MPF news

The outbreak of Covid-19 pandemic has a significant impact on the global economy.  While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.

Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.

The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.

The outbreak of Covid-19 pandemic has a significant impact on the global economy.  While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.

Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.

The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.

The Guaranteed Interest Rate for the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus is 0.15% per annum in the financial year from 1 July 2020 to 30 June 2021. 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’.

The latest edition of "HSBC Retirement Monitor* (June 2020) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.

*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.

*Key dates of 2nd tranche will be announced by the PICO.

Claw back and penalty

• For the purpose of headcount checking, March 2020 is used as a “reference month”
• For an employer who has received the first tranche of payment, if he/she fails to use all the wage subsidies received for a particular month during the three-month subsidy period (i.e. June to August 2020) to pay the wages of his/her employees in the same month, the Government will claw back the unspent balance of the subsidy. 
• If the number of employees on the payroll in any one month of the subsidy period (i.e. June to August 2020) is less than the number of paid or unpaid staff in March 2020, the employer will have to pay a penalty to the Government.

Enquiry

If you have any questions, you can read the FAQ, ESS website or make enquiries through the following channels set up by the Government:

ESS enquiry Email: enquiry@employmentsupport.hk; or

ESS Telephone hotline: 1836-122

The service hours of the ESS hotline are:

Monday to Friday - 9am to 6pm

During the application period (from 25 May 2020 to 14 June 2020): Monday to Sunday - 9am to 6pm.

If you have further enquiries, starting from 25 May 2020, you may call the ESS hotline to make an appointment to visit any of the ESS Help Desks as follows

• Rm 1701, A T Tower, 180 Electric Road, North Point, Hong Kong Island
• Room 2507, Prosperity Center, 25 Chong Yip Street, Kwun Tong
• Room 1206, Chinachem Tsuen Wan Plaza, 455 Castle Peak Road, Tsuen Wan

Service Hours of ESS Help Desks:

• During application period (25 May to 14 June 2020):
  Monday to Sunday: 9 am – 6 pm
• After the application period:
  Monday to Friday: 9 am - 6 pm

ESS – ORSO

The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant.  The ESS should be used for paying wages to maintain employment for their staff currently in the job.

Employer Obligations:

1. not to implement redundancy during the subsidy period and,
2. to spend all the ESS subsidy on paying wages to their eligible employees and,
3. to make a self-declaration to confirm that all information provided in the application is true, complete and accurate, including that the application covers only eligible employees 

Eligibility

• Employers who have set up MPF-exempted ORSO schemes, including (i) ORSO registered schemes; or (ii) ORSO exempted schemes, (“ORSO schemes”) for their employees who have been members of the ORSO schemes on or before 31 March 2020 will be eligible to apply
• Eligible ORSO employers may apply for ESS in respect of their employees who are members of ORSO schemes with HKID, except for fully subvented staff in government funded organisations, dedicated (full-time) staff employed by outsourced service contractors/consultants of the Government or of statutory bodies mainly staffed by government employees to work for these contracts, and dedicated (full-time) staff engaged by organisations to provide services under various government funding schemes

Application

• Application for the 1st tranche will start from 25 May 2020 to 14 June 2020, subsidizing wages for June to August 2020.  Application for the 2^nd tranche will be announced by the Policy Innovation and Coordination Office (“PICO”)
• The ORSO employer shall submit to the processing agent the ESS application form, which should include the following information
  ○   Company name and address
  ○   business registration number or registration number under the Societies Ordinance or any other identifier where appropriate and a copy
  ○   ORSO registration/ exemption number(s)
  ○   MPF exemption number(s)
  ○   Name of ORSO scheme(s)
  ○   copy of the MPF exemption certificate(s)
  ○   name and contact information of the ORSO administrator(s)
  ○   actual remuneration of each ORSO employee in the “specified month”, and the headcount as at end March 2020 in an Excel template in the prescribed format that can be downloaded from the ESS application portal
  ○   bank account name and number of the employer, together with a copy of the bank statement showing the exact same details
  ○   details and contact information of the authorised signer
  ○   an undertaking and a self-declaration on the Employer obligations
• The processing agent may schedule an appointment with the ORSO employer to conduct on-site checking to verify that the information reported in the templates are supported by appropriate documents.  The ORSO employers must therefore keep all relevant documents (such as bank auto-pay payroll, pay list, or ORSO scheme contribution statement) which can provide solid evidence to the information reported in the application. 
• To facilitate post-application auditing, the ORSO employers shall, for a period of two years commencing from the date of application for the ESS, keep true copies of the supporting documents submitted in making the application, as well as the latest annual return/actuarial certificate for ORSO registered scheme or the latest annual membership statement/documentary evidence for ORSO exempted scheme, and make them available for inspection by the Government or its agent within 14 days upon the latter’s request.

How to calculate the subsidy and when payment is made

• The ORSO employers can choose any one month from December 2019 to March 2020 as the “Specified month” for calculation of the subsidy amount.
• 50% of the actual remuneration paid to its ORSO employees in a “specified month”, with a cap at $18,000 per month. 
• The maximum subsidy per employee per month is $9,000 if he earns $18,000 or more.
• Payment will be made in 2 tranches.  

*Key dates of 2nd tranche will be announced by the PICO.

Claw back and penalty

• For the purpose of headcount checking, March 2020 is used as a “reference month”
• For an employer who has received the first tranche of payment, if he/she fails to use all the wage subsidies received for a particular month during the three-month subsidy period (i.e. June to August 2020) to pay the wages of his/her employees in the same month, the Government will claw back the unspent balance of the subsidy.
• If the number of employees on the payroll in any one month of the subsidy period (i.e. June to August 2020) is less than the number of paid or unpaid staff in March 2020, the employer will have to pay a penalty to the Government.

Enquiry

If you have any questions, you can read the FAQ, ESS website or make enquiries through the following channels set up by the Government:

ESS enquiry Email: enquiry@employmentsupport.hk; or

ESS Telephone hotline: 1836-122

The service hours of the ESS hotline are:

Monday to Friday - 9am to 6pm

During the application period (from 25 May 2020 to 14 June 2020): Monday to Sunday - 9am to 6pm.

If you have further enquiries, starting from 25 May 2020, you may call the ESS hotline to make an appointment to visit any of the ESS Help Desks as follows

• Rm 1701, A T Tower, 180 Electric Road, North Point, Hong Kong Island
• Room 2507, Prosperity Center, 25 Chong Yip Street, Kwun Tong
• Room 1206, Chinachem Tsuen Wan Plaza, 455 Castle Peak Road, Tsuen Wan

Service Hours of ESS Help Desks:

• During application period (25 May to 14 June 2020):
  Monday to Sunday: 9 am – 6 pm
• After the application period:
  Monday to Friday: 9 am - 6 pm

The Government of HKSAR launches an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees who will otherwise be made redundant.  The ESS should be used for paying wages to maintain employment for their staff currently in the job. Employer Obligations: 1) not to implement redundancy during the subsidy period; 2) must spend all the ESS subsidy on paying wages to their employee.

Latest news

• Application for 1st tranche will start from 25 May 2020– application window is 3 weeks, subsidising wages for June to August 2020.
• All employers who have been making Mandatory Provident Fund (MPF) contributions for their regular employees under  MPF Ordinance definition, including the Age 65 or above employee who has MPF contribution accounts (with Employer Voluntary Contributions) are eligible to apply for ESS.
• All Self-employed person (“SEP”) with an MPF account set up on or before 31 Mar 2020 are eligible.
• Payment will be made in 2 tranches.
• MPF accounts that have already been set up on or before 31 March 2020 are eligible.
  
• It is expected that the release of subsidy for the 1st tranche will be around 3 to 4 weeks after submission of applications.  The 1st tranche of payment could be received around end of June 2020.
  
• “Specified month” for the calculation of subsidy amount includes December 2019, i.e. Employer can choose from any one month from December 2019 to March 2020 for calculation of the subsidy amount.
• Self-employed person who has an MPF account on or before 31 March 2020 will be eligible for an one-off lump-sum subsidy of HKD 7,500.
  

How to calculate the subsidy and when payment is made

Relevant Employees

• 50% of the actual wages paid in a “specified month”, with a wages cap at HKD18,000 per month
• Maximum subsidy per employee per month is HKD9,000
• Employers can choose any one month from December 2019 to March 2020 as the “specified month” for the 1st tranche
  

Employees Aged 65 or above

• 50% of the actual salary paid in a “specified month” or by multiplying the employer voluntary contribution in a “specified month” by 10 times, with a cap at
  HKD9,000 per month

Self-employed Person (“SEP”)

• a one-off lump-sum subsidy of HKD7,500.

Payment made in 2 tranches:

• 1st payment could be received around end of June 2020. Online applications via the official ESS portal will start on 25 May 2020.
  
• 2nd payment (To be announced by the Government).

*Key dates of 2nd tranche will be announced by the Government.

For details, please refer to the press release published by the Government.

HSBC MPF won two recognitions from ‘2020 The MPF Awards’ by MPF Ratings Limited¹. This demonstrates that the HSBC MPF scheme delivered outstanding performance across different aspects, including fund investment performance, management fees, customer service, member education, administration efficiency and good governance, etc The awards that HSBC MPF received are:

• MPF Ratings’2020 Gold Rated Scheme (for 4th consecutive year)
  
• MPF Ratings’2020 Good Governance (For the second time)

The above awards are the result from an independent assessment agency which undertook comprehensive and in-depth research and assessment on each of the MPF providers. Our achievement of the gold rating is a reflection of HSBC MPF scheme providing best-in-class offerings to our customers. Our MPF scheme has also been rated as ‘excellent’ on the facet of ‘Management fee competitiveness’ and ‘Fund Expense Ratio competitiveness’ respectively. HSBC MPF is one of the seven schemes in the market which achieved this rating on these two assessment criteria.

¹ Source: MPF Ratings. ‘2020 The MPF Awards’ is organised by MPF Ratings Limited which is a foremost independent provider of pension research. This award is by MPF Ratings Limited, the award results and rating were based on their assessment criteria. For the awardee, assessment criteria/methodology, please refer to www.mpfratings.com.hk/ratings-and-awards/.

MPF features have been brought to HSBC HK Mobile Banking app! You can now manage your MPF account via the app. Download or update the latest version and experience the below key new features now: 

• View MPF account balances and asset distribution
• Look over MPF constituent funds cumulative performance
• Straight through fund switching instruction

You can click here to learn more about the HSBC HK Mobile Banking app. 

^# with earliest DDA date on or before 31 December 2019

The respective cut-off dates in the table above were determined by reference to the time required for the relevant request/instruction to be processed in the normal business manner.

The latest edition of "HSBC Retirement Monitor* (December 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.

*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.

Automatic Exchange of Financial Account Information (‘AEOI’) in tax matters will take effect on 1 January 2020. HSBC Mandatory Provident Fund - SuperTrust Plus, which is a Hong Kong financial institution for AEOI purposes, will be required to identify its scheme participants’ tax residency and will disclose the information to the Hong Kong Inland Revenue Department only if it is legally obliged to do so. 

For further details in relation to the AEOI, please refer to the notice to scheme participants, supplement to the ‘Principal Brochure’ and the ‘Frequently Asked Questions’.

Likewise, relevant forms will be amended to reflect the changes and will be posted on the HSBC MPF website in or around mid-December 2019.

HSBC MPF has launched a new Retirement Planner which serves as a DIY tool for you to better plan for your retirement.

The major improvements of this new calculator over the old one are:

1. Better interface and simpler to use - answer 6 questions and the calculator will provide projected retirement outcomes for you;
2. Simple to understand – the results are shown as a range of projected outcomes under different scenarios rather than a single deterministic number;
3. Ability to adjust on the fly - on the result page, you can adjust the input parameters, such as retirement age, monthly saving, etc. and the results will be updated instantly - you can easily adjust your plan to achieve the desired projected outcome;
4. Cater for different risk appetite – the new calculator allows you to specify your risk appetite to drive the underlying investment assumption for the projected outcomes.

Check out the new Retirement Planner by clicking here and start planning for your desired retirement life!

Starting from 30 September 2019, the webpages of HSBC 'MPF/ORSO' will be moved from the ‘Insurance’ section of the HSBC’s website to the ‘Banking’ section of the website. If you would like to visit the HSBC 'MPF/ORSO' webpages through the homepage of HSBC website, please select ‘Explore MPF/ORSO service’ under the ‘Banking’ section.  The web address (URL) of the webpages remain unchanged, and you can continue visiting the HSBC 'MPF/ORSO' webpages via the web address www.hsbc.com.hk/mpf.

Long holidays is coming soon. There are only 6 business days (i.e. 2^nd,3^rd, 4^th, 8^th, 9^th and 10^th of October) from the first day of the month to the contribution day (i.e. 10 October 2019). Employers are reminded to submit remittance statement and make contribution payment before the contribution day that commence on 10^th October 2019. For employers who submit the remittance statement and/or cheque by mail, please be reminded to allow sufficient mail delivery time. Ensure the remittance statement and/or cheque reaches HSBC MPF on or before the contribution day.

The latest edition of "HSBC Retirement Monitor* (September 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement. 

*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.

The latest edition of "HSBC Retirement Monitor* (September 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement. 

*The "HSBC Retirement Monitor" was commissioned by HSBC MPF with The Association of Superannuation Funds of Australia conducting the research and analysis.

The August 2019 Edition of ‘Member Information’ is now available on HSBC MPF website. In this edition, we would like to share with you updates of HSBC MPF including:

• MPF awards
• Merger of HSBC MPF schemes and reduction in management fees 
• HSBC MPF WeChat Official Account 
• Unveiling our new MPF publications 
• Tax Deductible Voluntary Contributions (TVC)
• Keep your contact details updated with us 
• Upgraded MPF Fund Platform helps scheme members select value-for-money funds  
• Guaranteed interest rate

For details, please click here for the latest ‘Member Information’. 

The HSBC Mandatory Provident Fund – ValueChoice (the ‘HSBC ValueChoice‘) has been merged into the HSBC Mandatory Provident Fund – SuperTrust Plus (the ‘HSBC SuperTrust Plus‘) with effect from 1 July 2019. Six new constituent funds were launched to the HSBC SuperTrust Plus by replicating the corresponding constituent funds in the HSBC ValueChoice and increasing the total number of fund choices in the HSBC SuperTrust Plus from 14 to 20.

The management fees of the North American Equity Fund and the European Equity Fund under the HSBC SuperTrust Plus have been reduced from 1.35% per annum of Net Asset Value to 1.30% per annum of Net Asset Value from 1 July 2019 onwards as well.

For the details of the above, please refer to the supplement to the ‘Principal Brochure’. 

Moreover, the Guaranteed Interest Rate for the Guaranteed Fund available under HSBC SuperTrust Plus is 0.15% per annum in the scheme financial period from 1 July 2019 to 30 June 2020. Please refer to the below for full details of the guarantee features and Guarantee Conditions: 

• 'Guarantee features' section under 'Guaranteed Fund' in Part II – Fund Structure of the HSBC SuperTrust Plus ‘Principal Brochure’ issued on 1 November 2018; and
• First Supplement to the HSBC SuperTrust Plus ‘Principal Brochure’ issued on 1 April 2019.

You may like to take this opportunity to review your investment option instruction and make the most suitable investment options that fit your circumstances.

With effect from 1 July 2019, the HSBC Mandatory Provident Fund – ValueChoice ("ValueChoice") will be merged into the HSBC Mandatory Provident Fund – SuperTrust Plus ("SuperTrust Plus"). 

For ValueChoice members: To facilitate the merger exercise, dealing instruction and enquiry through the HSBC Personal Internet Banking and interactive voice response system will be suspended temporarily from 4pm 27 June 2019 till 11:59pm 1 July 2019 (excluding enquiry of "Portfolio Projection on MPF Benefits" on HSBC Personal Internet Banking).

For SuperTrust Plus members: The relevant services on HSBC Personal Internet Banking and interactive voice response system will not be affected.

For details of the HSBC MPF scheme mergers, please refer to the scheme participants’ notice and frequently asked questions. 

The latest edition of "HSBC Retirement Monitor* (June 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement. 

*The "HSBC Retirement Monitor" was commissioned by HSBC with the Association of Superannuation Funds of Australia conducting the research and analysis.

Long holidays is coming soon. There are only 5 business days (i.e. 3^rd, 4^th, 5^th, 6^th and 10^th of Jun) from the first day of the month to the contribution day (i.e. 10 June 2019). Employers are reminded to submit remittance statement and make contribution payment before the contribution day that commence on 10^th June 2019. For employers who submit the remittance statement and/or cheque by mail, please be reminded to allow sufficient mail delivery time. Ensure the remittance statement and/or cheque reaches HSBC MPF on or before the contribution day.

Hang Seng Indexes Company Limited has announced to enhance the Hang Seng China Enterprises Index (the ‘Relevant Index’) starting from 17 June 2019, changes include the limit on the number of Red-chip and P-chip constituents of the Relevant Index will be removed. . 

Currently, the investment objective of the Hang Seng China Enterprises Index Tracking Fund (the ‘Relevant Constituent Fund’) and its underlying fund, i.e. Hang Seng China Enterprises Index ETF is to match as closely as practicable the performance of the Relevant Index. Notwithstanding the mentioned index enhancements, there will be no change in the investment objective and policy to the Relevant Constituent Fund. 

For details of the index enhancements, please refer to the notice to scheme participants and the supplement to the 'Principal Brochure'. 

HSBC MPF brings you a brand new self-service experience by extending our service to WeChat platform. Key highlights of our WeChat account includes:

• Virtual Assistant ‘Emma’ to provide answers for general enquiry anytime, anywhere
• Easy access to HSBC MPF information and latest updates
• Tips on MPF account management and retirement planning
• Available on both Android and iPhone platforms

Act now! Search WeChat ID “HSBCMPF” to follow our HSBC MPF WeChat Official Account! For further details, please refer to HSBC MPF WeChat Official Account dedicated page.

The Mandatory Provident Fund Schemes Authority ('MPFA') organises an annual Good MPF Employer Award to promote and foster employers' compliance with MPF legislation, encourage employers to provide better retirement benefits for their employees and recognise employers who are exemplary in enhancing the retirement benefits of their employees. Awardees will receive Award certificate from the MPFA and be entitled to use the Award logo. Awardees' names will be published on the MPFA website for public's reference.

Good MPF Employer Award is marking fifth anniversary this year, in addition to the existing “e-Contribution Award” and “MPF Support Award”, two new awards will be introduced this year. Employers who fulfil the relevant requirements will be presented with one or both of the following awards:

• Good MPF Employer 5 Years Award
  Employers who have received a Good MPF Employer Award for five consecutive years
• MPF Excellent Employer
  Of the employers eligible for the Good MPF Employer 5 Years Award, those who have offered more than one Mandatory Provident Fund (MPF) scheme and MPF voluntary contributions for all of their employees during the 2018-19 financial year
  

The Good MPF Employer Award 2018-19 is now open for application and nomination, interested employers should submit the completed application form to the MPFA no later than 30 June 2019. Employees may also nominate their employers for the Award. For details on the privileges, eligibility and application of the Award, please visit the MPFA's Good MPF Employer Award website at www.mpfa.org.hk/goodMPFemployer.

HSBC MPF always strive to deliver high level of MPF products and services at all times, therefore, we are pleased to announce that there are several initiatives have been / will be effected.

1. The tax deductible voluntary contributions (‘TVC’) has been effected on 1 April 2019. MPF voluntary contributions made in a TVC account set up by members of the HSBC Master Trusts can enjoy certain tax concessions designed to enable members to meet the long-term saving objective for retirement protection.
2. The management fees of the North American Equity Fund and the European Equity Fund under the HSBC Mandatory Provident Fund - SuperTrust Plus (‘HSBC SuperTrust Plus’) will be reduced from 1.35% pa of NAV to 1.30% pa of NAV from 1 July 2019 onwards.
3. Subject to the HSBC Mandatory Provident Fund – ValueChoice being successfully merged with the HSBC SuperTrust Plus from 1 July 2019, six new Constituent Funds will be established under the HSBC SuperTrust Plus with effect from the same date.

For the details of the above, please click TVC, Management Fee Reduction and New Constituent Funds for the notices to scheme participants.

HSBC MPF strives to provide the best customer experience therefore we have revamped the MPF publications. The new publications take effect from 1 April 2019, aim at using simple and easy-to-understand language to introduce HSBC MPF product and service offerings. What’s more, the new publications also included information of the recently launched Tax Deductible Voluntary Contribution.

The new publications listed below are now available in designated HSBC branches and on HSBC MPF website, you can click here to check them out!

Employer Service Guide – an administrative and service handbook for our employers
Member Service Guide – a servicing handbook for our members to get the most from the services provided by HSBC MPF
HSBC MPF Overview – an introduction on the MPF schemes to all participants
Service Channel Guide – a step-by-step guide to direct our members how to engage different service channels

Subject to relevant regulatory approval, the HSBC Mandatory Provident Fund – ValueChoice ("ValueChoice") will be consolidated into the HSBC Mandatory Provident Fund - SuperTrust Plus ("SuperTrust Plus") with effect from 1 July 2019 (“the Merger”).   If you would like to learn more about the scheme consolidation, a seminar will be held at 1:45pm on 18 May 2019 at the Hong Kong Convention and Exhibition Centre. To register your attendance, please enter into our event information page, then click on the ‘Register Now’ button, and select Seminar 2 (‘S2’) to confirm your attendance. Seats are limited and available on a first-come-first-served basis. We look forward in seeing you there. 

Note: each person is eligible to register for a maximum of one Seminar and one workshop. 

The tax deductible voluntary contributions (‘TVC’) takes effect on 1 April 2019. MPF voluntary contributions made in a TVC account set up by members of the HSBC Master Trusts can enjoy certain tax concessions designed to enable Members to meet the long-term saving objective for retirement protection.

For further details, please visit our designated TVC webpage. You may also click here for the supplement to the 'Principal Brochure' and the ‘Frequently Asked Questions’ in relation to the TVC.

Subject to relevant regulatory approval, the HSBC Mandatory Provident Fund – ValueChoice ("ValueChoice") will be merged into the HSBC Mandatory Provident Fund - SuperTrust Plus ("SuperTrust Plus") with effect from 1 July 2019 (“the Merger”).  Six new constituent funds will be added to the SuperTrust Plus by replicating the corresponding constituent funds in the ValueChoice and increasing the total number of fund choices to 20.  After the Merger, these six new constituent funds and five of the existing matching constituent funds in HSBC MPF SuperTrust Plus will share the same name, investment objective and policy, fee level and fees and charges structure as the existing 11 constituent funds in HSBC MPF ValueChoice.

For further details, please refer to the scheme participants’ notice and frequently asked questions

The latest edition of "HSBC Retirement Monitor* (March 2019) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement. 

*The "HSBC Retirement Monitor" was commissioned by HSBC with the Association of Superannuation Funds of Australia conducting the research and analysis.

Regular review is conducted on the risk ratings for the constituent funds under the HSBC Mandatory Provident Fund schemes and the latest risk rating review has been completed. Due to the continuous rise in volatility in the Hong Kong equity market over recent years, with effect from 1 March 2019, the risk rating for Hang Seng Index Tracking Fund of the HSBC Mandatory Provident Fund - SuperTrust Plus and ValueChoice will be raised from ‘4’ to ‘5’. 

The risk ratings for other constituent funds under the HSBC Mandatory Provident Fund schemes remain unchanged. To obtain the latest information on risk ratings, please refer to the latest ‘Monthly Fund Performance Summary’ and/or ‘Fund Fact Sheet’. Should you have any queries, please contact our HSBC MPF Member Hotline on (852) 3128 0128. 

Please note that the above risk ratings are provided for reference only and should not be regarded as investment advice.

Due to the upcoming Chinese New Year long holidays, there are only 4 business days (i.e. 1st, 4th, 8th and 11th) before the deadline for January 2019 contribution, i.e. 11th February 2019. Employers are reminded to submit remittance statement and make contribution payment earlier to avoid missing the contribution deadline.  For employers who submit remittance statement and/or cheque by mail, please ensure you allow sufficient time for the remittance statement and/or cheque to reach HSBC MPF on or before the contribution deadline.

The latest edition of "HSBC Retirement Monitor* (December 2018) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.

*The "HSBC Retirement Monitor" was commissioned by HSBC with the Association of Superannuation Funds of Australia conducting the research and analysis.

To offer you better web browsing experience, HSBC MPF brings you a new look with new functions:

1. Responsive design - Enhanced web pages render well on a variety of devices and screen sizes which work well with desktop computers, tablets and smartphones
   
2. Integrated tool bar - Newly designed, always-on important information toolbar to provide all the handy information that you need, i.e. documents, management fees, and performance etc
3. Seamless customer journey :
   • Dedicated pages for self-employed and employee
   • “MPF Academy” is a hub of educational contents
   • Associated contents via quick links for intuitive browsing

With effect from 1 November 2018, HSBC Life (International) Limited has ceased to be the Administrator of the HSBC Master Trusts and The Hongkong

and Shanghai Banking Corporation Limited, has become the Administrator of the HSBC Master Trusts.

Notwithstanding the changes described above, there are no changes or suspension to the services (e.g. HSBC MPF Employer / Member Hotline, Business

Internet Banking / Personal Internal Banking and Interactive Voice Response System) or offerings that were provided to you immediately before the

change of the Administrator. The change of the Administrator does not affect your account balances or accrued benefits under the HSBC Master Trusts

and investment option in the HSBC Master Trusts.

To reflect the change of the Administrator of the HSBC Master Trusts, the relevant ‘Principal Brochures’, MPF publications and administration forms have

been updated and they are available on our HSBC MPF website at www.hsbc.com.hk/mpf for download now.

The Pacific Place Branch, one of the designated branches for MPF services and enquiries and with MPF drop-in box, will be closed after 15 September 2018. Please visit the Hong Kong Office or other designated branches for MPF services and enquiries and with MPF drop-in box.

Address of Hong Kong Office is:

Level 3 & BL1, 1 Queen's Road Central, Central, Hong Kong

Please click here to view the full list of designated branches for MPF services and enquiries and here to view the full list of designated branches with MPF drop-in box.

The latest edition of "HSBC Retirement Monitor* (September 2018) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.

*The "HSBC Retirement Monitor" was commissioned by HSBC with the Association of Superannuation Funds of Australia conducting the research and analysis.

The August 2018 Edition of 'Member Information' is now available on HSBC MPF website. In this edition, we would like to share with you updates of HSBC MPF including:

• MPF awards
• Electronic services
• 'MPF Academy'
• Changes to HSBC MPF ValueChoice - Hang Seng H-Share Index Tracking Fund
• Guarantee interest rate
• Update of risk ratings for constituent funds
• Trustee charter sign-off ceremony
• MPFA launches one-stop Fund Performance Platform

For details, please click here for the latest 'Member Information'.

Various changes are being made to HSBC Mandatory Provident Fund - SuperTrust Plus and HSBC Mandatory Provident Fund - ValueChoice (collectively, the "HSBC Master Trusts").

1. With effect from 1 November 2018, HSBC Life (International) Limited will cease to be the Administrator of the HSBC Master Trusts and The Hongkong and Shanghai Banking Corporation Limited, will be the Administrator of the HSBC Master Trusts.
   
   Notwithstanding the changes described above, there will not be any changes or suspension to the current services (e.g. HSBC MPF Employer / Member Hotline, Business Internet Banking / Personal Internal Banking and Interactive Voice Response System) or offerings that are being provided to you and there will not be any action required from you to continue enjoying the services.
   
   
2. With immediate effect, the 'Principal Brochures' of each of the HSBC Master Trusts will be updated to (i) disclose the breakdown of the management fee of each Constituent Fund and corresponding underlying approved pooled investment fund(s) and/or ITCIS(s) and (ii) simplify the investment policies of 2 index tracking funds per their existing actual investment arrangements.
   
   The disclosure of the breakdown of the management fee aims to provide you with more information, so that, you can better manage your MPF portfolio. Please rest assured, the management fee level in respect of each Constituent Fund will remain unchanged.
   
   

For further details to the changes, you may click the items below:

The Guaranteed Interest Rate for the Guaranteed Fund available under HSBC Mandatory Provident Fund - SuperTrust Plus is 0.125% per annum in the scheme financial period from 1 July 2018 to 30 June 2019. 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.

The latest edition of "HSBC Retirement Monitor* (June 2018) " is now available on HSBC MPF website. You can click here to understand the estimated expenditure for living in Hong Kong after retirement.

*The "HSBC Retirement Monitor" was commissioned by HSBC with the Association of Superannuation Funds of Australia conducting the research and analysis.

Regular review is conducted on the risk ratings for the constituent funds under the HSBC Mandatory Provident Fund schemes and the latest risk rating review has been completed. Due to an increase in volatility in the Hong Kong and Chinese equity markets over recent years, with effect from 1 June 2018, the risk ratings for Hong Kong and Chinese Equity Fund of the HSBC Mandatory Provident Fund - SuperTrust Plus will be raised from '4' to '5'.

The risk ratings for other constituent funds under the HSBC Mandatory Provident Fund schemes remain unchanged. To obtain the latest information on risk ratings, please click here for referring to the latest 'Monthly Fund Performance Summary' and/or 'Fund Fact Sheet'. Should you have any queries, please contact our HSBC MPF Member Hotline on (852) 3128 0128.

Please note that the above risk ratings are provided for reference only and should not be regarded as investment advice.

The Mandatory Provident Fund Schemes Authority ('MPFA') organises an annual Good MPF Employer Award to recognise employers who have complied with the MPF legislation and in enhancing the retirement benefits of their employees. Awardees will receive Award certificate from the MPFA and be entitled to use the Award logo and enjoy privileged services from the MPFA. Awardees' names will be published on the MPFA website for public's reference.

Starting from last year, two new awards have been added to the programme: the e-Contribution Award, for efforts to adopt an electronic system for MPF administration, and the Support for MPF Management Award, for efforts to encourage employees to actively manage their MPF. Companies/organizations that qualify for the Good MPF Employer Award and fulfil the assessment criteria for one or both of the new awards will receive extra recognition.

The Good MPF Employer Award 2017-18 is now open for application and nomination, the deadline for application is 30 June 2018. This year, employers can submit application form online on MPFA's Good Employers Award website apart from submitting the form by email, fax or post, or in person to MPFA. Employees may also nominate their employers for the Award. For details on the privileges, eligibility and application of the Award, please visit the MPFA's Good MPF Employer Award website at www.mpfa.org.hk/goodMPFemployer.

The March 2018 Edition of 'Member Information' is now available on HSBC MPF website. In this edition, we would like to share with you updates of HSBC MPF including:

• HSBC MPF awards
  
• HSBC MPF Fee reductions
• Revamp of 'HSBC Retirement Monitor'
• HSBC MPF wealth management seminars
• MPF assets surpass $800 billion
• Achieving a desirable retirement life
• Personal account consolidation for easy management
• Update of risk ratings for constituent funds

For details, please click here for the latest 'Member Information'.

The latest version of the Personal Information Collection Statement for HSBC Mandatory Provident Fund is now available on HSBC MPF website. You can download it from the "Download Forms and Documents" in HSBC MPF website or click here to download directly.

What is the estimated expenditure for living in Hong Kong after retirement? The "HSBC Retirement Monitor"* was first launched in December 2015 to answer this question by providing an objective analysis.

Since launch, we have been collecting customer feedbacks on the "HSBC Retirement Monitor". In order to make the figures more relevant and useful for retirement planning, we have fine-tuned some of the assumptions underlying the model, and have also created a new "Modest" lifestyle in addition to the 3 existing lifestyles (basic, comfortable, affluent), starting from the March 2018 edition. You can click here for details.

*The "HSBC Retirement Monitor" was commissioned by HSBC with the Association of Superannuation Funds of Australia conducting the research and analysis. 

Regular review is conducted on the risk ratings for the constituent funds under the HSBC Mandatory Provident Fund schemes and the latest risk rating review has been completed. Due to an increase in volatility in the global bond market over recent years, with effect from 1 March 2018, the risk ratings for Global Bond Fund of the HSBC Mandatory Provident Fund - SuperTrust Plus and ValueChoice have been raised from '1' to '2'.

The risk ratings for other constituent funds under the HSBC Mandatory Provident Fund schemes remain unchanged. To obtain the latest information on risk ratings, please click here for referring to the latest 'Monthly Fund Performance Summary' and/or 'Fund Fact Sheet'. Call our HSBC MPF Member Hotline at +852 3128 0128 if you have any questions.

The above risk ratings are provided for reference only and should not be regarded as investment advice.

With effect from 1 December 2017, the management fees of 10 out of 25 Constituent Funds under HSBC MPF schemes have been reduced. Certain cosmetic changes have also been made in the 'Principal Brochures' of relevant schemes with immediate effect. Please click here for the notice to scheme participants.

For details of the management fees and other applicable fees, charges and expenses of the constituent funds, please click here for the relevant 'Principal Brochure' and supplements to the 'Principal Brochure'.

To offer a more convenient MPF service, Shatin Branch has set up MPF drop-in box to facilitate documents submission.

Address of Shatin Branch: 
Shop No. 30D, Level 3, Shatin Centre Shopping Arcade, Sha Tin, NT

Please click here to view the full list of designated branches with MPF drop-in box.

The outbreak of Covid-19 pandemic has a significant impact on the global economy.  While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.

Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.

The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.

• The information contained in this website is for reference only and will be updated from time to time without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, Occupational Retirement Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority and/or Securities and Futures Commission shall prevail for any information on MPF and ORSO system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
• 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 relevant brochure.  

The outbreak of Covid-19 pandemic has a significant impact on the global economy.  While the US Federal Reserve’s actions to keep interest rates near zero in June, Hong Kong dollar (HKD) money market rates have also been impacted by a number of factors affecting liquidity.

Overall, liquidity yields may remain low compared to last year given the economic impact of the Covid-19 pandemic and easing policies by global central banks.

The MPF Conservative Fund, and ORSO Money Market Funds generally aim to provide liquidity together with a rate of return higher than the bank savings rate. However, we would like to remind investors that investment in money market funds is different from depositing funds in a savings account at a bank or deposit taking company. These funds are not capital protected, and there is no guarantee that a stable net asset value will be maintained. Investors may not get back the amount originally invested.

The ORSO Amendment Bill was passed by the Legislative Council on 17 June 2020, and became effective on 26 June 2020. The main objective of the ORSO Amendment Bill is to set up a registration framework for the Occupational Retirement Schemes (“ORSO Schemes”) to ensure they are properly regulated.

The new ORSO Amendment Bill will require employers to submit an annual written statement (for ORSO registered and exempted schemes), an annual return (for ORSO exempted schemes only) as well as notification of reportable events (for ORSO registered schemes only) to the Mandatory Provident Fund Schemes Authority (‘MPFA’). For more information on the new requirements, please visit the MPFA website > ORSO > Circulars > Occupational Retirement Schemes (Amendment) Bill 2019.

The MPFA had also invited employers to attend their upcoming Town Hall sessions (28th, 29th, 30th of July 2020) to facilitate employers to gain a better understanding of the new requirements under the new regulatory requirement. By 6th July 2020, employers will need to register and complete the ‘Reply Slip’ contained in the abovementioned Circular.  We strongly encourage employers to register and attend the upcoming Town hall sessions.