• Important notes
  •  
  • - The HSBC Mandatory Provident Fund - SuperTrust Plus and ValueChoice are mandatory provident fund schemes.
  •  
  • - Consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of funds, you're in doubt as to whether a certain fund is suitable for you (including whether it is consistent with your investment objectives), seek financial and/or professional advice and choose the funds most suitable for you taking into account your circumstances.
  •  
  • - Consider your own risk tolerance level and financial circumstances before investing in the MPF Default Investment Strategy. The DIS constituent funds, namely, the Core Accumulation Fund and the Age 65 Plus Fund, may not be suitable for you, and there may be a risk mismatch between the DIS constituent funds and your risk profile (the resulting portfolio risk may be greater than your risk preference). Seek financial and/or professional advice if you're in doubt as to whether the DIS is suitable for you, and make investment decisions by taking your circumstances into account.
  •  
  • - The implementation of the DIS may have an impact on your MPF investments and benefits. Consult with the Trustee if you have doubts on how you are being affected.
  •  
  • - The Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus invests solely in an approved pooled investment fund 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. Refer to the 'Warning' section under 'Guaranteed Fund' in Part II - Fund Structure of the 'Principal Brochure' [PDF] of HSBC Mandatory Provident Fund - SuperTrust Plus for details of the credit risk.
  •  
  • - The guarantee in the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus only applies under certain conditions. Refer to the 'Guarantee features' section under 'Guaranteed Fund' in Part II - Fund Structure of the 'Principal Brochure' [PDF] of HSBC Mandatory Provident Fund - SuperTrust Plus for details of the guarantee features and Guarantee Conditions, including the guarantee features in the context of payment of benefits in instalments.
  •  
  • - MPF Benefits, AVC Benefits and TVC Benefits payable on a Member’s 65th birthday or early retirement on or after his/her reaching age 60 can be paid in one lump sum or in instalments, at the Member’s election (in such form and on such terms as the Trustee may, to the extent not prohibited by the ‘MPF Ordinance’ or General Regulation, prescribe). Please refer to the ‘Payment of MPF Benefits, AVC Benefits and TVC Benefits’ section under ‘Payment of benefits’ in Part I – Product Information of the ‘Principal Brochure’ for full details.
  •  
  • - You should read the relevant 'Principal Brochure' and not invest based on the information shown on this website alone.
  •  
  • - Investments involve 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 details including the product features and risks involved, please refer to the relevant 'Principal Brochure'.

General

What is a Tax Deductible Voluntary Contributions (‘TVC’)?

TVC is a new type contribution to be offered in a Registered Scheme upon each MPF service provider’s decision, which can only be paid into a specific TVC account of a Registered Scheme, such as the HSBC Master Trusts. The purpose of TVC is to provide eligible members a tax concession for voluntary contributions and to assist in member’s long term saving for a better retirement.

A TVC account will allow members to make tax deductible voluntary contributions starting from 1 April 2019. The maximum tax deductible amount for the year of assessment 2019/2020 is HK$60,000, which is an aggregate limit for both TVC and other qualifying annuity premiums.

Such contributions are voluntary, and are subject to the same vesting, preservation and withdrawal restrictions applicable to mandatory contributions. TVC can only be made directly by the persons who fulfill the eligibility requirement. Therefore, involvement from the employers is not required.

When does TVC start?

TVC will commence on and from 1 April 2019. Contributing TVC Account Holders may be eligible for tax concessions starting from the year of assessment 2019/2020.

Can I apply for a TVC accounts?

Any person who falls under any one of the following categories may open a TVC account:

  • a current employee member of a Registered Scheme;
  • a current self-employed member of a Registered Scheme;
  • a current personal account holder of a Registered Scheme; or
  • a current member of an MPF exempted ORSO scheme. 

These eligible members can apply for a TVC account, by completing the ‘Tax Deductible Voluntary Contributions Account Holder Application Form’. For a copy of this form, please click here, contact our HSBC MPF Member Hotline on (852) 3128 0128, or alternatively visit any of our designated HSBC branches during normal business hours.

What is the difference between TVC, employment related Voluntary Contributions and Flexi-Contributions?

TVC, voluntary in nature, and same as Flexi-Contributions that could be made to the HSBC Master Trusts voluntarily.

TVC are tax deductible (with a maximum tax deductible amount of HK$60,000 for the year of assessment 2019/2020), while all the other types of voluntary contributions are generally not tax deductible.

For Employee Members, they can make employment related additional voluntary contributions via their employers. They can also make Flexi-Contributions or open a TVC account for the making of TVC at their own pace by returning the relevant application form to the Administrator. It should be noted that the Flexi-Contributions and TVC are totally private and independent of their employers.  

For Personal Account Holders and Self-employed Members, they can make Flexi-Contributions and / or additional voluntary contributions (as the case maybe) or open a TVC account for the making of TVC.

How many TVC accounts I can open?

You may only open one TVC account for each Registered Scheme. If you would like your voluntary contributions made to a Registered Scheme to be subject to tax deduction, it must be contributed to the TVC account.

How can I make the TVC?

TVC Account Holders can make TVC at their own pace. However, there is a maximum tax deductible amount and for the year of assessment 2019/2020 is HK$60,000. As such, contributions greater than HK$60,000 would not have any tax concessions applied.

TVC Account Holders can contribute into their TVC accounts via two methods: 

  1. Make monthly contributions from as little as HK$300 by direct debit. To set up or change your monthly direct debit arrangement in your TVC account, please complete the ‘Set up/Change of Regular Tax Deductible Voluntary Contributions Instruction Form’.
  2. Pay a lump sum of HK$1,000 or more by cheque at any time. This method provides Members the flexibility to contribute into their TVC account whenever they want. For TVC Account Holders interested in making a lump sum TVC, please complete the ‘Tax Deductible Voluntary Contributions Lump Sum Deposit Form’.

Please note:

  • As you are accumulating your funds for retirement purposes, you should consider your personal circumstances before deciding on the TVC amount to contribute.
  • TVC will have the same vesting, preservation and withdrawal requirements applicable to mandatory contributions. This also applies to contributions that are above the maximum tax deductible amount.

Account Information

How do I check my MPF account balances?

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

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

Change Investment Plan

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

For SuperTrust Plus and ValueChoice

There is no limit to the number of fund switches that can be carried out per year, and there are no handling charges. However, we would remind you that the objective of MPF is to save for retirement and so your investment objectives should be longer term, dependent upon your personal circumstances.

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

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

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

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

Can I change the investment allocation of my MPF account? What methods do you have?

Yes. There are three methods to change the investment allocation:

Portfolio rebalance
To change the investment allocation of your existing investments and new contributions (including but not limited to future transferred amounts). Necessary units will be redeemed to rebalance the portfolio of your existing investments.

Asset switch
To switch all or some of the units from one constituent fund or funds and then re-allocate the redeemed amounts to another constituent fund or across any of the constituent funds. The investment allocation of your new contributions (including but not limited to future transferred amounts) will remain unchanged.

Contribution redirection
To change the investment allocation of your new contributions (including but not limited to future transferred amounts). The investment allocation of your existing investments will remain unchanged.

Exit the Default Investment Strategy ('DIS')
All of your existing investments, future contributions and accrued benefits transferred from another registered scheme will be invested as per the investment allocation immediately before your exit the DIS. For avoidance of doubt, in such case, no subsequent re-balancing or de-risking of the investment allocation will be performed with regard to existing investments, future contributions and accrued benefits transferred from another registered scheme due to the DIS.

How can I change the investment allocation of my MPF account?

You can use below service channels to change your investment allocation:
Channel
Portfolio rebalance Asset switch Contribution redirection Exit the Default Investment Strategy
HSBC Internet Banking
      N/A
Interactive voice response system of HSBC MPF Member Hotline 3128 0128   N/A N/A
N/A
Form
       
You can use below service channels to change your investment allocation:
Channel
HSBC Internet Banking
Portfolio rebalance  
Asset switch  
Contribution redirection  
Exit the Default Investment Strategy N/A
Channel
Interactive voice response system of HSBC MPF Member Hotline 3128 0128
Portfolio rebalance  
Asset switch N/A
Contribution redirection N/A
Exit the Default Investment Strategy N/A
Channel
Form
Portfolio rebalance  
Asset switch  
Contribution redirection  
Exit the Default Investment Strategy  

When will my change investment instructions be processed?

Through HSBC Internet Banking or interactive voice response system of the HSBC MPF Member Hotline:

If we receive your instructions through the HSBC Internet Banking or the interactive voice response system of the HSBC MPF Member Hotline at or before 4:00 pm (Hong Kong time) on any business day, your instructions will normally be processed on the same business day. If we receive your instructions after 4:00 pm (Hong Kong time) on any business day, or anytime on a Saturday, public holiday or other non-business days, they will normally be processed on the following business day.

An acknowledgement page (if you make instructions via the HSBC Internet Banking) or recorded voice (if you make instructions via the interactive voice response system of HSBC MPF Member Hotline) will confirm the receipt of your instructions. When your instructions have been successfully processed, we will send a confirmation notice to your internet banking email box (if the instruction is made via the HSBC Internet Banking) or post a confirmation notice to you (if the instruction is made via the interactive voice response system of HSBC MPF Member Hotline).

Through paper form:

After receiving your properly-completed form, your instruction will normally be processed within five business days. Please note that a confirmation notice will be sent to you after the instruction has been successfully processed.

You can submit the change investment form by mail or placing to 'HSBC MPF Drop-In Box' at designated HSBC branches.

CAUTIONS

Note:

If the processing of your Portfolio Rebalance or Asset Switch instruction is scheduled on any day that (i) the transfer of benefits under Employee Choice Arrangement ('ECA Transfer') is to be processed, or (ii) the refund of long service payment/severance payment ('Refund of LSP/SP') is to be processed, or (iii) on any of the consecutive days that ECA Transfer and/or Refund of LSP/SP are to be processed, the processing of your Portfolio Rebalance or Asset Switch instruction will be postponed to the next business day after the day(s) that such ECA Transfer and/or Refund of LSP/SP is/are being processed.

In any of the above circumstances, the processing of any further Portfolio Rebalance or Asset Switch instruction made before the processing of any prior pending consecutive Portfolio Rebalance instruction(s), Asset Switch instruction(s), ECA Transfer and/or Refund of LSP/SP will be postponed to the next business day after the day(s) that such pending consecutive Portfolio Rebalance instruction(s), Asset Switch instruction(s), ECA Transfer and/or Refund of LSP/SP is/are being processed. 

The above processing time is for reference only. HSBC shall not be liable for any delay.

In case of having multiple change investment instructions being submitted for the same processing date for my MPF account, how will they be processed?

In case of having multiple investment instructions being submitted for the same processing date for your MPF account through one or different channels (ie HSBC Internet Banking and/or interactive voice response system), they will be processed at below:

1. In case of having multiple "Portfolio Rebalance" instructions being submitted: 

• only the last received "Portfolio Rebalance" instruction will be processed 
 

2. In case of having multiple "Asset Switch" instructions being submitted: 

• only the last received "Asset Switch" instruction will be processed 
 

3. In case of having multiple "Contribution Redirection" instructions being submitted: 

• only the last received "Contribution Redirection" instruction will be processed 
 

4. In case of having both "Asset Switch" instruction and "Portfolio Rebalance" instruction being submitted: 

• only the last received "Portfolio Rebalance" instruction will be processed 
 

5. In case of having both "Contribution Redirection" instruction and "Portfolio Rebalance" instruction being submitted: 

• existing investments (where relevant) will be processed in accordance with the last received "Portfolio Rebalance" instruction 

• new contributions to be received will be invested according to the last received instructions (ie the "Contribution Redirection" or "Portfolio Rebalance" whichever is received later). 

The information provided is for reference only, which may be subject to change without notice. No liability is accepted for any loss or damage arising from any reliance upon such information. 

Can I change my investment allocation to Default Investment Strategy ('DIS')?

Yes, DIS is one of the investment options for you if the features of DIS fit your own circumstances.

Change of Member Details

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.

Forms

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.

Fund Information

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

The Fund Information provides you with the unit prices.

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

Current unit prices are also available through these channels:

  • HSBC MPF Member Hotline on +852 3128 0128 (Please refer to the section 'HSBC MPF Member Hotline' in Member Service Guide for the user's guide.)
  • Hong Kong Economic Times
  • South China Morning Post

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.

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 unit prices for MPF Conservative Fund on or before 30 June 2015, where fees and charges were deducted directly from a member's account by unit deduction.)

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.

What are the fees and charges deduction methods an MPF Conservative Fund (CPF) can adopt?

An MPF Conservative Fund may use one of two methods for deduction of fees and charges, namely (i) 'Fund Level Deduction;, that is, deducting the fees and charges from the assets of the MPF Conservative Fund or (ii) 'Member Level Deduction', that is, directly deducting the fees and charges from member's account by way of unit deduction.

From 1 December 2000 to 30 June 2015, the MPF Conservative Fund of HSBC MPF schemes adopted method (ii), that is, deducting the fees and charges from member's account by way of unit deduction.

From 1 July 2015 and onwards, the MPF Conservative Fund of HSBC MPF schemes adopts method (i), that is, deducting the fees and charges from the assets of the fund.

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

According to the MPF legislation, fees and charges 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.

From 1 December 2000 to 30 June 2015, the CPF of HSBC MPF schemes adopted method (ii), that is, deducting the fees and charges from member's account by way of unit deduction. The unit prices of the CPF have, therefore, not taken into account the deduction of fees. During that period, 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.

When and how are the fees and charges of the CPF under the HSBC MPF schemes be deducted from July 2015 onwards?

From 1 July 2015, fees and charges accrue on a daily basis, and are reflected daily in the fund's unit prices, net asset value and fund performance quoted.

What is the Guaranteed Fund? (applicable to 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 Actual Balance or the Guaranteed Balance, whichever is greater.

What are the guarantee features and Guarantee Conditions? (applicable to SuperTrust Plus only)

The guarantee in the Guaranteed Fund under HSBC Mandatory Provident Fund - SuperTrust Plus only applies under certain conditions. Please refer to the 'Guarantee Feature' section under 'Guaranteed Fund' in Part II - Fund Structure of the 'Principal Brochure' of HSBC Mandatory Provident Fund - SuperTrust Plus for full details of the guarantee features and Guarantee Conditions, including the guarantee features in the context of payment of benefits in instalments.

What do you mean by crystallisation for the investment in the Guaranteed Fund? (applicable to SuperTrust Plus only)

This is an action that will be performed by the administrator of the HSBC Mandatory Provident Fund - SuperTrust Plus ('Administrator') at the end of each year, starting in 2016. It is for members who have reached the age of 65 and still have investment in the Guaranteed Fund.

The Administrator will calculate the Guarantee for these members, equivalent to the amount they would entitled if they had withdrawn their benefits from the Guaranteed Fund on 31 December in that year using grounds that meet the Guarantee Conditions. For details, please click here for the Guaranteed Fund Changes - Crystallisation's FAQs.

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

The rate for the scheme financial year from 1 July 2017 to 30 June 2018 is 0.125% per annum.

The rate for the scheme financial year from 1 July 2018 to 30 June 2019 is 0.125% per annum.

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

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

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.

What is the Default Investment Strategy ('DIS')?

The DIS comprises two consistent funds, namely Age 65 Plus Fund ('A65F') and Core Accumulation Fund ('CAF'). DIS is a ready-made investment arrangement mainly designed for those members who are not interested or do not wish to make an investment choice, and is also available as an investment choice itself, for members who find it suitable for their own circumstances. Started from 1 April 2017, for those members who do not make an investment choice when they set up a new MPF account, their new contributions and accrued benefits transferred from another registered scheme will be invested in accordance with the DIS.

The DIS aims to balance the long term effects of risk and return through investing in two constituent funds, namely the A65F and the CAF, according to the pre-set allocation percentages at different ages. The DIS will manage investment risk exposure by automatically reducing the exposure to higher risk assets and correspondingly increasing the exposure to lower risk assets as the member gets older. Such de-risking is to be achieved by way of reducing the holding in the CAF and increasing the holding in the A65F over time. The asset allocation stays the same up until 50 years of age, then reduces steadily until age 64, after which it stays steady again. For further details of the DIS, please refer to the relevant 'Principal Brochure'.

What are the funds included in the Default Investment Strategy ('DIS')? 

The DIS consists of two constituent funds, the Core Accumulation Fund ('CAF') and the Age 65 Plus Fund ('A65F').

What are Core Accumulation Fund ('CAF') and Age 65 Plus Fund ('A65F')?

Core Accumulation Fund ('CAF') and Age 65 Plus Fund ('A65F') are the two constituent funds that consist Default Investment Strategy ('DIS'). The CAF provides capital growth to members by investing in a globally diversified manner and will invest around 60% in higher risk assets (generally mean equities or similar investments) and 40% in lower risk assets (generally mean global bonds or similar investments) of its net asset value whereas the A65F provides stable growth for the retirement savings to members by investing in a globally diversified manner and will invest around 20% in higher risk assets and 80% in lower risk assets of its net asset value.

Can I invest my MPF monies in Core Accumulation Fund ('CAF') and/or Age 65 Plus Fund ('A65F')?

Yes. The Core Accumulation Fund ('CAF') and the Age 65 Plus Fund ('A65F') can be standalone investments. Members should note that, if you choose the CAF and/or the A65F as standalone investments (rather than as part of the DIS), the de-risking to automatically reduce the risk exposure as the member approaches retirement age will not be applicable.

Password / PIN

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. If you previously have an MPF account with HSBC MPF and the PIN has been issued to you, the same PIN will apply to all of your subsequent new MPF accounts which carry the same MPF membership number. No new PIN will be reissued automatically under normal circumstances. If necessary, you may request for a new one by calling the HSBC MPF Member Hotline on (852) 3128 0128, select preferred language and then press #. HSBC MPF customer service representatives will be happy to arrange a new PIN and post it to you.

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

Please call the HSBC MPF Member Hotline on (852) 3128 0128, select preferred language and then press #. HSBC MPF customer service representatives will be happy to arrange a new PIN and post it to you.

Payment of Benefits

When can I withdraw my TVC Benefits?

As with accrued benefits derived from mandatory contributions, TVC Benefits can only be paid if one of the following withdrawal conditions are met:

  • on a Member’s 65th birthday;
  • on a Member’s death (in which case the benefits are paid to the Member’s legal personal representatives);
  • on the total incapacity of a Member;
  • on the terminal illness of a Member;
  • on the early retirement of a Member on or after his/her reaching age 60;
  • upon a Member’s permanent departure from the Hong Kong SAR; or
  • upon a Member’s claim on small balance under section 162 (1)(c) of the General Regulation

Requests for payment of TVC Benefits by a TVC Account Holder should be made to the Administrator and accompanied by a completed request of the relevant payment forms. For a copy of the payment forms, please click here, contact our HSBC MPF Member Hotline on (852) 3128 0128, or alternatively visit any of our designated HSBC branches.

In addition, TVC Benefits payable on a TVC member’s 65th birthday or early retirement on or after reaching age 60 can also claim their TVC Benefits in one lump sum or in instalments. To claim TVC Benefits, please complete and submit the ‘Claim Form for Payment of Accrued Benefits on Ground of Attaining the Retirement Age of 65 or Early Retirement’ together with the necessary supporting documents.

If I am now 65 years old and have ceased employment, what should I do with my accrued MPF benefits?

You can choose to withdraw your MPF accrued benefits in a lump sum when you attain the retirement age of 65 or retain them in the existing scheme until you wish to withdraw them. From 1 February 2016, you can choose to withdraw your MPF accrued benefits in instalments on the grounds of retirement at age 65. You may specify the withdrawal amount you wish to withdraw by submitting to us a valid 'Claim Form for Payment of Accrued Benefits on Ground of Attaining the Retirement Age of 65 or Early Retirement' (INPR) together with the necessary supporting document(s).

How do I claim my MPF tax deductible voluntary contributions accrued benefits?

Under what circumstances, member can choose to withdraw the MPF accrued benefits in instalments? What should be noted?

From 1 February 2016, members reach the retirement age of 65 or early retirement at age 60 can withdraw their MPF accrued benefits in instalments.

If you choose to withdraw the MPF accrued benefits in instalments, the benefits retain in your accounts will continue to be invested in your chosen constituent fund(s). The values of these assets may change due to market fluctuations and investment risks. In addition, your account will be subject to management fees and other charges based on its total asset value, as usual. If you have invested in a guaranteed fund please refer to the 'Guarantee features' section under 'Guaranteed Fund' in Part II - Fund Structure of the 'Principal Brochure' of HSBC Mandatory Provident Fund - SuperTrust Plus for full details of the guarantee features and Guarantee Conditions, including the guarantee features in the context of payment of benefits in instalments. 

Where can I make a statutory declaration?

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

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.

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

The personal representative should complete a 'Claim Form for Payment of Accrued Benefits on Ground of Permanent Departure from Hong Kong/Total Incapacity/Terminal Illness/Small Balance/Death [Form MPF(S) - W(O)]' (INPO) and submit it with the following documents to us:

  • A copy of the claimant's HKID card for verification of the name and identity card number of the claimant if the claimant does not wish to present the card in person for verification
  • A copy of the Letter of Probate or Letters of Administration granted by the Probate Registry / a letter requesting withdrawal of the accrued benefits issued by the Official Administrator if the claim is made by the Official Administrator

Download INPO form

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.

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).

Personal Internal Banking (MPF Service)*

* The below information provided is for Personal Internet Banking (MPF service) reference only. For Personal Internet Banking (banking service), please refer to "Banking" on this website for details.

What can I do if I forget the memorable answer or password of Personal Internet Banking (MPF service)?

A.If you have not set up security questions, please follow the below reset steps:

  1. Click on "Forgot your memorable answer?" or "Forgot your password?" hyperlink 
  2. Click on "Continue" under "About the reset process" page
  3. Enter new security details 
  4. Mark down the reference number after instruction is submitted
  5. Click on the "Offline reset Form" hyperlink of the text below the reference number, print and sign this "Offline reset Form"
  6. Submit your completed form within 20 working days either by mail to "The Hongkong and Shanghai Banking Corporation Limited, P O Box 72677, Kowloon Central Post Office, Kowloon, Hong Kong", or by visiting your nearest HSBC Branch

Your request will normally be processed within 3 working days from HSBC's receipt of your form. You will receive email and mail notification for the successful reset.

 

B. If you have set up security questions and can provide the correct answers, please follow the below reset steps:

  1. Click on "Forgot your memorable answer?" or "Forgot your password?" hyperlink
  2. Input your answer to security question 1
  3. Input your answer to security question 2
  4. Enter security code
  5. Reset log on details

You can log on to Personal Internet Banking (MPF service) using your new memorable answer or password immediately after the reset log on details is completed.

 

C. If you have set up security questions but cannot provide the correct answers, please follow the below reset steps:

  1. Click on "Forgot your memorable answer?" or "Forgot your password?" hyperlink
  2. Click on "Forgot your answer to security question 1?" hyperlink
  3. Click on "Continue" under "About the reset process" page
  4. Enter new security details
  5. Mark down the reference number after instruction is submitted
  6. Click on the "Offline reset Form" hyperlink of the text below the reference number, print and sign this "Offline reset Form"
  7. Submit your completed form within 20 working days either by mail to "The Hongkong and Shanghai Banking Corporation Limited, P O Box 72677, Kowloon Central Post Office, Kowloon, Hong Kong", or by visiting your nearest HSBC Branch

Your request will normally be processed within 3 working days from HSBC's receipt of your form. You will receive email and mail notification for the successful reset.

What I can do if I forget both the memorable answer and passwords of Personal Internet Banking (MPF service)? (Applicable to users without Security Device / Mobile Security Key only)

If you forget both your memorable answer and your password, please follow the below reset steps:

  1. Click on "Forgot both your memorable answer and your password?" hyperlink
  2. Click on "Continue" under "About the reset process" page
  3. Enter new security details
  4. Mark down the reference number after instruction is submitted
  5. Click on the "Offline reset Form" hyperlink of the text below the reference number, print and sign this "Offline reset form"
  6. Submit your completed form within 20 working days either by mail to "The Hongkong and Shanghai Banking Cooperation Limited, P O Box 72677, Kowloon Central Post Office, Kowloon, Hongkong", or by visiting your nearest HSBC Branch

Your request will normally be processed within 3 working days from HSBC's receipt of your form. You will receive email and mail notification for the successful reset.

Can I change my memorable question or password on Personal Internet Banking (MPF service)?

Yes. Please follow the below steps to change the memorable question or password: 

  1. Log on your Personal Internet Banking (MPF service), click on "Log on and Security Setting" under "My Profile"
  2. Click on "Change memorable question" or "Change password" hyperlink 
  3. Follow the instructions on screen to select a new memorable question or create a new password

What if I forget my Personal Internet Banking (MPF service) username?

If you forget your HSBC Personal Internet Banking (MPF service) username, please contact our HSBC MPF Member Hotline on (852) 3128 0218.

Tax

What is the tax deductible amount in a TVC account?

The maximum tax deductible amount for the year of assessment 2019/2020 is HK$60,000 and it is an aggregated limit for both TVC and other qualifying deferred annuity premiums.

For example, a Member can make a TVC or pays deferred annuity premium of HK$60,000 which is the maximum tax deductible amount for the year of assessment 2019/2020, or alternatively, can use the HK$60,000 cap as a combination of the two, e.g. TVC of HK$45,000, with the deferred annuity premium of HK$15,000.

How do I claim tax deduction on the TVC amount contributed in a tax assessment year?

Same as the tax deduction for mandatory contributions and other tax concessions, the individual tax payer (not the Trustee, Sponsor and/or other operators of the HSBC Master Trusts) is responsible for the application of tax deduction and keeping track of how the maximum tax deductible limit is fully utilized.

As such, to facilitate the tax return filing by TVC account holders, the Trustee will provide a TVC summary to each TVC account holder in the HSBC Master Trusts around 10 May after the end of the relevant year of assessment (i.e. before the end of a period of 40 days (unless the 40th day is not a Business Day, then the next Business Day) from the beginning of the next tax assessment year commencing on 1 April). 

Transfer-in/out and withdrawal summary and details of transactions - General

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

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

Retirement Benefits Administration
The Hongkong and Shanghai Banking Corporation Limited
PO Box 73770
Kowloon Central Post Office

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

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

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

What kind of information does the 'Transfer-in/out and withdrawal summary' provide?

This section summarises all transfer-in, transfer-out and withdrawal transactions successfully processed in your MPF account within the six most recent quarters.

What kind of information does 'Details of Transactions' provide?

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

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

Opening balance is the number of units of the fund held in your MPF account at the start of the 6-quarter period as stated in the statement. Closing balance is the number of units of the fund held in your MPF account at the end of the 6-quarter period as stated in the statement.

Example:
If the period stated in the statement is from 1 January 2012 to 30 June 2013, then the opening balance is the number of units held at 1 January 2012 and the closing balance is the number of units held at 30 June 2013.

Why is the closing balance of a fund zero?

The closing balance may become zero when you have transferred or withdrawn all units from a fund, or terminated your account on or before the end of the 6-quarter period.

Why could I not find the 'investment returns' in the 'Details of Transactions'?

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

Transfer MPF Benefits to HSBC

Can I transfer my existing voluntary contributions or Flexi-Contributions in my contribution/self-employed/personal account into my new TVC account?

Unfortunately, transfers of voluntary contributions or Flexi-Contributions in the form without subscription and redemption of units from your contribution/self-employed/personal account into your TVC account is not permissible currently. Only new contributions into your TVC account are allowed.

Can I transfer my TVC Benefits to my current contribution/self-employed/personal account with HSBC Master Trusts?

Unfortunately, transfers of TVC Benefits to your contribution/self-employed/personal account is not permissible. Your TVC account is maintained separately to your other MPF accounts. This will allow you to easily track your TVC in your TVC account.

Can I transfer my TVC Benefits to another TVC account (with another MPF scheme)?

TVC Account Holders may, at any time choose to have all their accrued benefits in their TVC account under the HSBC Master Trusts transferred to another TVC account with another MPF service provider, or vice versa.

However, partial transfers to another TVC account (with another MPF service provider) is not allowed.

TVC Account Holders can transfer their TVC Benefits by completing ‘Scheme Member’s Request For Transfer of Tax Deductible Voluntary Contributions (TVC)’ form (INPT). 

For the avoidance of doubt, transfer of accrued benefits derived from a TVC account to another TVC account of the Member in another Registered Scheme cannot be claimed as deductions for taxation purpose, as it would have been counted in the original MPF scheme for which the TVC were originally made as new contributions in the relevant tax assessment year.

How can I check my existing tax deductible voluntary contribution 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.

How can I speed up the transfer process?

You can attach copies of the latest member benefit statement issued by your existing MPF service provider(s) and your identification document when submitting your transfer request to us, which may facilitate the verification process to be done by the transferor trustee. Please be reminded to tick the box under the Section 'Authorisation and Declaration' of INPT form. 

CAUTIONS

Please be aware that you should NOT hand in any MPF documents (in particular for those paper remittance statement and cheque payment (if any) which must be submitted on time according to the MPF legislation) to unauthorised channels. Unauthorised channels include but not limited to: 

(1) the staff at service counters at the branches,

(2) the branches without 'HSBC MPF Drop-In Box', or

(3) other collection boxes in the branches (for examples, the collection boxes for cheque payment).

Any submission of the MPF documents to unauthorised channels will not be forwarded to the MPF department for processing directly and it may take a longer time for the documents to be transferred to the MPF department. While the receipt date by the MPF department will be stamped only when the documents reach the MPF department, you please be cautious that this will result in delay in receiving and processing the paper remittance statement or other instructions by the MPF department. Any failure to pay mandatory contributions in full and on time to a trustee incurs a 5% surcharge on the outstanding mandatory contributions, along with the possibility of a financial penalty and even imprisonment by the MPFA. You may refer to the MPFA's website www.mpfa.org.hk for further details of offences and penalties.