FAQ - Employees

A1: How do I check my MPF account balances?

You can check your account balances through any of the following channels:

• Logon to Internet Banking (Personal Customers)
• Call the HSBC MPF Member Hotline on (852) 3128 0128 - Download a user's guide
• Check your account at HSBC and Hang Seng Bank's ATMs using your ATM card or credit card with HSBC

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A1: Is there a limit to the number of fund switches that can be carried out per year? Are there any handling charges?

For SuperTrust, SuperTrust Plus and ValueChoice

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 investments, new contributions and transfer-in MPF Benefits and AVC Benefits.

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A1: If I move, what should I do?

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.

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A1: When I change jobs, how can I handle my MPF accrued benefits?

You can choose one of the options below. Your options include:

• Retaining 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.
• Transferring them to a preserved account in any MPF scheme of your choice
• Transferring them to your new account under your new employer's MPFscheme
• Transferring them to your existing account in an Industry Scheme (if any)

As you are accumulating your funds for retirement purpose, it is important that you consider the long term financial strength and security of the MPF service providers when making your decision.

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A2: How can I check whether my employer has paid the last contribution for me?

You can check the latest contribution record of your account through any of the following ways:

• Logon to Internet Banking (Personal Customers)
• Call the HSBC MPF Member Hotline on (852) 3128 0128 - Download a user's guide
• Check your account at HSBC or Hang Seng Bank's ATMs using your ATM card or credit card with HSBC

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A3: What should I do if I leave my current employment and become a self-employed person?

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.

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A1: If my HKID card only contains the year of my birth and I do not have any other document of identity to prove my exact date of birth, what day and month should I put on the application 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.

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A1: How can I check the unit prices of the MPF funds?

The Fund Information provides you with the unit prices

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A2: Other than the unit prices available on the Internet, where can I check the unit prices?

Current unit prices are also available through these channels:

• HSBC MPF Member Hotline on (852) 3128 0128 - Download a user's guide
• Apple Daily
• Hong Kong Economic Times
• South China Morning Post

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A3: How can I check the past performance of the MPF funds?

The cumulative performance of the Fund Information provides you with the past performance histories of the funds.

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A4: How are the unit prices determined?

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.)

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A5: What is the MPF Conservative Fund (CPF)?

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.

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A6: Why are fees for the MPF Conservative Fund (CPF) being deducted from my account?

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.

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A7: What is the Guaranteed Fund? (applicable to SuperTrust and SuperTrust Plus only)

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.

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A8: What are the Guarantee Conditions? (applicable to SuperTrust and SuperTrust Plus only)

Our Guarantee Conditions include:

• Withdrawal of benefits upon:
  - Termination of employment
  - Reaching retirement age or normal retirement date
  - Death
  - Reaching early retirement date
  - Total incapacity
  - Permanent departure from the Hong Kong SAR
  - Making a claim on small balance account under section 162(1)(c) of the General Regulation
• Transfer of balances on termination of employment

The guarantee will not apply when switching account balances between funds or when employers transfer their scheme to another provider.

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A9: What is the current guaranteed interest rate for the Guaranteed Fund? (applicable to SuperTrust and SuperTrust Plus only)

The rate for the scheme financial year from 1 July 2010 to 30 June 2011 is 0.025% per annum.

The rate for the scheme financial year from 1 July 2011 to 30 June 2012 is 0.125% per annum.

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A10: How often will the guaranteed interest rate change? (applicable to SuperTrust and SuperTrust Plus only)

The rate will be reviewed annually and determined at the beginning of each scheme financial year, ie 1 July each year.

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A11: Can I invest my MPF monies in HSBC shares or unit trusts?

No. By law, you must invest your MPF monies in the funds offered by the MPF scheme you participate in.

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A1: Why has an amount been deducted to offset Severance or Long Service Payment from my account?

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.

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A1: Where can I apply for an MPF phone PIN?

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.

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A2: I have forgotten my MPF phone PIN. How do I get a replacement?

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.

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A1: Can I withdraw my mandatory contributions?

According to the MPF legislation, you can only withdraw your mandatory contributions when any one of the following circumstances occurs:

• At the age of 65
• Early retirement aged between 60 and 64
• Total incapacity
• Death
• Permanent departure from the Hong Kong SAR
• Small balance account withdrawal

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A2: I am now 65 years old and have ceased employment. How can I withdraw my mandatory contributions?

Simply complete a Claim Form for Payment of Accrued Benefits and return it together with the necessary supporting documents to us. Download INPW form

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A3: If I am above 65 years of age and still employed, what should I do with my MPF accrued benefits?

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.

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A4: How do I claim my MPF mandatory benefits?

Making a Claim

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A5: Where can I make a statutory declaration?

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.

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A6: If a member passes away, to whom will his/her benefits be paid? Can a member designate a beneficiary during enrolment?

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.

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A7: If a member passes away, how should his/her personal representative claim the benefits?

The personal representative should complete a claim form (INPW) and submit it with the following documents to us:

• A copy of the personal representative's HKID card
• A certified true copy of the death certificate of the deceased member
• A certified true copy or court sealed copy of the Letter of Probate or Letter of Administration granted by the Probate Registry

Download INPW form

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A8: What is a certified true copy?

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.

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A9: How to obtain a Letter of Probate or Letter of Administration?

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).

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A1: If I set up regular monthly Personal Contributions, can I make any additional lump sum contributions in the future?

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.

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A2: How can I change or cancel my Personal Contribution instructions?

Simply complete a Change of Regular Personal Contribution Instruction Form (INPA) and send it to us.

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A3: Are there any restrictions for withdrawing my Personal Contributions?

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.

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A4: How can I withdraw my Personal Contributions? Are there any handling charges?

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.

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A5: Can I make additional Voluntary Contributions through deductions from my salary?

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.

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A6: What is the difference between making additional Voluntary Contributions through deductions from my salary and Personal Contributions by debiting from my bank account?

Both are voluntary contributions in addition to your mandatory contributions. The major differences are as follows:

• You can set up Personal Contributions directly with us without going through your employer. It is totally private and independent from your employer. You can also choose your preferred direct debit date. You do not need your employer's consent to withdraw additional contributions you have made by this method.
• However, if you would like to make additional Voluntary Contributions through deductions from your salary, you must set up the arrangement via your employer. The contribution date will be the same as that of your mandatory contributions. If there is contractual arrangement of Voluntary Contributions in your scheme, these will require your employer's consent for withdrawal.

Learn more about Personal Contributions.

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A7: Can I retain my Personal Contributions in the MPF scheme after cessation of employment? Will there be any charges? How can I give my instructions?

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.

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A1: Are employee's mandatory and voluntary contributions deductible expenses under salaries tax?

Mandatory contributions made by employees are tax deductible, subject to an annual maximum amount of HKD12,000. However, voluntary contributions are not tax deductible

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A1: If I want to obtain detailed information of transfer and transaction(s) processed in my MPF account, what should I do? Information of which period(s) will be provided? Is there any handling charge for this service? What is the maximum number of requests I can make each year?

You can obtain the information by submitting a signed written request to the following address:

Retirement Benefits Administration
HSBC Life (International) Limited
PO Box 73770
Kowloon Central Post Office

Please note that you should state your full name, relevant employer ID, membership number(s) or HKID/passport number in your request. If you wish to obtain the information of more than one MPF account, please provide the employer ID and membership number of those accounts. Please be reminded that your signature must be the same as your previously submitted specimen.

Upon receipt of complete information as stated above, we will provide a transfer-in/out summary and details of transaction(s) of six most recent quarters which ends on the last calendar day of March, June, September or December.

There is no handling charge and limitation on the number of request you can make.

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A2: What kind of information does the "Transfer-in/out summary" provide?

This section summarises all transfer-in and transfer-out transaction(s) successfully processed in your MPF account within the six most recent quarters.

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A3: What kind of information does the "Details of Transactions" provide?

All transaction(s) processed successfully within the six most recent quarters will be recorded in the "Details of Transactions". It is presented in ascending order of the fund name in English and in chronological order of the transaction date.

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A4: What is opening balance and closing balance shown in the "Details of Transaction"?

Opening balance is the unit balance of your MPF account held as at the start date of the six quarters period as stated in the statement. Closing balance is the unit balance of your MPF account held as at the end date of the six quarters period as stated in the statement.

Example:
If the period stated in the statement is from 1 January 2010 to 30 June 2011, then the opening balance is the number of units held as at 1 January 2010 and the closing balance is the number of units held as at 30 June 2011.

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A5: Why is the closing balance of a fund zero?

The closing balance may become zero when you have transferred or withdrawn all units from a fund, or terminated your account on or before the end date of the six quarters period.

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A6: Why could I not find the 'investment returns' in the "Details of Transaction"?

Only transaction(s) processed successfully would be shown in the "Details of Transactions" section but investment returns is not a transaction.

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A1: How to transfer my MPF accrued benefits from other service providers to HSBC MPF?

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 for SuperTrust, IN81 for SuperTrust Plus, IN77 for SimpleChoice or IN88 for ValueChoice) and return it along with your INPM form.

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A2: How can I check my existing MPF account information in order for HSBC to process the transfer?

You can review the latest statement from your existing MPF service provider or contact your existing trustee.

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A3: How can I speed up the transfer process?

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.

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A1: How can I withdraw my voluntary contributions?

Complete a Partial Withdrawal Request Form. Please note the instructions and requirements stated on the form. Download IN54 form.

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A2: Are there any restrictions in withdrawing my voluntary contributions?

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.

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A3: Can I retain my voluntary contributions in the MPF scheme after cessation of employment?

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.

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