What is Tax deductible voluntary contributions (TVC)?

TVC is a new and special contribution under MPF where you can contribute into. Any contributions you make to this TVC account (up to an annual limit of HK$60,000) will be counted as a deductible item when you report your personal income tax. The balance of your TVC account will be available for withdrawal when you retire at 65, or when you meet other withdrawal conditions which are the same as your mandatory contribution accounts.

The main characteristics of TVC are as follows:

  • In general, if you are eligible to join a Registered Scheme or if you are a current scheme member of an MPF exempted ORSO scheme, you may open a TVC account. You can find the detailed eligibility requirements here.
  • Involvement of employers is not required.
  • You may contribute either regularly or as lump sums.
  • Balances of TVC account is subject to the same vesting, preservation and withdrawal restrictions applicable to mandatory contributions.

Why shall I contribute TVC?

TVC is a tax-efficient way to save more for your retirement. You shall consider contributing to a TVC if you want to:

  • Save more and pay less tax – let the Government help you to build up your retirement pot!
  • Have flexibility in your saving plan – with TVC, you have the flexibility to contribute as much or as little1 as you wish, and at any time you want.
  • Take control – with TVC, you take control on how you invest your money to make the best out of it.
  • Enjoy further savings - Receive up to HKD3,300 of bonus rebates from HSBC MPF when you contribute to HSBC MPF’s TVC. (see details here)

1Subject to minimum of HK$300 per month for regular contributions, or HK$1,000 for lump sum contributions.

See more details how TVC can help you here

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

TVC is one of the three ways that you may contribute more to your MPF voluntarily.  Key differences of them are described below:
  Employee Voluntary Contributions
Flexi-Contributions
TVC
Payment method
via employer payroll
directly from you
directly from you
Payment frequency
usually regularly
regularly or lump sum regularly or lump sum
Tax-deductible
N/A
N/A

applicable
Withdrawal condition
usually at termination of employment
Anytime*
same condition as MPF Mandatory
Contributions
TVC is one of the three ways that you may contribute more to your MPF voluntarily.  Key differences of them are described below:
  Payment method
Employee Voluntary Contributions
via employer payroll
Flexi-Contributions
directly from you
TVC
directly from you
  Payment frequency
Employee Voluntary Contributions
usually regularly
Flexi-Contributions
regularly or lump sum
TVC
regularly or lump sum
  Tax-deductible
Employee Voluntary Contributions
N/A
Flexi-Contributions
N/A
TVC

applicable
  Withdrawal condition
Employee Voluntary Contributions
usually at termination of employment
Flexi-Contributions
Anytime*
TVC
same condition as MPF Mandatory
Contributions

*Subject to the prevailing terms and conditions set by the MPF provider

 

We have set up MPF services and procedures help you easily enrol and keep track of your MPF account.

 

Learn how to manage your TVC accrued benefits.

 

Learn how to transfer your TVC accrued benefits and switch to HSBC MPF.

 

Discover how and when you are eligible to withdraw your TVC accrued benefits.

 

Find the latest unit price and performances data of HSBC MPF constituent funds.

 

HSBC MPF Schemes and MPF Constituent Funds. 

 

We provide comprehensive e-Services to help you to manage MPF account easily anytime, anywhere.

 
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We offer promotions and host seminars throughout the year to help you learn more about MPF. 

Important notes

  • The information contained here is for reference only and will be updated without notice. The provisions of the Mandatory Provident Fund Schemes Ordinance, other applicable legislation/regulations and guidelines or announcements published by the Mandatory Provident Fund Schemes Authority shall prevail for any information on MPF system. If you are in doubt about the meaning or the effect of the contents of this website, you should seek independent professional advice.
  • lnvestments involve risks. Past per 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 'Principal Brochure'.