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Member Benefit Statement

Frequently asked questions (FAQs)
  • Important notes
  •  
  • - The HSBC Mandatory Provident Fund - SuperTrust Plus is a mandatory provident fund scheme.
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  • - You should consider your own risk tolerance level and financial circumstances before making any investment choices or investing in the MPF Default Investment Strategy (the ‘DIS’). You should note that the DIS Constituent Funds, namely, the Core Accumulation Fund and the Age 65 Plus Fund, the DIS or a certain Constituent Fund may not be suitable for you. There may be a risk mismatch between the DIS Constituent Funds or a certain Constituent Fund and your risk profile (the resulting portfolio risk may be greater than your risk preference). When you are in doubt as to whether the DIS or a certain Constituent Fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice. You should make the investment decision most suitable for you taking into account your circumstances.
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  • - You should note that the implementation of the DIS may have an impact on your MPF investments and accrued benefits. We recommend that you consult with the Trustee if you have doubts on how you are being affected.
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  • - The Guaranteed Fund invests solely in an approved pooled investment fund ('APIF') in the form of an insurance policy provided by HSBC Life (International) Limited. The guarantee is also given by HSBC Life (International) Limited. Your investments in the Guaranteed Fund, if any, are therefore subject to the credit risks of HSBC Life (International) Limited. Please refer to section 4 ‘Risks’ of the MPF Scheme Brochure for details of the credit risk.
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  • - The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) ‘Guarantee features’ of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.
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  • - MPF Benefits, AVC Benefits and TVC Benefits are payable on a Member’s 65th birthday or on early retirement on or after reaching age 60. The accrued benefits can be paid in one lump sum or in instalments, at the Member’s election.  The accrued benefits can be paid in such form and on such terms and conditions as the Trustee may, to the extent not prohibited by the MPF Ordinance or General Regulation, prescribe. Please refer to subsection 6.7(c) ‘Payment of MPF Benefits, AVC Benefits and TVC Benefits’ of the MPF Scheme Brochure for details.
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  • - You should not invest based on the information shown on this website alone and should read the MPF Scheme Brochure.
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  • - Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the MPF Scheme Brochure.
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  • - Important – if you are in doubt about the meaning or effect of the contents of the MPF Scheme Brochure, you should seek independent professional advice.

Employee - Accrued Benefits

How much do I get if I leave employment?

If you resign, your vested benefit is calculated up to the date you leave your employment and according to the unit prices of the Constituent Funds at the time the payments or transfer of benefits are processed. If you have Employer Voluntary Contribution or Employer ORSO Transfer, the amount you're entitled to will depend on the reason for the termination reported by your employer and according to the vesting scale set by your employer.

You can refer to the 'Closing vested benefit' of the 'Accrued Benefit Summary' section for details of your accrued benefits entitlement as at 30 June 2020.

What can I do about my accrued benefits when I leave my current employment?

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
  • 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.

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

The 'Closing balance' is the dollar value of your MPF accounts, calculated based on the unit price, as at the last business day of June 2020, ie 30 June 2020.

The 'Adjusted closing balance' is the total balance of all invested Constituent Funds as at 30 June 2020, in which the greater of Actual Balance or the Guaranteed Balance of the investments in the Guaranteed Fund (if any) is used. If the account balance in the Guaranteed Fund is crystallised on 31 December, the 'Adjusted closing balance' will be equal to the 'Closing balance'. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to the MPF Scheme Brochure for full details of the guarantee features (including in the context of payment of accrued benefits in instalments) and ‘Guarantee Conditions’.

For other Constituent Funds, the 'Adjusted closing balance' is equal to the 'Closing balance'.

What do 'Closing vested benefit' and 'Vesting percentage' represent?

'Closing vested benefit' represents the dollar value of your MPF account balances vested to you according to the governing rules of the scheme as at 30 June 2020 (assuming that you leave employment under normal conditions). 'Vesting percentage' represents the percentage of benefits you are entitled to as at 30 June 2020 in accordance with relevant scheme rules and MPF regulations.

'Closing vested benefit' = 'Adjusted closing balance*' x 'Vesting percentage'

* 'Adjusted closing balance' is the total balance of all invested Constituent Funds as at 30 June 2020, in which the greater of Actual Balance or the Guaranteed Balance of the investments in the Guaranteed Fund (if any) is used. If the account balance in the Guaranteed Fund is crystallised on 31 December, the 'Adjusted Closing balance' will be equal to the 'Closing balance'. For other Constituent Funds, the 'Adjusted closing balance' will be equal to the 'Closing balance'.

What is the amount of ORSO accrued benefits I am entitled to as at 30 June 2020?

You can refer to the 'ORSO transfer of current employment' 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.

Employee - Attaining the age of 65

If I've reached the age of 65 but have not withdrawn my MPF accrued benefits, will a member benefit statement be delivered to me?

Yes. We'll deliver the member benefit statement to you as long as you remain as our scheme member as at 30 June 2020. There is a section on the statement to remind you the alternatives of handling your MPF accrued benefits in the scheme.

Employee - Contributions

Does the member benefit statement show the monthly contribution records?

Yes. You can refer to the 'Contribution Summary' section which summarises contributions made to your MPF accounts within the scheme financial period. Only transaction(s) which were completely processed on or before 30 June 2020 is/are included in the statement. You can also view your contribution records for the past 18 months through our Personal Internet Banking.

Does the member benefit statement show 'Flexi-Contributions' record?

Yes. All Flexi-Contributions records are shown in the 'Flexi-Contributions' column under the 'Accrued Benefit Summary' and 'Contribution Summary' section.

Which part of the statement should I refer to if I would like to know the total contributions made by my employer and myself in the scheme financial period?

You may refer to the 'Total Contribution Invested' field under the 'Summary of Account Movements' or 'Accrued Benefit Summary' section for the contributions made for your HSBC MPF accounts in the scheme financial period. You may also refer to the 'Contribution Summary' section for details.

Which part of the statement should I refer to if I would like to know the total contributions made by my employer and myself since I joined the scheme?

You may refer to the 'Accrued Benefit Summary' section for details. The total contributions made by your employer and yourself since you joined the scheme are shown as 'Total contribution/Total transferred-in since inception' in the 'Employer' and 'Member' columns respectively.

Does the member benefit statement of 30 June 2020 include any contributions received after 30 June 2020?

No. Only contributions which were received and completely processed on or before 30 June 2020 would be included in the statement. For enquiry on your latest account balance, you can logon to Personal Internet Banking or HSBC HK Mobile Banking app, or call our HSBC MPF Member Benefit Statement Hotline on (852) 2288 6729 or use our ATM service.

Which outstanding contribution periods will be shown on the 'Contribution period(s) with contribution outstanding' section and 'Contribution period(s) with surcharge outstanding' section?

Any contribution periods with wholly or partly unsettled contributions or surcharges were due on or before 30 June 2020 will be shown in the respective section.

Employee - Contribution Summary

If the frequency of the contributions are paid more than once per month, does the member benefit statement show all contribution records?

If the frequency of the contributions is more than once per month, the end date of the last contribution period in that calendar month would be shown under the 'Date of relevant contribution end' and the total contributions invested for the contribution periods in the relevant calendar month would be added up and shown in the same row.

Example:
For the month of December, there are totally 5 weekly contribution periods (ie 2019/11/25 - 2019/12/01, 2019/12/02 - 2019/12/08, 2019/12/09 - 2019/12/15, 2019/12/16 - 2019/12/22, 2019/12/23 - 2019/12/29).
Payroll period
Employer Mandatory contribution (HKD)
Employee Mandatory contribution (HKD)

Employer Voluntary contribution (HKD)
Employee Voluntary contribution (HKD)
2019/11/25 – 2019/12/01
200.00
200.00
200.00
0.00
2019/12/02 – 2019/12/08
200.00
200.00
200.00
0.00
2019/12/09 – 2019/12/15
200.00
200.00
200.00
100.00
2019/12/16 – 2019/12/22
200.00
200.00
200.00
0.00
2019/12/23 – 2019/12/29
200.00
200.00
200.00
0.00
Example:
For the month of December, there are totally 5 weekly contribution periods (ie 2019/11/25 - 2019/12/01, 2019/12/02 - 2019/12/08, 2019/12/09 - 2019/12/15, 2019/12/16 - 2019/12/22, 2019/12/23 - 2019/12/29).
Payroll period
2019/11/25 – 2019/12/01
Employer Mandatory contribution (HKD)
200.00
Employee Mandatory contribution (HKD)

200.00
Employer Voluntary contribution (HKD)
200.00
Employee Voluntary contribution (HKD)
0.00
Payroll period
2019/12/02 – 2019/12/08
Employer Mandatory contribution (HKD)
200.00
Employee Mandatory contribution (HKD)

200.00
Employer Voluntary contribution (HKD)
200.00
Employee Voluntary contribution (HKD)
0.00
Payroll period
2019/12/09 – 2019/12/15
Employer Mandatory contribution (HKD)
200.00
Employee Mandatory contribution (HKD)

200.00
Employer Voluntary contribution (HKD)
200.00
Employee Voluntary contribution (HKD)
100.00
Payroll period
2019/12/16 – 2019/12/22
Employer Mandatory contribution (HKD)
200.00
Employee Mandatory contribution (HKD)

200.00
Employer Voluntary contribution (HKD)
200.00
Employee Voluntary contribution (HKD)
0.00
Payroll period
2019/12/23 – 2019/12/29
Employer Mandatory contribution (HKD)
200.00
Employee Mandatory contribution (HKD)

200.00
Employer Voluntary contribution (HKD)
200.00
Employee Voluntary contribution (HKD)
0.00
Information shown in the member benefit statement of 30 June 2020:
Date of relevant contribution period end
Employer Mandatory contribution invested (HKD)
Employee Mandatory contribution invested (HKD)
Employer Voluntary contribution invested (HKD)
Employee Voluntary contribution invested (HKD)
Total (HKD)
2019/12/29
1.000.00 1.000.00 1.000.00 100.00 3.100.00
Information shown in the member benefit statement of 30 June 2020:
Date of relevant contribution period end
2019/12/29
Employer Mandatory contribution invested (HKD)
1.000.00
Employee Mandatory contribution invested (HKD)
1.000.00
Employer Voluntary contribution invested (HKD)
1.000.00
Employee Voluntary contribution invested (HKD)
100.00
Total (HKD)
3.100.00

Employee - Electronic MPF Member Benefit Statement

How can I apply for electronic MPF Member Benefit Statement?

Please click here for details of registration for electronic MPF Member Benefit Statement.

How do I view my electronic MPF Member Benefit Statement?

Please click here for details of viewing the electronic MPF Member Benefit Statement.

If I am receiving consolidated mailing of MPF Member Benefit Statement in hard copy, how will this consolidated MPF Member Benefit Statement be shown in Personal Internal Banking after I have registered for electronic MPF Member Benefit Statement?

The electronic MPF Member Benefit Statement will be provided in multiple files on the 'MPF eStatement and eAdvice' page of Personal Internet Banking. It includes 'Summary of Account Movements' of all MPF accounts, individual files of member benefit statement for your all MPF accounts and enclosures of MPF Member Benefit Statement for the relevant scheme financial period. Please be reminded to access all files of MPF Member Benefit Statement for the relevant scheme financial period from the 'MPF eStatement and eAdvice' page of Personal Internet Banking.

How can I locate the enclosure(s) of electronic MPF Member Benefit Statement?

You can refer to the 'Statement - Enclosure of MPF Member Benefit Statement' which includes different enclosures with its relevant hyperlinks in the electronic version and click the relevant hyperlink to access the content of enclosures of the MPF Member Benefit Statement.

Employee - General

What is consolidated mailing?

Scheme members with more than one HSBC MPF account will receive all their member benefit statements in one envelope, mailed to the most recently updated address in HSBC MPF records.

What is ‘Total Asset Allocation’?

The ‘Total Asset Allocation’ shows the aggregated Constituent Fund balance of each individual Constituent Fund of all your MPF account(s) as at 30 June 2020.

What is 'Asset Allocation'?

The ‘Asset Allocation’ shows the Constituent Fund balance of each individual Constituent Fund of your individual MPF account as at 30 June 2020.

Portfolio projection on MPF accrued benefits is removed from member benefit statement. Where can I obtain such information?

Accrued benefits projection until age 65 of MPF benefits can be found in Personal Internet Banking. You can obtain the relevant information by logging on to Personal Internet Banking.

What is 'Total contribution/Total transferred-in since inception'?

It shows the total contribution or/and transfer-in accumulated from the date you joined the scheme to 30 June 2020. Any withdrawals of funds from your account are not reflected.

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 2019 which is equal to the closing balance of last year's statement. If the account was set up on or after 1 July 2019, the 'Opening balance' would be zero.

The unit price of 30 June 2020 (the last business day of June 2020) is used for calculating the 'Closing balance'.

What should I do if my contact details such as correspondence address, contact number and email address has been/will be changed?

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

What kind of contributions is presented under sub-account of 'Contributions of former employment'?

Your benefits accrued from previous employment or self-employment and transferred from other scheme(s) to this scheme are presented under the sub-account of 'Contributions of former employment'.

What is a 'Surcharge'?

If employers fail to pay contributions on or before the relevant contribution day, they are required to pay a surcharge of 5% on the outstanding mandatory contributions. The ‘surcharge’ is paid by employer and will be credited to the employees' MPF accounts.

What is a 'Special bonus'?

Employees of large employers (or employers belonging to certain associations which have special agreements with us) are entitled to preferential fees and charges. The relevant scheme members purchase of Constituent Funds are still based on standard unit prices and the discount rate is given in the form of bonus units which is called a 'Special bonus'. The 'Special bonus' will be refunded in the form of fund units allocation to the members' accounts and credited into employer's sub-accounts (if applicable) and member's sub-accounts (if applicable).

What is a 'Bonus unit rebate'?

Bonus unit rebate' is a special reward in the form of bonus units which has been offered and credited to the eligible scheme members who have fulfilled the terms and conditions of the relevant bonus unit rebate campaign.

What is a 'Guarantee charge rebate'?

'Guarantee charge rebate' refers to the guarantee charge in the Guaranteed Fund which has been rebated in the form of fund units to MPF account after crystallisation.

What is 'Employer reserve allocation'? Under what circumstances will this occur?

An 'Employer reserve allocation' will only occur if there are employer's voluntary contributions and/or employer's ORSO transfers. If an employee leaves 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 who are still employed by the company as at a predetermined allocation date. The allocation of unvested benefits is called 'Employer reserve allocation.'

What is 'Employee Choice Arrangement'? Which part of the member benefit statement should I refer to?

The 'Employee Choice Arrangement' was effective on 1 November 2012. Employees can elect to transfer the accrued benefits derived from their employee's mandatory contributions under the current employment to the MPF scheme of their own choices once per calendar year. If the employees have transferred the accrued benefits derived from former employment or self-employment to their contribution accounts under the current employment, they can also transfer these benefits to the MPF scheme of their own choices at any time. Please note that the accrued benefits derived from the employer's mandatory contributions under the current employment have to be retained in the MPF scheme selected by the employer until the employment ends.

This item was added to 'Accrued Benefit Summary' section.

If I want to obtain detailed information of transfer-in/out, withdrawal summary and details of transactions processed in my MPF account, what should I do?

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

Pension Administration
The Hongkong and Shanghai Banking Corporation Limited
P O 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 signed written request. If you wish to obtain the information of transfer in/out, withdrawal summary and details of transactions for more than one MPF account, please provide the respective employer ID and membership number of those accounts. Please be reminded that your signature must be the same as your last submitted specimen.

Why is there no printed copy of ‘Fund Fact Sheet’ attached in member benefit statement? How can I get a printed copy of ‘Fund Fact Sheet’?

To support go green, the enclosure of ‘Fund Fact Sheet flyer’ is provided together with the member benefit statement. Member can scan the QR code printed on the ‘Fund Fact Sheet flyer’ to access the electronic version of ‘Fund Fact Sheet’. If you would like to have a printed copy of ‘Fund Fact Sheet’, you can call our HSBC MPF Member Hotline at (852) 3128 0128.

How can I get a ‘Fund Fact Sheet’ for other quarters?

You can obtain a ‘Fund Fact Sheet’ for other quarters at our MPF website www.hsbc.com.hk/mpf, or contact our HSBC MPF Member Hotline at (852) 3128 0128.

Employee - Investment

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 to Personal Internet Banking services or HSBC HK Mobile Banking app, or call our HSBC MPF Member Benefit Statement Hotline on (852) 2288 6729 to check the details of the current investment allocation.

Which part of the member benefit statement should I refer to if I would like to know the investment returns for this scheme financial period?

You may refer to the 'Investment returns' in the 'Accrued Benefit Summary' section. The amounts are calculated based on the unit prices as at the last business day of June 2020, ie 30 June 2020 and are for reference only. The actual investment returns can be ascertained only when the benefits are paid out or transferred.

How can I calculate the amount of 'Account(s) gain/(loss) during the period'?

The amount of the 'Account(s) gain/(loss) during the period' is calculated by subtracting the opening balance and other transactions (excluding special bonus, bonus unit rebate and guarantee charge rebate (if any)) during the scheme financial period from the closing balance as at 30 June 2020.

Example:
The unit price for the Balanced Fund as at 30 June 2020 (the last business day of June 2020) is HKD19.54 and the number of units held in Balanced Fund is 4,519.415 units, therefore the closing balance is HKD88,309.37 (ie 4,519.415 units x HKD19.54).
Account(s) gain/(loss) during the period = Closing balance - Opening balance - Total contribution invested - Total amount transferred into scheme + Total amount transferred out of or withdrawn from scheme

HKD88,309.37 - HKD43,431.76 - HKD12,000.00 - HKD24,311.00 + HKD673.30 = HKD9,239.91

 

For calculation the amount of the 'Account(s) gain/(loss) during the period', please refer to the snapshot below of MPF Member Benefit Statement.

How does the fees for MPF Conservative Fund be deducted?

Fees and charges of an MPF Conservative Fund can be deducted from either (i) the assets of the MPF Conservative Fund or (ii) Members' account by way of unit deduction. From 1 July 2015, fees and charges deduction method of MPF Conservative Fund of HSBC MPF schemes has changed from method (ii) to method (i). Therefore, the unit prices, net asset value (NAV) and fund performance of MPF Conservative Fund quoted have reflected the impact of fees and charges for the period starting from 1 July 2015. Before 1 July 2015, the fees and charges for MPF Conservative Fund under HSBC MPF schemes were deducted in the form of units from a member's account only after the investment return and prescribed savings rate for each month were ascertained.

Employee - Summary of Account Movements

What is 'Summary of Account Movements'?

The ‘Summary of Account Movements’ shows the overview of total amount moved in and out of your HSBC MPF account(s) within the current scheme financial period.

What is the fund allocation displays on the pie chart?

The pie chart shows the fund allocation of your closing balance as at the end of the scheme financial period. It contains the five largest holdings in Constituent Fund invested and the aggregated balance of the rest of holdings in Constituent Fund invested (ie, ‘Others’) (if any). It will be sorted by percentage and Constituent Fund name by alphabetical order if there are the same holdings. If your closing balance is zero, no fund allocation will be shown.

Why does the fund allocation shown on the pie chart not match with my Constituent Funds invested? Which part of the statement should I refer to if I would like to know the fund allocation of my MPF account?

The pie chart displays the five largest holdings in Constituent Funds invested with the percentage of the closing balance. For more than 5 Constituent Funds invested, the aggregated balance of the rest of holdings is grouped as ‘Others’. You may refer to the ‘Asset Allocation’ section which lists out all of your holdings in Constituent Funds invested  as at the end of scheme financial period.

What is the difference between 'Account(s) gain/(loss) during the period' and 'Account(s) gain/(loss) since inception'?

'Account(s) gain/(loss) during the period' shows the dollar value of overall account gain/(loss) of your MPF accounts, including 'special bonus', 'bonus unit rebate' and 'guarantee charge rebate', if applicable, for the current scheme financial period only.

'Account(s) gain/(loss) since inception' reflects the overall account gain/(loss) of your MPF accounts since you first joined that MPF account, which also includes 'special bonus', 'bonus unit rebate', 'guarantee charge rebate' and 'unit deduction (for expenses of Constituent Fund)' for MPF Conservative Fund, if applicable.

How can I calculate the amount of 'Account gain/(loss) since inception'?

The amount of the 'Account gain/(loss) since inception' is calculated by adding the 'investment returns', 'special bonus', 'bonus unit rebate', 'guarantee charge rebate' and minus 'unit deduction (for expenses of Constituent Fund)' for the MPF Conservative Fund (if any) of all years starting from the first day you joined that MPF account.

'Account gain/(loss) since inception' = all years' 'Investment returns' + all years' 'Special bonus' + all years' 'Bonus unit rebate' + all years' 'Guarantee charge rebate' - all years' 'Unit deduction (for expenses of Constituent Fund)' for the MPF Conservative Fund

Employee - Zero Balance Statement

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

If a scheme member's MPF account does not have any fund balances and transactions during the scheme financial period from 1 July 2019 to 30 June 2020, we will issue a statement explaining some possible circumstances that may result in a zero balance.

Under what circumstances will there be no contributions or fund balance for the scheme member?

  • Employer must submit the first contributions for the non-casual employee by the 10th day after the last day of the month during which the 60-day permitted period ends. Therefore it is possible that contributions are not yet due as at 30 June 2020.
  • The relevant income is zero, and therefore, no contributions is payable.
  • Non-casual employee leaves the scheme prior to any contributions being payable, ie non-casual employee ceases the employment within the 60-day permitted period after joining the employer.
  • The contributions may have been processed after 30 June 2020.
  • The scheme member has enrolled with another scheme and hence has not made any contributions to the account.
  • The scheme member is a personal account holder and the transferred monies have not yet been received or processed as at 30 June 2020.
  • The scheme member is a tax deductible voluntary contributions account holder and the relevant contributions or transferred monies have not yet been received or processed as at 30 June 2020.

Self-employed - Accrued Benefits

What can I do about my accrued benefits when I cease the self-employment?

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
  • 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.

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

The 'Closing balance' is the dollar value of your MPF accounts, calculated based on the unit price, as at the last business day of June 2020, ie 30 June 2020.

The 'Adjusted closing balance' is the total balance of all invested Constituent Funds as at 30 June 2020, in which the greater of Actual Balance or the Guaranteed Balance of the investments in the Guaranteed Fund (if any) is used. If the account balance in the Guaranteed Fund is crystallised on 31 December, the 'Adjusted closing balance' will be equal to the 'Closing balance'. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to the MPF Scheme Brochure for full details of the guarantee features (including in the context of payment of accrued benefits in instalments) and ‘Guarantee Conditions’.

For other Constituent Funds, the 'Adjusted closing balance' is equal to the 'Closing balance'.

Self-employed - Attaining the age of 65

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

Yes. We will deliver the member benefit statement to you as long as you remain as our scheme member as at 30 June 2020. There is a section on the statement to remind you of the  alternatives of handling your MPF accrued benefits in the scheme.

Self-employed - Contributions

Does the member benefit statement show the monthly contribution records?

Yes. You can refer to the 'Contribution Summary' section which summarises contributions made to your MPF accounts within the scheme financial period. Only transaction(s) which were completely processed on or before 30 June 2020 is/are included in the statement. You can also view your contribution records for the past 18 months through Personal Internet Banking.

Does the member benefit statement of 30 June 2020 include any contributions received after 30 June 2020?

No. Only contributions which were received and completely processed on or before 30 June 2020 would be included in the statement. For enquiry on your latest account balance, you can logon to Personal Internet Banking or HSBC HK Mobile Banking app, or call our HSBC MPF Member Benefit Statement Hotline on (852) 2288 6729 or use our ATM service.

Which part of the statement should I refer to if I would like to know the total contributions made by myself in the scheme financial period?

You may refer to the 'Total contribution invested' field under the 'Summary of Account Movements' or 'Accrued Benefit Summary' section for the contributions made for your HSBC MPF accounts in the scheme financial period, You may also refer to the 'Contribution Summary' section for details.

Which part of the statement should I refer to if I would like to know the total contributions made since I joined the scheme?

You may refer to the 'Accrued Benefit Summary' section for details. The total contributions made by you since you joined the scheme are shown as 'Total contribution/Total transferred-in since inception' in the 'Member' column.

Self-employed - Electronic MPF Member Benefit Statement

How can I apply for electronic MPF Member Benefit Statement?

Please click here for details of registration for electronic MPF Member Benefit Statement.

How do I view my electronic MPF Member Benefit Statement?

Please click here for details of viewing the electronic MPF Member Benefit Statement.

If I am receiving consolidated mailing of MPF Member Benefit Statement in hard copy, how will this consolidated MPF Member Benefit Statement be shown in Personal Internal Banking after I have registered for electronic MPF Member Benefit Statement?

The electronic MPF Member Benefit Statement will be provided in multiple files on the 'MPF eStatement and eAdvice' page of Personal Internet Banking. It includes 'Summary of Account Movements' of all MPF accounts, individual files of member benefit statement for your all MPF accounts and enclosures of MPF Member Benefit Statement for the relevant scheme financial period. Please be reminded to access all files of MPF Member Benefit Statement for the relevant scheme financial period from the 'MPF eStatement and eAdvice' page of Personal Internet Banking.

How can I locate the enclosure(s) of electronic MPF Member Benefit Statement?

You can refer to the 'Statement - Enclosure of MPF Member Benefit Statement' which includes different enclosures with its relevant hyperlinks in the electronic version and click the relevant hyperlink to access the content of enclosures of the MPF Member Benefit Statement.

Self-employed - General

What is consolidated mailing?

Scheme members with more than one HSBC MPF account will receive all their member benefit statements in one envelope, mailed to the most recently updated address in HSBC MPF records.

What is ‘Total Asset Allocation’?

The ‘Total Asset Allocation’ shows the aggregated Constituent Fund balance of each individual Constituent Fund of all your MPF account(s) as at 30 June 2020.

What is 'Asset Allocation'?

The ‘Asset Allocation’ shows the Constituent Fund balance of each individual Constituent Fund of your individual MPF account as at 30 June 2020.

Portfolio projection on MPF accrued benefits is removed from member benefit statement. Where can I obtain such information?

Accrued benefits projection until age 65 of MPF benefits can be found in Personal Internet Banking. You can obtain the relevant information by logging on to Personal Internet Banking.

What is 'Total contribution/Total transferred-in since inception'?

It shows the total contribution or/and transfer-in accumulated from the date you joined the scheme to 30 June 2020. Any withdrawals of funds from your account are not reflected.

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 2019 which is equal to the closing balance of last year's statement. If the account was set up on or after 1 July 2019, the 'Opening balance' would be zero.

The unit price of 30 June 2020 (the last business day of June 2020) is used for calculating the 'Closing balance'.

What should I do if my contact details such as correspondence address, contact number and email address has been/will be changed?

Please advise us as soon as your contact details changes by simply completing a ‘Personal Details Change Form’ (IN91).

What kind of contributions is presented under sub-account of 'Contributions of former employment'?

Your benefits accrued from previous employment or self-employment and transferred from other scheme(s) to this scheme are presented under the sub-account of 'Contributions of former employment'.

What is a 'Guarantee charge rebate'?

'Guarantee charge rebate' refers to the guarantee charge in the Guaranteed Fund which has been rebated in the form of fund units to MPF account after crystallisation.

What is 'Employee Choice Arrangement'? Which part of the member benefit statement should I refer to?

The 'Employee Choice Arrangement' was effective on 1 November 2012. If self-employed person has transferred the accrued benefits derived from former employment to their contribution account under current employment, he/she could also transfer these benefits to the MPF scheme of their own choices at any time.

This item was added to 'Accrued Benefit Summary' section.

If I want to obtain detailed information of transfer-in/out, withdrawal summary and details of transactions processed in my MPF account, what should I do?

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

Pension Administration
The Hongkong and Shanghai Banking Corporation Limited
P O 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 signed written request. If you wish to obtain the information of transfer in/out, withdrawal summary and details of transactions for more than one MPF account, please provide the respective employer ID and membership number of those accounts. Please be reminded that your signature must be the same as your last submitted specimen.

Why is there no printed copy of ‘Fund Fact Sheet’ attached in member benefit statement? How can I get a printed copy of ‘Fund Fact Sheet’?

To support go green, the enclosure of ‘Fund Fact Sheet flyer’ is provided together with the member benefit statement. Member can scan the QR code printed on the ‘Fund Fact Sheet flyer’ to access the electronic version of ‘Fund Fact Sheet’. If you would like to have a printed copy of ‘Fund Fact Sheet’, you can call our HSBC MPF Member Hotline at (852) 3128 0128.

How can I get a ‘Fund Fact Sheet’ for other quarters?

You can obtain a ‘Fund Fact Sheet’ for other quarters at our MPF website www.hsbc.com.hk/mpf, or contact our HSBC MPF Member Hotline at (852) 3128 0128.

Self-employed - Investment

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 to Personal Internet Banking services or HSBC HK Mobile Banking app, or call our HSBC MPF Member Benefit Statement Hotline on (852) 2288 6729 to check the details of the current investment allocation.

Which part of the member benefit statement should I refer to if I would like to know the investment returns for this scheme financial period?

You may refer to the 'Investment returns' in the 'Accrued Benefit Summary' section. The amounts are calculated based on the unit prices as at the last business day of June 2020, ie 30 June 2020 and are for reference only. The actual investment returns can be ascertained only when the benefits are paid out or transferred.

How can I calculate the amount of 'Account(s) gain/(loss) during the period'?

The amount of the 'Account(s) gain/(loss) during the period' is calculated by subtracting the opening balance and other transactions (excluding special bonus, bonus unit rebate and guarantee charge rebate (if any)) during the scheme financial period from the closing balance as at 30 June 2020.

Example:
The unit price for the Balanced Fund as at 30 June 2020 (the last business day of June 2020) is HKD19.54 and the number of units held in Balanced Fund is 4,519.415 units, therefore the closing balance is HKD88,309.37 (ie 4,519.415 units x HKD19.54).

Account(s) gain/(loss) during the period = Closing balance - Opening balance - Total contribution invested - Total amount transferred into scheme + Total amount transferred out of or withdrawn from scheme

 

HKD88,309.37 - HKD43,431.76 - HKD12,000.00 - HKD24,311.00 + HKD673.30 = HKD9,239.91

For calculation the amount of the ‘Account(s) gain/(loss) during the period’, please refer to the snapshot below of MPF Member Benefit Statement.

How does the fees for MPF Conservative Fund be deducted?

Fees and charges of an MPF Conservative Fund can be deducted from either (i) the assets of the MPF Conservative Fund or (ii) Members' account by way of unit deduction. From 1 July 2015, fees and charges deduction method of MPF Conservative Fund of HSBC MPF schemes has changed from method (ii) to method (i). Therefore, the unit prices, net asset value (NAV) and fund performance of MPF Conservative Fund quoted have reflected the impact of fees and charges for the period starting from 1 July 2015. Before 1 July 2015, the fees and charges for MPF Conservative Fund under HSBC MPF schemes were deducted in the form of units from a member's account only after the investment return and prescribed savings rate for each month were ascertained.

Self-employed - Summary of Account Movements

What is 'Summary of Account Movements'?

The ‘Summary of Account Movements’ shows the overview of total amount moved in and out of your HSBC MPF account(s) within the current scheme financial period.

What is the fund allocation displays on the pie chart?

The pie chart shows the fund allocation of your closing balance as at the end of the scheme financial period. It contains the five largest holdings in Constituent Fund invested and the aggregated balance of the rest of holdings in Constituent Fund invested (ie, ‘Others’) (if any). It will be sorted by percentage and Constituent Fund name by alphabetical order if there are the same holdings. If your closing balance is zero, no fund allocation will be shown.

Why does the Constituent Funds invested not match with my fund allocation shown on the pie chart? Which part of the statement should I refer to if I would like to know the fund allocation of my MPF account?

The pie chart displays the five largest holdings in Constituent Funds invested with the percentage of the closing balance. For more than 5 Constituent Funds invested, the aggregated balance of the rest of holdings is grouped as ‘Others’. You may refer to the ‘Asset Allocation’ section which lists out all of your holdings in Constituent Funds invested as at the end of the scheme financial period.

What is the difference between 'Account(s) gain/(loss) during the period' and 'Account(s) gain/(loss) since inception'?

'Account(s) gain/(loss) during the period' shows the dollar value of overall account gain/(loss) of your MPF accounts, including 'special bonus', 'bonus unit rebate' and 'guarantee charge rebate', if applicable, for the current scheme financial period only.

'Account(s) gain/(loss) since inception' reflects the overall account gain/(loss) of your MPF accounts since you first joined that MPF account, which also includes 'special bonus', 'bonus unit rebate', 'guarantee charge rebate' and 'unit deduction (for expenses of Constituent Fund)' for MPF Conservative Fund, if applicable.

How can I calculate the amount of 'Account gain/(loss) since inception'?

The amount of the 'Account gain/(loss) since inception' is calculated by adding the 'investment returns', 'special bonus', 'bonus unit rebate', 'guarantee charge rebate' and minus 'unit deduction (for expenses of Constituent Fund)' for the MPF Conservative Fund (if any) of all years starting from the first day you joined that MPF account.

'Account gain/(loss) since inception' = all years' 'Investment returns' + all years' 'Special bonus', all years' 'Bonus unit rebate' + all years' 'Guarantee charge rebate' - all years' 'Unit deduction (for expenses of Constituent Fund)' for the MPF Conservative Fund.

Self-employed - Zero Balance Statement

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

If a scheme member's MPF account does not have any fund balances and transactions during the scheme financial period from 1 July 2019 to 30 June 2020, we will issue a statement explaining some possible circumstances that may result in a zero balance.

Under what circumstances will there be no contributions or fund balance for the scheme member?

  • The relevant income of the scheme member is less than the minimum relevant income level for mandatory contribution purpose, and therefore, no contributions is payable.
  • The contribution payments may have been processed after 30 June 2020.

Personal Accounts - Accrued Benefits

 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 based on the unit price, as at the last business day of June 2020, ie 30 June 2020.

The 'Adjusted closing balance' is the total balance of all invested Constituent Funds as at 30 June 2020, in which the greater of Actual Balance or the Guaranteed Balance of the investments in the Guaranteed Fund (if any) is used. If the account balance in the Guaranteed Fund is crystallised on 31 December, the 'Adjusted closing balance' will be equal to the 'Closing balance'. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to the MPF Scheme Brochure for full details of the guarantee features (including in the context of payment of accrued benefits in instalments) and ‘Guarantee Conditions’.

For other Constituent Funds, the 'Adjusted closing balance' is equal to the 'Closing balance'.

Personal Accounts - Attaining the age of 65

If I have reached the age of 65 but have not withdrawn my accrued benefits, will a member benefit statement be delivered to me?

Yes. We will deliver the member benefit statement to you as long as you remain as our scheme member as at 30 June 2020. There is a section on the statement to remind you to the alternatives of handling your MPF accrued benefits in the scheme.

Personal Accounts - Electronice MPF Member Benefits Statement

How can I apply for electronic MPF Member Benefit Statement?

Please click here for details of registration for electronic MPF Member Benefit Statement.

How do I view my electronic MPF Member Benefit Statement?

Please click here for details of viewing the electronic MPF Member Benefit Statement.

If I am receiving consolidated mailing of MPF Member Benefit Statement in hard copy, how will this consolidated MPF Member Benefit Statement be shown in Personal Internal Banking after I have registered for electronic MPF Member Benefit Statement?

The electronic MPF Member Benefit Statement will be provided in multiple files on the 'MPF eStatement and eAdvice' page of Personal Internet Banking. It includes 'Summary of Account Movements' of all MPF accounts, individual files of member benefit statement for your all MPF accounts and enclosures of MPF Member Benefit Statement for the relevant scheme financial period. Please be reminded to access all files of MPF Member Benefit Statement for the relevant scheme financial period from the 'MPF eStatement and eAdvice' page of Personal Internet Banking.

How can I locate the enclosure(s) of electronic MPF Member Benefit Statement?

You can refer to the 'Statement - Enclosure of MPF Member Benefit Statement' which includes different enclosures with its relevant hyperlinks in the electronic version and click the relevant hyperlink to access the content of enclosures of the MPF Member Benefit Statement.

Personal Accounts - Generals

What is consolidated mailing?

Scheme members with more than one HSBC MPF account will receive all their member benefit statements in one envelope, mailed to the most recently updated address in HSBC MPF records.

What is ‘Total Asset Allocation’?

The ‘Total Asset Allocation’ shows the aggregated Constituent Fund balance of each individual Constituent Fund of all your MPF account(s) as at 30 June 2020.

What is 'Asset Allocation'?

The ‘Asset Allocation’ shows the Constituent Fund balance of each individual Constituent Fund of your individual MPF account as at 30 June 2020.

Portfolio projection on MPF accrued benefits is removed from member benefit statement. Where can I obtain such information?

Accrued benefits projection until age 65 of MPF benefits can be found in Personal Internet Banking. You can obtain the relevant information by logging on to Personal Internet Banking.

What is 'Total contribution/Total transferred-in since inception'?

It shows the total contribution or/and transfer-in accumulated from the date you joined the scheme to 30 June 2020. Any withdrawals of funds from your account are not reflected.

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 2019 which is equal to the closing balance of last year's statement. If the account was set up on or after 1 July 2019, the 'Opening balance' would be zero.

The unit price of 30 June 2020 (the last business day of June 2020) is used for calculating the 'Closing balance'.

What should I do if my contact details such as correspondence address, contact number and email address has been/will be changed?

Please advise us as soon as your contact details changes by simply completing a ‘Personal Details Change Form’ (IN91).

What kind of contributions is presented under sub-account of 'Personal account'?

Your benefits accrued from previous employment or self-employment and transferred from other scheme(s) to this scheme are presented under the sub-account of 'Personal account'.

What is a 'Special bonus'?

Personal account holders are entitled to preferential fees and charges. The relevant scheme members purchase of Constituent Funds are still based on standard unit prices and the discount rate is given in the form of bonus units which is called a 'Special bonus'. The 'Special bonus' will be refunded in the form of fund units allocation to the members' accounts and credited into the relevant accounts.

What is a 'Bonus unit rebate'?

'Bonus unit rebate' is a special reward in the form of bonus units which has been offered and credited to the eligible scheme members who have fulfilled the terms and conditions of the relevant bonus unit rebate campaign.

What is a 'Guarantee charge rebate'?

'Guarantee charge rebate' refers to the guarantee charge in the Guaranteed Fund which has been rebated in the form of fund units to MPF account after crystallisation.

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 personal account 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 personal account, please call our HSBC MPF Promotion Hotline on (852) 2288 9089
or click here for details.


If I want to obtain detailed information of transfer-in/out, withdrawal summary and details of transactions processed in my MPF account, what should I do?

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

Pension Administration
The Hongkong and Shanghai Banking Corporation Limited
P O 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 signed written request. If you wish to obtain the information of transfer in/out, withdrawal summary and details of transactions for more than one MPF account, please provide the respective employer ID and membership number of those accounts. Please be reminded that your signature must be the same as your last submitted specimen.

Why is there no printed copy of ‘Fund Fact Sheet’ attached in member benefit statement? How can I get a printed copy of ‘Fund Fact Sheet’?

To support go green, the enclosure of ‘Fund Fact Sheet flyer’ is provided together with the member benefit statement. Member can scan the QR code printed on the ‘Fund Fact Sheet flyer’ to access the electronic version of ‘Fund Fact Sheet’. If you would like to have a printed copy of ‘Fund Fact Sheet’, you can call our HSBC MPF Member Hotline at (852) 3128 0128.

How can I get a ‘Fund Fact Sheet’ for other quarters?

You can obtain a ‘Fund Fact Sheet’ for other quarters at our MPF website www.hsbc.com.hk/mpf, or contact our HSBC MPF Member Hotline at (852) 3128 0128.

Personal Accounts - Investments

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 to Personal Internet Banking services or HSBC HK Mobile Banking app, or call our HSBC MPF Member Benefit Statement Hotline on (852) 2288 6729 to check the details of the current investment allocation.

Which part of the member benefit statement should I refer to if I would like to know the investment returns for this scheme financial period?

You may refer to the 'Investment returns' in the 'Accrued Benefit Summary' section. The amounts are calculated based on the unit prices as at last business day of June 2020, ie 30 June 2020 and are for reference only. The actual investment returns can be ascertained only when the benefits are paid out or transferred.

How can I calculate the amount of 'Account(s) gain/(loss) during the period'?

The amount of the 'Account(s) gain/(loss) during the period' is calculated by subtracting the opening balance and other transactions (excluding special bonus, bonus unit rebate and guarantee charge rebate (if any)) during the scheme financial period from the closing balance as at 30 June 2020.

Example:
The unit price for the Balanced Fund as at 30 June 2020 (the last business day of June 2020) is HKD19.54 and the number of units held in Balanced Fund is 4,519.415 units, therefore the closing balance is HKD88,309.37 (ie 4,519.415 units x HKD19.54)

Account(s) gain/(loss) during the period = Closing balance - Opening balance - Total contribution invested - Total amount transferred into scheme + Total amount transferred out of or withdrawn from scheme

 

HKD88.309.37 - HKD51,758.46 - HKD0.00 - HKD24,311.00 + HKD0.00 = HKD12,239.91

For calculation the amount of the 'Account(s) gain/(loss) during the period', please refer to the snapshot below of MPF Member Benefit Statement.

How does the fees for MPF Conservative Fund be deducted?

Fees and charges of an MPF Conservative Fund can be deducted from either (i) the assets of the MPF Conservative Fund or (ii) Members' account by way of unit deduction. From 1 July 2015, fees and charges deduction method of MPF Conservative Fund of HSBC MPF schemes has changed from method (ii) to method (i). Therefore, the unit prices, net asset value (NAV) and fund performance of MPF Conservative Fund quoted have reflected the impact of fees and charges for the period starting from 1 July 2015. Before 1 July 2015, the fees and charges for MPF Conservative Fund under HSBC MPF schemes were deducted in the form of units from a member's account only after the investment return and prescribed savings rate for each month were ascertained.

Personal Accounts - Summary of Account Movements

What is 'Summary of Account Movements'?

The ‘Summary of Account Movements’ shows the overview of total amount moved in and out of your HSBC MPF account(s) within the current scheme financial period.

What is the fund allocation displays on the pie chart?

The pie chart shows the fund allocation of your closing balance as at the end of the scheme financial period. It contains the five largest holdings in Constituent Fund invested and the aggregated balance of the rest of holdings in Constituent Fund invested (ie, ‘Others’) (if any). It will be sorted by percentage and Constituent Fund name by alphabetical order if there are the same holdings. If your closing balance is zero, no fund allocation will be shown.

Why does the Constituent Funds invested not match with my fund allocation shown on the pie chart? Which part of the statement should I refer to if I would like to know the fund allocation of my MPF account?

The pie chart displays the five largest holdings in Constituent Funds invested with the percentage of the closing balance. For more than 5 Constituent Funds invested, the aggregated balance of the rest of holdings is grouped as ‘Others’. You may refer to the ‘Asset Allocation’ section which lists out all of your holdings in Constituent Funds invested as at the end of the scheme financial period.

What is the difference between 'Account(s) gain/(loss) during the period' and 'Account(s) gain/(loss) since inception'?

'Account(s) gain/(loss) during the period' shows the dollar value of overall account gain/(loss) of your MPF accounts, including 'special bonus', 'bonus unit rebate' and 'guarantee charge rebate', if applicable, for the current scheme financial period only.

While 'Account(s) gain/(loss) since inception' reflects the overall account gain/(loss) of your MPF accounts since you first joined that MPF account, which also includes 'special bonus', 'bonus unit rebate', 'guarantee charge rebate' and 'unit deduction (for expenses of Constituent Funds)' for MPF Conservative Fund, if applicable.

How can I calculate the amount of 'Account gain/(loss) since inception'?

The amount of the 'Account gain/(loss) since inception' is calculated by adding the 'investment returns', 'special bonus', 'bonus unit rebate', 'guarantee charge rebate' and minus 'unit deduction (for expenses of Constituent Funds)' for the MPF Conservative Fund (if any) of current year and previous years starting from the first day you joined that MPF account.

'Account gain/(loss) since inception' = all years' 'Investment returns' + all years' 'Special bonus' + all years' 'Bonus unit rebate' + all years' 'Guarantee charge rebate' - all years' 'Unit deduction (for expenses of Constituent Funds)' for the MPF Conservative Fund.

Personal Accounts - Zero Balance Statement

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

If a scheme member's MPF account does not have any fund balances and transactions during the scheme financial period from 1 July 2019 to 30 June 2020, we will issue a statement explaining some possible circumstances that may result in a zero balance.

Under what circumstances will there be no contributions or fund balance for the scheme member?

The transferred monies have not yet been received or processed as at 30 June 2020.

Tax Deductible Voluntary Contributions Accounts – Accrued Benefits

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 based on the unit price, as at the last business day of June 2020, ie 30 June 2020.

The 'Adjusted closing balance' is the total balance of all invested Constituent Funds as at 30 June 2020, in which the greater of Actual Balance or the Guaranteed Balance of the investments in the Guaranteed Fund (if any) is used. If the account balance in the Guaranteed Fund is crystallised on 31 December, the 'Adjusted closing balance' will be equal to the 'Closing balance'. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to the MPF Scheme Brochure for full details of the guarantee features (including in the context of payment of accrued benefits in instalments) and ‘Guarantee Conditions’.

For other Constituent Funds, the 'Adjusted closing balance' is equal to the 'Closing balance'.

Tax Deductible Voluntary Contributions Accounts – Attaining the age of 65

If I have reached the age of 65 but have not withdrawn my accrued benefits, will a member benefit statement be delivered to me?

Yes. We will deliver the member benefit statement to you as long as you remain as our scheme member as at 30 June 2020. There is a section on the statement to remind you of the alternatives of handling your MPF accrued benefits in the scheme.

Tax Deductible Voluntary Contributions Accounts – Contributions

Does the member benefit statement show the monthly contribution records?

Yes. You can refer to the 'Contribution Summary' section which summarises contributions made to your MPF accounts within the scheme financial period. Only transaction(s) which were completely processed on or before 30 June 2020 is/are included in the statement. You can also view your contribution records for the past 18 months through our Personal Internet Banking.

Does the member benefit statement show ‘Tax deductible voluntary contributions’ record? 

Yes. All tax deductible voluntary contributions records are shown in the ‘Tax deductible voluntary contributions’ column under the ‘Accrued Benefit Summary’ and ‘Contribution Summary’ section.

Does the member benefit statement of 30 June 2020 include any contributions received after 30 June 2020?

No. Only contributions which were received and completely processed on or before 30 June 2020 would be included in the statement. For enquiry on your latest account balance, you can logon to Personal Internet Banking or HSBC HK Mobile Banking app, or call our HSBC MPF Member Benefit Statement Hotline on (852) 2288 6729 or use our ATM service.

Which part of the statement should I refer to if I would like to know the total contributions made by myself in the scheme financial period?

You may refer to the ‘Total contribution invested’ field under the ‘Summary of Account Movements’ or ‘Accrued Benefit Summary’ section for the contributions made for your HSBC MPF accounts in the scheme financial period. You may also refer to the ‘Contribution Summary’ section for details.

Which part of the statement should I refer to if I would like to know the total contributions made by myself since I joined the scheme?

You may refer to the ‘Accrued Benefit Summary’ section for details. The total contributions made by yourself since you joined the scheme is shown as ‘Total contribution/Total transferred-in since inception’ in the ‘Tax deductible voluntary contributions’ column.

Tax Deductible Voluntary Contributions Accounts – Contribution summary

If the frequency of the contributions are paid more than once per month, does the member benefit statement show all contribution records?

If the frequency of the contributions is more than once per month, the end date of the last contribution period in that calendar month would be shown under the 'Date of relevant contribution end' and the total contributions invested for the contribution periods in the relevant calendar month would be added up and shown in the same row.

For example:

For the month of April, there are totally 3 payments of tax deductible voluntary contributions (i.e. 2020/04/13, 2020/04/20, 2020/04/27)

Date of payment
Employee Tax deductible voluntary contributions (HKD)
2020/04/13
1,000.00
2020/04/20
1,000.00
2020/04/27
4,000.00

For example:

For the month of April, there are totally 3 payments of tax deductible voluntary contributions (i.e. 2020/04/13, 2020/04/20, 2020/04/27)

Date of payment
2020/04/13
Employee Tax deductible voluntary contributions (HKD)
1,000.00
Date of payment
2020/04/20
Employee Tax deductible voluntary contributions (HKD)
1,000.00
Date of payment
2020/04/27
Employee Tax deductible voluntary contributions (HKD)
4,000.00
Information shown in the member benefit statement of 30 June 2020:
Date of relevant contribution period end
Employee Tax deductible voluntary contributions (HKD)
2020/04/30
6.000.00
Information shown in the member benefit statement of 30 June 2020:
Date of relevant contribution period end
2020/04/30
Employee Tax deductible voluntary contributions (HKD)
6.000.00

Tax Deductible Voluntary Contributions Accounts – Electronic MPF Member Benefit Statement

How can I apply for electronic MPF Member Benefit Statement?

Please click here for the details of registration for electronic MPF Member Benefit Statement.

How do I view my electronic MPF Member Benefit Statement?

Please click here for details of viewing the electronic MPF Member Benefit Statement.

If I am receiving consolidated mailing of MPF Member Benefit Statement in hard copy, how will this consolidated MPF Member Benefit Statement be shown in Personal Internal Banking after I have registered for electronic MPF Member Benefit Statement?

The electronic MPF Member Benefit Statement will be provided in multiple files on the 'MPF eStatement and eAdvice' page of Personal Internet Banking. It includes 'Summary of Account Movements' of all MPF accounts, individual files of Member Benefit Statement for your all MPF accounts and enclosures of MPF Member Benefit Statement for the relevant scheme financial period. Please be reminded to access all files of MPF Member Benefit Statement for the relevant scheme financial period from the 'MPF eStatement and eAdvice' page of Personal Internet Banking.

How can I locate the enclosure(s) of electronic MPF Member Benefit Statement?

You can refer to the ‘Statement – Enclosure of MPF Member Benefit Statement’ which includes different enclosures with its relevant hyperlinks in the electronic version and click the relevant hyperlinks to access the content of enclosures of the MPF Member Benefit Statement.

Tax Deductible Voluntary Contributions Accounts – General

What is consolidated mailing?

Scheme members with more than one HSBC MPF account will receive all their member benefit statements in one envelope, mailed to the most recently updated address in HSBC MPF records.

What is ‘Total Asset Allocation’?

The ‘Total Asset Allocation’ shows the aggregated Constituent Fund balance of each individual Constituent Fund of all your MPF account(s) as at 30 June 2020.

What is 'Asset Allocation'?

The ‘Asset Allocation’ shows the Constituent Fund balance of each individual Constituent Fund of your individual MPF account as at 30 June 2020.

Portfolio projection on MPF accrued benefits is removed from member benefit statement. Where can I obtain such information?

Accrued benefits projection until age 65 of MPF benefits can be found in Personal Internet Banking. You can obtain the relevant information by logging on to Personal Internet Banking.

What is 'Total contribution/Total transferred-in since inception'?

It shows the total contribution or/and transfer-in accumulated from the date you joined the scheme to 30 June 2020. Any withdrawals of funds from your account are not reflected.

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 2019 which is equal to the ‘closing balance’ of last year's statement. If the account was set up on or after 1 July 2019, the 'Opening balance' would be zero.

The unit price of 30 June 2020 (the last business day of June 2020) is used for calculating the 'Closing balance'.

What should I do if my contact details such as correspondence address, contact number and email address has been/will be changed?

Please advise us as soon as your contact details changes by simply completing a ‘Personal Details Change Form’ (IN91).

What is a 'Bonus unit rebate'?

'Bonus unit rebate' is a special reward in the form of bonus units which has been offered and credited to the eligible scheme members who have fulfilled the terms and conditions of the relevant bonus unit rebate campaign.

What is a 'Guarantee charge rebate'?

'Guarantee charge rebate' refers to the guarantee charge in the Guaranteed Fund which has been rebated in the form of fund units to MPF account after crystallisation.

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 tax deductible voluntary contributions account 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 tax deductible voluntary contributions account, please call our HSBC MPF Member Hotline on (852) 3128 0128 or click here for details.

If I want to obtain detailed information of transfer-in/out, withdrawal summary and details of transactions processed in my MPF account, what should I do? 

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

Pension Administration
The Hongkong and Shanghai Banking Corporation Limited
P O 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 signed written request. If you wish to obtain the information of transfer in/out, withdrawal summary and details of transactions for more than one MPF account, please provide the respective employer ID and membership number of those accounts. Please be reminded that your signature must be the same as your last submitted specimen.

Why is there no printed copy of ‘Fund Fact Sheet’ attached in member benefit statement? How can I get a printed copy of ‘Fund Fact Sheet’?

To support go green, the enclosure of ‘Fund Fact Sheet flyer’ is provided together with the member benefit statement. Member can scan the QR code printed on the ‘Fund Fact Sheet flyer’ to access the electronic version of ‘Fund Fact Sheet’. If you would like to have a printed copy of ‘Fund Fact Sheet’, you can call our HSBC MPF Member Hotline at (852) 3128 0128.

How can I get a ‘Fund Fact Sheet’ for other quarters?

You can obtain a ‘Fund Fact Sheet’ for other quarters at our MPF website www.hsbc.com.hk/mpf, or contact our HSBC MPF Member Hotline at (852) 3128 0128.

Tax Deductible Voluntary Contributions Accounts – Investments

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 to Personal Internet Banking services or HSBC HK Mobile Banking app, or call our HSBC MPF Member Benefit Statement Hotline on (852) 2288 6729 to check the details of the current investment allocation.

Which part of the member benefit statement should I refer to if I would like to know the investment returns for this scheme financial period?

You may refer to the 'Investment returns' in the 'Accrued Benefit Summary' section. The amounts are calculated based on the unit prices as at last business day of June 2020, ie 30 June 2020 and are for reference only. The actual investment returns can be ascertained only when the benefits are paid out or transferred.

How can I calculate the amount of 'Account(s) gain/(loss) during the period'?

The amount of the 'Account(s) gain/(loss) during the period' is calculated by subtracting the opening balance and other transactions (excluding special bonus, bonus unit rebate and guarantee charge rebate (if any)) during the scheme financial period from the closing balance as at 30 June 2020.

Example:
The unit price for the Balanced Fund as at 30 June 2020 (the last business day of June 2020) is HKD19.54 and the number of units held in Balanced Fund is 317.826 units, therefore the closing balance is HKD6,210.32 (ie 317.826 units x HKD19.54).

Account(s) gain/(loss) during the period = Closing balance - Opening balance - Total contribution invested - Total amount transferred into scheme + Total amount transferred out of or withdrawn from scheme

 

HKD6,210.32 - HKD0.00 - HKD2,000.00 - HKD3,560.20 + HKD0.00 = HKD650.12

For calculation the amount of the 'Account(s) gain/(loss) during the period', please refer to the snapshot below of MPF Member Benefit Statement.

How does the fees for MPF Conservative Fund be deducted?

Fees and charges of an MPF Conservative Fund can be deducted from either (i) the assets of the MPF Conservative Fund or (ii) Members' account by way of unit deduction. From 1 July 2015, fees and charges deduction method of MPF Conservative Fund of HSBC MPF schemes has changed from method (ii) to method (i). Therefore, the unit prices, net asset value (NAV) and fund performance of MPF Conservative Fund quoted have reflected the impact of fees and charges for the period starting from 1 July 2015. Before 1 July 2015, the fees and charges for MPF Conservative Fund under HSBC MPF schemes were deducted in the form of units from a member's account only after the investment return and prescribed savings rate for each month were ascertained.

Tax Deductible Voluntary Contributions Accounts – Summary of Account Movements

What is 'Summary of Account Movements'?

The ‘Summary of Account Movements’ shows the overview of total amount moved in and out of your HSBC MPF account(s) within the current scheme financial period.

What is the fund allocation displays on the pie chart?

The pie chart shows the fund allocation of your closing balance as at the end of the scheme financial period. It contains the five largest holdings in Constituent Fund invested and the aggregated balance of the rest of holdings in Constituent Fund invested (ie, ‘Others’) (if any). It will be sorted by percentage and Constituent Fund name by alphabetical order if there are the same holdings. If your closing balance is zero, no fund allocation will be shown.

Why does the Constituent Funds invested not match with my fund allocation shown on the pie chart? Which part of the statement should I refer to if I would like to know the fund allocation of my MPF account?

The pie chart displays the five largest holdings in Constituent Funds invested with the percentage of the closing balance. For more than 5 Constituent Funds invested, the aggregated balance of the rest of holdings is grouped as ‘Others’. You may refer to the ‘Asset Allocation’ section which lists out all of your holdings in Constituent Funds invested as at the end of the scheme financial period.

What is the difference between 'Account(s) gain/(loss) during the period' and 'Account(s) gain/(loss) since inception'?

'Account(s) gain/(loss) during the period' shows the dollar value of overall account gain/(loss) of your MPF accounts, including 'special bonus', 'bonus unit rebate' and 'guarantee charge rebate', if applicable, for the current scheme financial period only.

While 'Account(s) gain/(loss) since inception' reflects the overall account gain/(loss) of your MPF accounts since you first joined that MPF account, which also includes 'special bonus', 'bonus unit rebate' , 'guarantee charge rebate' and 'unit deduction (for expenses of Constituent Fund)' for MPF Conservative Fund, if applicable.

How can I calculate the amount of 'Account gain/(loss) since inception'?

The amount of the 'Account gain/(loss) since inception' is calculated by adding the 'investment returns', 'special bonus', 'bonus unit rebate', 'guarantee charge rebate' and minus 'unit deduction (for expenses of Constituent Fund)' for the MPF Conservative Fund (if any) of all years starting from the first day you joined that MPF account.

'Account gain/(loss) since inception' = all years' 'Investment returns' + all years' 'Special bonus', all years' 'Bonus unit rebate' + all years' 'Guarantee charge rebate' - all years' 'Unit deduction (for expenses of Constituent Fund)' for the MPF Conservative Fund.

Tax Deductible Voluntary Contributions Accounts – Zero Balance Statement

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

If a scheme member's MPF account does not have any fund balances and transactions during the scheme financial period from 1 July 2019 to 30 June 2020, we will issue a statement explaining some possible circumstances that may result in a zero balance.

Under what circumstances will there be no contributions or fund balance for the scheme member?

The contributions or transferred monies have not yet been received or processed as at 30 June 2020.