The Wayfoong Multi-funding System ('WMFS') is a pooled occupational retirement scheme set up in 1992 in Bermuda.
WMFS together with all its investment portfolios are constituted in the form of an insurance policy issued by HSBC Life (International) Limited ('HSBC Life'). Your investments are therefore subject to the credit risks of HSBC Life.
Where your scheme is a defined contribution scheme, the benefit payments of the employees and members under the Deferred Member Arrangement (as explained below) are calculated with reference to the fluctuation of the performance of the investment portfolios subject to the terms and conditions of WMFS. Each of the investment portfolios has its own investment objectives and associated risks.
Where your scheme is a defined benefit scheme, your liability to top-up any benefits payable to your employees are calculated based on a formula pre-determined by you and actuarial valuations and are also subject to the terms and conditions of WMFS. Each of the Investment Portfolios has its own investment objectives and associated risks.
An employer may choose to put in place a trust arrangement in respect of its participation in WMFS. However, even with the set up of a trust arrangement, the appointed trustee will only be holding an insurance policy issued by HSBC Life and your investments are still subject to the credit risks of HSBC Life.
In addition, the WMFS has a feature called 'Deferred Member Arrangement'. Deferred Member Arrangement enables eligible members to transfer and retain their benefits in a deferred member account upon cessation of participation in an employer's retirement scheme. The Deferred Member Arrangement under WMFS is also established in the form of an insurance policy which is held by the Trustee, on behalf of the relevant members, under a trust arrangement. However, even with the set up of a trust arrangement, the appointed Trustee will only be holding the insurance policy issued by HSBC Life and your investments are still subject to the credit risks of HSBC Life. The trust arrangement is governed by the provisions of the Trust Deed and, to the extent expressly incorporated into such Trust Deed by reference, the relevant insurance policy.
Whether or not a trust arrangement is set up, WMFS and all its investment portfolios are constituted in the form of an insurance policy and therefore you are not investing in the underlying investment funds/assets and you do not have any rights or ownership over the underlying investment funds/assets of WMFS.
If a trust arrangement is set up in respect of your participation, such arrangement is governed by the provisions of the trust deed and, to the extent expressly incorporated into such trust deed by reference, the relevant insurance policy.
The guarantee of the Capital Guaranteed Fund is given by HSBC Life. Your investments in the Capital Guaranteed Fund, if any, are therefore subject to the credit risks of HSBC Life.
The guarantee of the Capital Guaranteed Fund is subject to the relevant guarantee features. Please refer to the investment portfolio fact sheet of the Capital Guaranteed Fund in the 'Principal Brochure' of WMFS for full details of the relevant guarantee features and conditions.
The guarantee of the Central Provident Fund is given by The Hongkong and Shanghai Banking Corporation Limited. Your investments in the Central Provident Fund, if any, are therefore also subject to the credit risks of The Hongkong and Shanghai Banking Corporation Limited.
The guarantee of the Central Provident Fund is subject to the relevant guarantee features. Please refer to the investment portfolio fact sheet of the Central Provident Fund in the 'Principal Brochure' of WMFS for full details of the relevant guarantee features and conditions.
The Central Provident Fund has been closed to new contributions or money with effect from 1 June 2010.
You should consider your own risk tolerance level and financial circumstances before choosing any investment portfolio. When, in your selection of investment portfolios, you are in doubt as to whether a certain investment choice is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and choose investment choice(s) most suitable for you taking into account your circumstances.
You should not invest based on the information shown on this website alone and should read the 'Principal Brochure'.
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 'Principal Brochure'.
If you are in doubt about the meaning or effect of the contents of the 'Principal Brochure', you should seek independent professional advice.

Important notes