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FAQ - Employees

Questions: Account Information

Questions: Change Investment Plan

Questions: Change of Member Details

Questions: Changing Jobs

Questions: Flexi-Contributions

Questions: Forms

Questions: Fund Information

Questions: Long Service Payment or Severance Payment

Questions: Password / PIN

Questions: Payment of Benefits

Questions: Tax

Questions: Transfer-In/Out Summary and Details of Transactions - General

Questions: Transfer MPF Benefits to HSBC

Questions: Voluntary Contributions


Answers: Account Information

A1: How do I check my MPF account balances?

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

  • Logon to HSBC Internet Banking (Personal Customers)
  • Call the HSBC MPF Member Hotline on (852) 3128 0128 (Please refer to the section 'HSBC MPF Member Hotline' in Member's Guide for the user's guide)
  • Check your account at HSBC and Hang Seng Bank's ATMs using your ATM card or credit card with HSBC
  • Consolidated Bank statement (Applicable to HSBC Premier, HSBC Advance or SmartVantage (ie Personal Integrated) customers, and subject to some circumstances. Please refer to the Section 'Consolidated bank statement' in Member's Guide for the details.)

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Answers: Change Investment Plan

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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A2: What are the processing arrangements for change investment instructions under a gale/ storm signal and/or a black rainstorm warning signal issued by the Hong Kong Observatory on a business day?

If No. 8 or above gale/ storm signal and/or black rainstorm warning signal ("Warning Signal") is hoisted before 9am and still in force at 12 noon on a business day, the processing of change investment instructions scheduled on that business day will be postponed to the next business day.

If the Warning Signal is hoisted after 9am or is cancelled at or before 12 noon, the processing of change investment instructions scheduled on that business day will continue according to normal procedures.

The above arrangement is provided for reference only and may be subject to change from time to time without notice.

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Answers: Change of Member Details

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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Answers: Changing Jobs

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 personal account in the existing HSBC MPF scheme to enjoy special rate of Management Fees. For more details, please click here.
  • Transferring them to a personal account in any MPF scheme of your choice
  • Transferring them to your new account under your new employer's MPF scheme
  • 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 (Please refer to the section 'HSBC MPF Member Hotline' in Member's Guide for the 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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Answers: Flexi-Contributions

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

Yes, you may use the Flexi-Contributions Application Form (INPC) to make ad hoc lump sum contributions after you have set up your regular Flexi-Contributions.

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A2: How can I change or cancel my Flexi-Contributions instructions?

Simply complete a Change of Regular Flexi-Contributions Instruction Form (INPA) and send it to us.

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A3: Are there any restrictions for withdrawing my Flexi-Contributions?

You may request to withdraw your Flexi-Contributions up to 12 times in a scheme financial period (from 1 July to 30 June each year), subject to a minimum of HKD5,000 per withdrawal.

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

You need to complete a Flexi-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 Flexi-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 Flexi-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 Flexi-Contributions.

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A7: Can I retain my Flexi-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 Flexi-Contributions in your MPF personal 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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Answers: Forms

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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Answers: Fund Information

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 (Please refer to the section 'HSBC MPF Member Hotline' in Member's Guide for the user's guide)
  • 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)

Please refer to the 'Guarantee Feature' section under 'Guaranteed Fund' in Part II - Fund Structure of the relevant 'Principal Brochure' and any supplement to the Principal Brochure for details of the Guarantee Conditions.

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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 2013 to 30 June 2014 is 0.125% per annum.

The rate for the scheme financial year from 1 July 2014 to 30 June 2015 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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Answers: Long Service Payment or Severance Payment

A1: Why has an amount been deducted to offset Long Service Payment or Severance 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 Long Service Payment or Severance Payment from accrued benefits derived from employer's contributions made to the Scheme.

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A2: There are different types of contributions under member's MPF account, is there any offset sequence when HSBC handling the request for refund or claim of long service payment or severance payment?

Yes. The member's vested accrued benefits derived from the employer's contributions will be used for the offsetting according to the following sequence:

1. Employer voluntary contributions (if applicable)
2. Employer's ORSO transfers (if applicable)
3. Employer special contributions (if applicable)
4. Employer mandatory contributions

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Answers: Password / PIN

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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Answers: Payment of Benefits

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?

In Hong Kong, the statutory declaration must be made before and signed by a Commissioner for Oath at either the Public Enquiry Service Centre of the Home Affairs Department, a Notary Public or a Justice of the Peace. A statutory declaration made in a place other than Hong Kong is also acceptable provided that it is made before and signed by a Notary Public or a person authorised under the law of that place to administer an oath or take a statutory declaration.

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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 HKID card of the deceased member's personal representative stated on the 'Letter of probate' or 'Letter of administration' issued by the Probate Registry of Hong Kong
  • A copy of the 'Letter of Probate' or 'Letter of Administration' granted by the Probate Registry or a letter requesting withdrawal of the accrued benefits issued by the Official Administrator if the claim is made by the Official Administrator

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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Answers: Tax

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

Mandatory contributions made by employees are tax deductible, but voluntary contributions and Flexi-Contributions are not tax deductible. For the details of tax issues, please refer to the latest announcements by the Inland Revenue Department of the Government of the Hong Kong Special Administrative Region.

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Answers: Transfer-In/Out Summary and Details of Transactions - General

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 the 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 are the opening balance and closing balance shown in the 'Details of Transactions'?

Opening balance is the number of units of the fund held in your MPF account as at the start date of the six quarters period as stated in the statement. Closing balance is the number of units of the fund held in your MPF account 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 2012 to 30 June 2013, then the opening balance is the number of units held as at 1 January 2012 and the closing balance is the number of units held as at 30 June 2013.

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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 Transactions'?

Only transaction(s) processed successfully would be shown in the 'Details of Transactions' section but 'investment returns' is not a transaction. However, you may refer to the 'investment returns' stated in your 'MPF Annual Member Benefit Statement' of the corresponding scheme financial period.

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Answers: Transfer MPF Benefits to HSBC

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 personal account under HSBC, you should complete a Personal 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 the Section 'Authorisation and Declaration' of INPM form.

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Answers: Voluntary Contributions

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 12 times in a scheme financial period (from 1 July to 30 June each year), subject to a minimum of HKD5,000 per withdrawal. 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 personal 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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