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Answers: Preserved Accounts - Annual Benefit Statement - Accrued benefits

A1: What is the difference between 'Closing balance' and 'Adjusted closing balance' in 'Accrued Benefit Summary'?

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).

Answers: Preserved Accounts - Annual Benefit Statement - Investment

A1: How can I check my current investment allocation?

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.

A2: Do the figures of 'Account Gain/Loss' in the annual benefit statement reflect the accumulative investment performance throughout the past years?

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.

A3: What is the difference between unit price and market value?

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

A4: Which part of the annual benefit statement should I refer to if I would like to know the investment returns for this scheme financial year?

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.

A5: How can I calculate the amount of the 'Account Gain/Loss'?

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 - HKD41,758.46 - HKD0.00 - HKD21,269.00 + HKD0.00 - HKD1,025.00 = HKD4,042.95

		Balanced Fund --------------------
		HKD
Opening balance (as at 1 July 2008)	(a)	41,758.46
Total Contribution Invested (after fees)	(b)	0.00
Total Amount Transferred Into Scheme (after fees)	(c)	21,269.00
Total Amount Transferred Out of Scheme (after fees)	(d)	0.00
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 ========

A6: When are fees for MPF Conservative Fund (CPF) deducted? Which part of the annual benefit statement should I refer to if I would like to know the amount deducted in this scheme financial year?

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.

Answers: Preserved Accounts - Annual Benefit Statement - Summary of Account Movement

A1: What is 'Summary of Account Movements'?

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.

Answers: Preserved Accounts - Annual Benefit Statement - Transfer In/Out Summary

A1: Does the annual benefit statement show the transfer in/out transactions?

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.

Answers: Preserved Accounts - Annual Benefit Statement - Zero Balance Statement

A1: Why do some of the statements show a few paragraphs stating that the account balance is zero?

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.

A2: Under what circumstances will there be no contributions or fund balance for the members?

The transferred monies have not yet been received or processed as at 30 June 2009.

Answers: Preserved Accounts - Annual Benefit Statement - Attaining the Age of 65

A1: If I have reached the age of 65 but have not withdrawn my MPF accrued benefits, will an annual benefit statement be delivered to me?

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.

A2: Do I need to take any action on the enclosed INAT form?

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.

Answers: Preserved Accounts - Annual Benefit Statement - General

A1: What is consolidated mailing?

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.

A2: What is 'Total Asset Allocation'?

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.

A3: What is 'Accrued Benefits Projection at different age'?

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.

A4: What is 'Projected average monthly amount'?

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.

A5: What does the 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' represent?

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.

A6: What is the difference between the 'Accrued Benefits Projection at different age' and 'Comparison on projected relevant income at age 65 and average monthly amount after 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.

A7: What is 'Total Contribution/Total Transfer-in'?

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.

A8: What is 'Opening balance'? Which unit price is used for calculating the 'Closing balance'?

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'.

A9: What is the relationship between 'Opening balance' and 'Number of units held - Opening 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).

A10: What is the difference between 'Fund Balance Summary' and 'Accrued Benefit Summary'?

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.

A11: Why does the closing balance of each column of 'Fund Balance Summary' differ from that of 'Accrued Benefit Summary'?

'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.

A12: What should I do if my correspondence address has been/will be changed?

Please advise us as soon as your correspondence address changes by simply completing a Personal Details Change Form (IN91).

A13: What is the meaning of 'Preserved' and 'Non-preserved' benefits under 'Transfer from other registered scheme(s)'?

'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.

A14: Will I be entitled to the guaranteed balance if I switch my fund units in the Guaranteed Fund to other funds? (applicable to SuperTrust and SuperTrust Plus only)

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.

A15: What is a 'Special bonus'?

Preserved account holders 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.

A16: I have several MPF accounts with different service providers. What can I do to manage my MPF benefits more efficiently?

You can consolidate all your MPF accounts by transferring your preserved balances from different MPF service providers to any one MPF service provider for easier management. If you would like to transfer your accrued benefits to HSBC preserved account, please call our HSBC MPF Promotion Hotline on (852) 2288 9089 or click here for details.

A17: What is 'Government's injection of contribution'?

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.

Answers: Preserved Accounts - 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.

Answers: Preserved Accounts - 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.

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.

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.

Answers: Preserved Accounts - 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.

Answers: Preserved Accounts - Fund Information

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

The Fund Information provides you with the unit prices.

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 - every Saturday
Hong Kong Economic Times - from Tuesday to Saturday
South China Morning Post - from Monday to Saturday

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.

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.)

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.

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.

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.

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.

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 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.

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.

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.

Answers: Preserved Accounts - 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 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.

Answers: Preserved Accounts - 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.

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.

Answers: Preserved Accounts - 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

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.

A3: How do I claim my MPF mandatory benefits?

Making a Claim

A4: 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.

A5: 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.

A6: 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

A7: 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.

A8: 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).

A9: How can I withdraw my MPF non-preserved benefits?

Complete a Partial Withdrawal Request Form. Please note the instructions and requirements stated on the form. Download IN72 form.

A10: Are there any restrictions in withdrawing my MPF non-preserved benefits?

You may request to withdraw your MPF non-preserved benefits up to four times a year, subject to a minimum of HKD5,000 for each withdrawal request.