is 2,128.095 units, therefore the closing balance is HKD30,431.76 (i.e. 2,128.095 units x HKD14.30).
Closing balance - Opening balance - Mandatory contribution - Fund switching = Investment returns
30,431.76 - 4,320.01 - 12,000 - 7,829.28 = 6,282.47
| Balanced Fund ------------------ |
|
| HKD | |
| Opening balance (as at 2007/07/01) |
4,320.01 |
| Mandatory contribution | |
| Employer | 6,000.00 |
| Member | 6,000.00 |
| ------------------ | |
| Sub-total: | 12,000.00 ======== |
| Others: | |
| Fund switching | 7,829.28 |
| Investment returns | 6,282.47 |
| ------------------ | |
| Closing balance (as at 2008/06/30) |
30,431.76 ======== |
| No. of units held | |
| Opening balance as at 2007/07/01 | 291.106 |
| Closing balance as at 2008/06/30 | 2,128.095 ======== |
Unlike all other funds, fees for CPF are not reflected in unit prices and are charged on a monthly basis by deducting fund units from your account. CPF fees are governed by the MPF legislation.
No. The annual benefit statement presents the accrued contributions made within the financial year in each account and since you joined the scheme. You can view your contribution records for the past 18 months through our Personal Internet Banking.
You can refer to the 'Accrued Benefit Summary' section for details. The total contributions made by your employer and yourself in the scheme financial year are shown as 'Contribution/Transfer' in the 'Employer' and 'Member' columns respectively.
You can 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 the 'Employer' and 'Member' columns respectively.
Since the account in SuperTrust Plus was set up on or after 1 July 2007, the 'Opening balance' would be zero. The 'Total Contribution/Total Transfer' 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' 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 2008 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 a member's account does not have any fund balances and transactions during the scheme financial year from 1 July 2007 to 30 June 2008, we will issue a statement explaining some possible circumstances that may result in a zero balance.
Yes, he will receive the statement as long as he remains a scheme member as at 30 June 2008. There is a section on the last page of the statement, inviting member to choose whether to retain the 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 would like to withdraw your MPF accrued benefits, you should submit a completed INAT form and claim form INPW, together with a photocopy of your HKID card.
Starting from 2006, members with more than one HSBC MPF account will receive all their annual 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 statements as at 30 June 2008.
The portfolio projection 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.
Based on the total projected balance as at age 65 and the assumed investment returns, it calculates the average monthly amount that is available for you from the ages of 65 to 80 if you are male, and to 85 if you are female.
This percentage is calculated by dividing your projected average monthly amount for your retirement with the projected relevant income at age 65. It estimates the proportion of the projected relevant income as at age 65 which could be maintained for your retirement.
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 projected additional 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 2008.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.
The 'Portfolio projection' 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 'Portfolio projection' 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.
It shows the total contribution or/and transfer cumulated from the date you joined scheme to 30 June 2008. Any withdrawals of funds from your account are not reflected.
The account opening balance as at 1 July 2007 is equal to the closing balance of last year's statement. If the account was set up on or after 1 July 2007, the 'Opening balance' will be shown as zero.
The unit price of 30 June 2008 will be 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 2007, multiplied by the unit prices of the funds as at 29 June 2007, 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 2008.
'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 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 does 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 Capital Preservation Fund (CPF) because the fees and charges have not yet been deducted from the unit prices of CPF. CPF fees in which the discount rate is reflected are deducted directly from 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'.
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 (New)) 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 Capital Preservation 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 2007 to 30 June 2008 is 0.25% per annum.
The rate for the scheme financial year from 1 July 2008 to 30 June 2009 is 0.25% per annum.
The rate will be reviewed annually and determined at the beginning of each scheme financial year, ie 1 July each year.
Please refer to the following table for special rates of Management Fees for your MPF account.
| Constituent fund name |
Standard level1 | Priviledged level1 for preserved account |
|---|---|---|
| Capital Preservation Fund | 1.25% | 1.00% |
| Global Bond Fund | ||
| Global Equity Fund | ||
| Hang Seng Index Tracking Fund |
1.50% | 1.10% |
| Stable Growth Fund |
1.75% | 1.35% |
| Balanced Fund |
1.85% | 1.45% |
| Guaranteed Fund2 | 1.95% | 1.50% |
| Growth Fund | ||
| North American Equity Fund | ||
| European Equity Fund | ||
| Asia Pacific Equity Fund | ||
| Hong Kong and Chinese Equity Fund |
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 them in a preserved account in the existing HSBC MPF scheme to enjoy special rates of Management Fees. For more details, please click here.
The 'Closing balance' is calculated on market value basis, based on the unit price as at 30 June 2008. If you have investment in the Guaranteed Fund, you are entitled to the higher of the market value or the guaranteed balance provided that one of the guaranteed conditions is met. The 'Adjusted closing balance' shows the higher amount of the market value or the guaranteed balance.
If you have no investment in the Guaranteed Fund, the 'Adjusted closing balance' is simply 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 OR, if 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 investment returns for the current scheme financial year only. Actually, the figures shown in 'Closing balance' do reflect the accumulated result as at 30 June 2008.
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.
You should refer to the 'Fund Balance Summary' section. The 'Investment returns' are shown in the subsection 'Others'. The amounts are calculated based on the unit prices as at 30 June 2008 and are for reference only. The actual investment returns can be ascertained only when the benefits are paid out or transferred.
The amount of the investment returns is calculated by subtracting the opening balance, contributions, transfer and transactions during the scheme financial year from the closing balance as at 30 June 2008.
Example:
The unit price for the Balanced Fund as at 30 June 2008 (the last business day in this scheme financial year) is HKD14.30; the number of units held in Balanced Fund is 2,128.095 units, therefore the closing balance is HKD30,431.76 (i.e. 2,128.095 units x HKD14.30).
Closing balance - Opening balance - Mandatory contribution - Fund switching = Investment returns
30,431.76 - 4,320.01 - 12,000 - 7,829.28 = 6,282.47
| Balanced Fund ------------------ |
|
| HKD | |
| Opening balance (as at 2007/07/01) |
4,320.01 |
| Mandatory contribution | |
| Member | 12,000.00 |
| ------------------ | |
| Sub-total: | 12,000.00 ======== |
| Others: | |
| Fund switching | 7,829.28 |
| Investment returns | 6,282.47 |
| ------------------ | |
| Closing balance (as at 2008/06/30) |
30,431.76
======== |
| No. of units held | |
| Opening balance as at 2007/07/01 | 291.106 |
| Closing balance as at 2008/06/30 | 2,128.095 ======== |
Unlike all other funds, fees for CPF are not reflected in unit prices and are charged on a monthly basis by deducting fund units from your account. CPF fees are governed by the MPF legislation.
No. The annual benefit statement presents the accrued contributions made within the financial year in each account and since you joined the scheme. You can view your contribution records for the past 18 months through our Personal Internet Banking.
You can refer to the 'Accrued Benefit Summary' section for details. The total contributions made in the scheme financial year are shown as 'Contribution/Transfer' in the 'Member' column.
You can refer to the 'Accrued Benefit Summary' section for details. The total contributions made since you joined the scheme are shown as 'Total Contribution/Total Transfer' in the 'Member' column.
Since the account in SuperTrust Plus was set up on or after 1 July 2007, the 'Opening balance' would be zero. The 'Total Contribution/Total Transfer' 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' 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 2008 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.
If a member's account does not have any fund balances and transactions during the scheme financial year from 1 July 2007 to 30 June 2008, we will issue a statement explaining some possible circumstances that may result in a zero balance.
Yes, he will receive the statement as long as he remains a scheme member as at 30 June 2008. There is a section on the last page of the statement, inviting member to choose whether to retain the 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 would like to withdraw your MPF accrued benefits, you should submit a completed INAT form and claim form INPW, together with a photocopy of your HKID card.
Starting from 2006, members with more than one HSBC MPF account will receive all their annual 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 statements as at 30 June 2008.
The portfolio projection 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.