Getting information about your MPF_Eng_2018-09_a
Getting information about your MPF_Eng_2018-09_a
1 Contents Introduction Knowing where to get information about your Mandatory Provident Fund (MPF) scheme and account is important if you want to make informed decisions for your MPF investment. As a scheme member, you will need information to facilitate your decision making at different points on your MPF investment journey. This publication is intended to serve as a quick-reference guide to where different information can be found. It focuses on the information that your MPF trustee, intermediary or employer should provide or make available to you under statutory requirements, although references are also made to other sources.
In addition to the documents referred to here, trustees may provide extra information through, for example, their own website or customer service hotline.
Like your own MPF journey, this publication begins with your enrolment in an MPF scheme, followed by the different stages on your journey, until you reach the age of retirement and lodge your claim for your MPF accrued benefits. The MPF information available to you, which is set out in tabular form in this publication, includes the type and content of information, and document provided (offering document, fund fact sheet, etc.), as well as when the information should be provided. To help you navigate through the information, a number of questions and answers relating to various possible scenarios that you might encounter during your lifelong MPF investment journey have been set out.
This will help you find and refer to the relevant information or documents under each of these scenarios easily and use them when making your MPF decisions. Introduction P. 1 Questions and Answers on MPF Information P. 2 - 6 Information from Trustees P. 7 - 26 Information from Participating Employers P. 27 Information from Intermediaries P. 28 - 29 Sample Documents P. 30 - 32 Glossary P. 33 - 35 MPF Approved Trustees P. 36 - 37
on MPF Information Questions and Answers 2 3 Q1 I just joined the work force and my employer will enrol me in an MPF scheme. Which document should I read in order to get a general understanding of the scheme? Joining a scheme I would like to learn more about the fees and charges of my MPF funds. Where can I find out about them? What other documents will I get from my MPF trustee about the scheme? Q4 Q6 Offering Document P.7 - 8 I am a self-employed person and I need to enrol in an MPF scheme. Which document should I read in order to get a general understanding of the schemes available?
List of MPF schemes on the website of the Mandatory Provident Fund Schemes Authority (MPFA) (www.mpfa.org.hk) Q2 Offering Document for each scheme P.7 - 8 If I have not made any fund choices or do not want to make any fund choices, I understand that my MPF investments will be invested according to the Default Investment Strategy (DIS) of the scheme that I enrolled in.
Where can I get more information about the DIS? Q7 Q8 Fee Table (Incorporated in the Offering Document) P.9 Illustrative Examples for MPF Conservative Fund (Accompanied with or incorporated in the Offering Document) P.10 In addition to MPF trustees’ websites and publications, where can I find information about the prices and performance of funds offered in their MPF schemes?
Q9 My employer has chosen an MPF trustee and MPF scheme for me, but I like to choose which fund or funds to invest in. If I want to learn more about the various funds offered in the scheme, where can I get the information? The Fee Comparative Platform on the MPFA website (cplatform.mpfa.org.hk) Choosing a fund Q5 I am an MPF scheme member. Which document will I receive showing that I am a scheme member? Notice of Participation P.12 Q3 Written Notices under certain circumstances P.24 - 25 Fund Fact Sheet for the scheme P.11 - 12 Fund Expense Ratio, as shown in Fund Fact Sheet P.11 - 12 Offering Document P.7 - 8 Offering Document Websites of the MPFA and approved trustees Publications of the MPFA and approved trustees P.7 - 8 On-going Cost Illustration (Accompanied with or incorporated in the Offering Document) P.10 The Fee Comparative Platform (cplatform.mpfa.org.hk) and the DIS Fund List (DISFunds.mpfa.org.hk/en) on the MPFA website Information about funds I like to know how the funds I have chosen are performing.
Which document shows this?
Fund Fact Sheet for the scheme P.11 - 12 P.15 The Fund Performance Platform on the MPFA website (fpp.mpfa.org.hk/english) Newspapers where fund prices are published Fund performance data, e.g. refer to the website of the Hong Kong Investment Funds Association (www.hkifa.org.hk) The Fund Performance Platform on the MPFA website (fpp.mpfa.org.hk/english)
on MPF Information Questions and Answers 5 4 I have elected to transfer my accrued benefits derived from employee mandatory contributions in my MPF contribution account during current employment to a personal account in another scheme under Employee Choice Arrangement.
What information will I receive from my MPF trustee to confirm that my accrued benefits have been properly transferred? Transfer of accrued benefits during employment My employer is supposed to make MPF contributions for me every month. How do I check if those contributions have been made? Your trustee may also have other channels available for you: customer service hotline, customer service centre, website, etc. Q10 Q11 Pay Records P.27 Q12 Q13 Transfer Confirmation from transferee trustee (new trustee) P.17 Transfer Statement from transferor trustee (original trustee) P.16 I have changed jobs and have not yet decided how to handle my accrued benefits.
What information will my MPF trustee provide to me if I did not elect to transfer my accrued benefits when I stopped working at my previous job?
Written Notice relating to member's options for transfer issued by trustee P.20 Change of job I have changed jobs a number of times in recent years and I am not sure if I know how many personal accounts I have or which trustees they are with. How do I find out the information? What information or documents will my MPF trustee send me when I claim my accrued benefits at the age of 65? What information will I receive from my MPF trustee if I forget to claim my accrued benefits when I reach the retirement age (i.e. the age of 65)? Retirement Q16 Q15 Q14 Q17 Written Notice requesting the member to reply to trustee P.22 I have changed jobs and elected to have my accrued benefits transferred to a personal account in another scheme.
What information will I receive from my MPF trustee to confirm that my accrued benefits have been properly transferred?
Other periodic statements provided voluntarily by the trustee (if available) Online facilities / customer service hotline / customer service centre provided voluntarily by the trustee for the scheme (if available) I would like to get the details of my MPF account: e.g. my account balance, the amount invested in each of the funds I have chosen, the breakdown between mandatory and voluntary contributions, and between my contributions and my employer’s contributions. I would also like to check whether my personal details, such as my name and address, are properly recorded. What documents / channels should I go to for this information? My own account details Annual Benefit Statement P.13 - 14 To check which trustee you maintain a personal account, you may bring along your identity document(s) during office hours to one of the MPFA offices.
Alternatively, you may download the enquiry form (Form PA-SM) from the MPFA website, and mail or fax the completed form, together with a copy of your identity document(s), to the MPFA office in Sheung Wan. A reply letter will be mailed to you, informing you the trustee(s) of your personal account(s). If you require detailed information of a particular personal account, such as account balance, you should contact the relevant trustee(s). You can also apply for the e-Enquiry of Personal Account service and look up your own personal accounts at any time. This service also provides a contact list for all trustees, fees and returns of MPF funds (mobile application only), and the latest MPF news.
Please visit the MPFA website (epa.mpfa.org.hk) for details.
P.22 Benefit Payment Statement P.23 Benefit Statement P.19 Transfer Confirmation from transferee trustee (new trustee) P.18 Transfer Statement from transferor trustee (original trustee)
- 6 7 Where can I get more information about my MPF? Website of the MPFA, including the Fee Comparative Platform (cplatform.mpfa.org.hk/MPFA/english), the Fund Performance Platform (fpp.mpfa.org.hk/english), the Trustee Service Comparative Platform (tscplatform.mpfa.org.hk/scp/eng), and information on the DIS, etc. Websites of approved trustees Information from Trustees Information from Trustees 7
- General information about the scheme Scheme name, date of establishment, and date of financial year end of the scheme Name and registered address of the trustee, investment manager(s) / their delegate(s), custodian, insurer, auditor and any other service providers, etc.
Information about investment funds in the scheme Number of constituent funds in the scheme, their names, their fund types (bond, equity, money market, mixed assets, or MPF conservative, guaranteed, etc.) and their fund structures Statement of investment policy, including: - Description of the investment objectives - Types of intended investment by asset type, geography and relative exposure - Policies regarding derivatives (financial futures contracts, financial options contracts, etc.), securities lending, investment in other pooled investment funds, etc.
The risk inherent in implementing the investment policy - A general description of the return expected (e.g.
the fund is expected to provide a return above the inflation rate). No forecast of fund performance may be made. Information about investment and borrowing restrictions Valuation practices of the funds, such as frequency of valuation and dealing for the fund, including details of the dealing day, method of valuation of the fund’s assets and liabilities, method of pricing of the fund unit, etc.
Fees and charges payable by the fund and individual scheme members including, for example, subscription charges (if any), investment management fees, guarantee fees, trustee fees and other fees and expenses, etc. For standardized summary of information about fees, please refer to the information on Fee Table on P.9. Description of the risks, along with warnings Information about Guaranteed Funds, such as details of the guarantor, main features of the guarantee (e.g. how the return is determined, and the guarantee conditions, if any), the proposed asset allocation of the fund and the guarantee mechanism Target users Prospective scheme members, scheme members Information provided Offering Document I will be meeting an MPF sales person to discuss my MPF matters.
Where can I get information about that person and his remuneration arrangements?
In the initial meeting with an intermediary such as a sales person, you should be provided with his / her business card and a document that sets out information about the sales person, the person he acts for, what regulated activities he intends to undertake (including whether he proposes to give you advice) and general information about the fees or other compensation that will be received by the intermediary Meeting with MPF Intermediaries Q18 P.28 What kind of information / documents can I obtain about the MPF products the MPF sales person is selling?
Intermediary should provide you with information for making informed MPF decision (at a minimum, a copy of the latest version of the Offering Document) and relevant documents for record keeping (if applicable) Q19 Q20 Q21 P.29 Where can I get assistance if I still have questions? The MPFA Hotline (2918 0102) Enquiries to Trustees P.26 General
- Information From Trustees 8 9
- Information about making contributions to and withdrawals from the scheme Information about joining and withdrawing from the scheme; transferring from one scheme to another, making contributions, switching between funds, portability and payment of accrued benefits (For information about making contributions to and withdrawals from your MPF account, please refer to the Annual Benefit Statement (ABS) on P. 30 - 31.)
- Other general information Reports or statements the trustee sends to scheme members Information on the constitutive documents of the scheme, and where a member can inspect or purchase these documents Notifications relating to scheme / fund mergers, changes to the Statement of Investment Policy, etc.
- Enquiry hotline Date of publication of the Offering Document Information provided When the information is provided With any application form (e.g. enrolment form) or upon request
- Joining fee and annual fee
- Member’s account level fees, expenses and charges Contribution charge Offer spread Bid spread Withdrawal charge
- Fund-operating charges Management fee (this refers to fees paid to trustee, custodian, administrator, investment manager and sponsor or promoter of a scheme for providing their services to the relevant fund) Guarantee charge Other expenses (audit and professional fees, compensation fund levy, indemnity insurance, etc.)
- Fees, expenses and charges of the underlying funds (relevant for funds invested through other underlying funds, rather than directly in investments like equities and bonds)
- Fees, expenses and charges for providing additional services Payable if you request extra services: e.g. additional copy of Annual Benefit Statement or other documents Fee Table ( Incorporated in the Offering Document )* Target users Prospective scheme members, scheme members Information provided With any application form (e.g. enrolment form) or upon request When the information is provided * (i) Refer to the Fee Table in the Offering Document of your scheme for details about the current level of fees, expenses and charges, as well as from where the fees being charged are taken (e.g. contributions, member account or fund assets).
(ii) Some trustees may have waived or may not be charging some fees, expenses or other charges. (iii) For fee information on MPF funds, please visit the Fee Comparative Platform (cplatform.mpfa.org.hk/MPFA/ english), the Fund Performance Platform (fpp.mpfa.org.hk/english), and the DIS Fund List (DISFunds.mpfa. org.hk/en) on the MPFA website.
- Information From Trustees 10 11 * (i) The On-going Cost Illustration is an illustration of the total effect of fees, expenses and charges on each HK$1,000 contributed to an MPF fund. The information helps you compare the cost of investing in different funds. To allow a standardized comparison and for illustration purposes, an annual 5% gross return and constant Fund Expense Ratio are assumed in the calculation. You should note that the actual costs will depend on various factors and may be different from the calculated dollar cost amounts. (ii) No On-going Cost Illustration is required for MPF Conservative Funds, Guaranteed Funds where the returns are not affected by the fund’s performance, and other funds with less than one-year operational history.
- Your costs on each HK$1,000 contributed and invested in a fund over one, three, and five years, expressed in dollar terms
- The Fund Expense Ratio for the financial period On-going Cost Illustration ( Accompanied with or incorporated in the Offering Document )* Target users Prospective scheme members, scheme members Information provided With any application form (e.g. enrolment form) or upon request When the information is provided Fund Fact Sheet* Target users Scheme members Information provided * For a sample of the Fund Fact Sheet, please see P.32. Illustrative Examples for MPF Conservative Funds ( Accompanied with or incorporated in the Offering Document )* Target users Prospective scheme members, scheme members Information provided * The Illustrative Examples help you compare the total amount of annual fees and charges payable for the fund under various schemes. To facilitate a standardized comparison and for illustration purposes, various assumptions on scheme members’ income and investment return, etc. are used in the calculation. The actual amount of fees scheme members end up paying may be different.
- With any application form (e.g. enrolment form) or upon request The total amount of annual fees payable for an MPF Conservative Fund in a financial period When the information is provided
- Fund size The net asset value of the fund as at the reporting date of the Fund Fact Sheet
- Launch date The date on which the fund was launched
- Investment objectives of each fund offered in the scheme A brief description of the investment objectives of the fund, such as whether it is intended to achieve high / medium / stable capital growth or to preserve capital
- Portfolio allocation The allocation of the assets of the fund as at the reporting date of the Fund Fact Sheet, normally by types of investments and by their geographical location
- Top 10 portfolio holdings The 10 largest security holdings of the fund as a percentage of the fund’s net asset value as at the reporting date of the Fund Fact Sheet
- Fund performance information The periodic rate of return for the fund over periods of one, five and ten years, and since its launch
- Performance measurement against any benchmark used A comparison of the fund’s performance against the benchmark, if any, identified in the relevant Offering Document
- Performance measurement against recognized reference portfolio A comparison of the performance of the Core Accumulation Fund and the Age 65 Plus Fund respectively against the recognized reference portfolio
- Latest Fund Expense Ratio A ratio that measures fund expenses as a percentage of fund size
- Fund risk indicator A general indication of the risk level of the fund; in general, the higher the fund risk indicator, the higher the risk level of the fund
- Fund descriptor A description of the fund type that facilitates comparison with other similar funds; it represents the characteristics of the underlying investments of the fund (such as asset types and geographic region) in accordance with the fund’s investment objectives and policy
- Commentary A general discussion of the fund performance, market review and outlook
- Information From Trustees 12 13 Annual Benefit Statement ( ABS )* Target users Scheme members At least two fund fact sheets should be issued for each financial year of a scheme
- One should be provided together with the ABS, i.e. within 3 months after the end of the financial period of the scheme
- The other one should be distributed within 2 months from the date, which is 6 months after the end of the financial period of the scheme When the information is provided
- Your name
- Name of the scheme, trustee, and principal business address of the trustee
- Issue date of the notice of participation Notice of Participation Target users Information provided Scheme members When the information is provided Within 30 days after whichever is the later of the following dates: (a) the date on which all the information required for your application for membership is submitted; (b) the date on which you agree to comply with the governing rules of the scheme
- Your personal information Your name, name of your trustee and scheme, and your scheme member account number
- Summary of account movements for the financial period Summary of your contributions, transfers, and account gain or loss made for the financial period
- Gain or loss in the account since inception The gain or loss in your account from your MPF investments since you joined the scheme
- Account balance by source of contributions and account type The breakdown of contributions from current employment, former employment and personal accounts (as applicable), the breakdown between your contributions and your employer’s, the breakdown of the mandatory and voluntary contribution balances in your account, and the balance of your vested benefits
- Total contributions made and fees charged The total amount of the contributions made to your account in the financial period, and the total amount of the fees deducted from your contributions (contribution charge, offer spread, etc.)
- Transfers made and fees deducted Transfers in or out of the scheme in the financial period (e.g. amount transferred, date of the transfer, the source of contributions and account type for transfer) and fees deducted for the transfers (e.g. bid and offer spread, as applicable to each transaction). (For a transfer you made under section 148A of the Mandatory Provident Fund Schemes (General) Regulation relating to the accrued benefits held in your current employment employee mandatory contribution sub-account and transferred to a personal account (i.e. Employee Choice Arrangement), the date on which the transferee trustee (the new trustee) received the transfer form for the transfer you made will be shown)
- Total fees charged to your account The total amount of the cost and fees charged to your account in the financial period (e.g. member account level fees and charges such as contribution charge, offer spread, bid spread and withdrawal charge) in respect of transactions related to contributions, transfers, withdrawals or redemptions
- Periods with outstanding contributions and / or surcharges Information provided Part 1 – Summary Information
- Information From Trustees 14 15 Information provided Part 2 – Contribution Statement Part 2 – Contribution Statement Part 2 – Contribution Statement Part 3 – Fund Transaction Statement Part 3 – Fund Transaction Statement Part 3 – Fund Transaction Statement
- Details of each contribution made for the financial period The date of the contribution (e.g. monthly), breakdown of contributions by employer and employee, breakdown by mandatory and voluntary contributions, and any fees deducted from the contributions (e.g. contribution charge). (Please see ** below for arrangements for long and short version ABS regarding this information.)
- Details of each fund transaction made for the financial period Details of all fund transactions in your account (e.g. contributions, fund switching and transfers) for each of the funds in which you have invested (e.g. Bond Fund, Mixed Assets Fund or Equity Fund); the date of the contribution, transfer or fund switching, the amount transacted, the fund price for the transaction, the number of units invested, switched or transferred, and the cost and fee charged (e.g. offer or bid spread) for each transaction. (Please see ** below for arrangements for long and short version ABS regarding this information.) Within 3 months after the end of the financial period of the scheme When the information is provided * For a sample of the ABS, please see P.30-31. ** The content requirements of the ABS were expanded in 2008 with the aim of providing you with clearer and easy-to-understand information. Your trustee is required to provide you with an ABS containing Part 1 (Summary Information), Part 2 (Contribution Statement) and Part 3 (Fund Transaction Statement) in a “Long Version ABS”, for schemes whose financial period ended after 1 September 2009. After that financial period, the trustee could elect to provide you with the Long Version ABS or a Short Version ABS, containing only Part 1 (Summary Information). If the trustee opts to provide the Short Version ABS, it should make available to you the detailed contribution and fund transactions in Parts 2 and 3 of the Long Version ABS covering the latest six quarters, by mail, Internet, or other means. The trustee is required to state clearly in the Short Version ABS how and when you can access the complete information. Please find out more from your trustee about this arrangement, if necessary.
- Financial statements of the scheme Details of assets and liabilities, income and expenses, and capital account movement (contribution amounts received, benefits paid, appreciation in value of investments, etc.) for each fund in the scheme as at the financial period end of the scheme, as well as other information, such as accounting policies
- Auditor’s report Opinion on the financial position of the scheme for the financial period
- Scheme report Commentary on the scheme’s financial developments, operations, etc.
Investment report Includes key information such as an analysis of the investment holdings (e.g. the quantity and proportion of each investment holding for each fund as at the financial period end of the scheme) and the movement in the investment holdings from the preceding financial period end of the scheme Scheme’s Consolidated Report Target users Scheme members Information provided As soon as practicable after receiving your request * Updated fund prices are normally published in a newspaper as soon as they are available or may be found on your trustee’s website.
The latest available offer and redemption price or net asset value per unit of the fund Fund Price in Selected Newspapers Target users Scheme members Information provided Published at least once a month in at least one leading English and one leading Chinese language newspaper in Hong Kong* When the information is provided When the information is provided
- Scheme (new scheme) and member details
- Transfer-in summary (original scheme name, original trustee name and transferred amount)
- Transaction summary (transferred-in benefits by sub-account, subscription price, subscription date, number of unit subscribed by sub-account, and offer spread deducted) Transfer Confirmation from transferee trustee (new trustee) Type of document Within 5 specified working days after fund subscription of benefits / transfer of benefits (for unit transfer within same scheme) When the information is provided Information about Transfer of Accrued Benefits* Target users Information provided When the information is provided Within 3 specified working days after the date of transfer of benefits Scheme members who elect to transfer their accrued benefits under Employee Choice Arrangement Transfer Statement from transferor trustee (original trustee) Type of document Details of the transfer such as:
- Personal details of member
- Scheme information (details of original scheme)
- Transfer summary (details of new scheme / trustee, transferred amount, date of transfer, date of receipt of the effective transfer election, etc.)
- Summary of benefits redeemed by source of contributions (redemption date, the number of units redeemed in each constituent fund, the redemption price of units, the net amount redeemed and the bid spread deducted in redemption)
- Transfer details (a reconciliation between the redemption balance of each sub-account of the member’s account and the final amount transferred out) * (i) If a transferor trustee (original trustee) has received the amount of outstanding contributions or contribution surcharges, it should transfer the amount received within 30 calendar days after receiving the amount (where applicable). Transferor trustee should also issue Transfer Statement in relation to a transfer of the outstanding contributions and surcharges. If there are no subscription and redemption activities involved in the original scheme, details of the redemption may not be required.
(ii) Transferee trustee (new trustee) should also issue Transfer Confirmation in relation to a transfer of the outstanding contributions and surcharges (where applicable). (iii) If members elect to transfer accrued benefits to another account within the same MPF scheme, the new trustee will be the same as the original trustee.
- Personal details of member
- Scheme information (details of original scheme)
- Transfer / payment summary (details of new scheme / trustee, transferred amount, date of transfer, amount paid to member, date of payment to member, etc.)
- Summary of benefits redeemed by source of contributions (redemption date, the number of units redeemed in each constituent fund, the redemption price of units, the net amount redeemed and the bid spread deducted in redemption, etc.)
- Transfer / payment details (a reconciliation between the redemption balance of each sub-account of the member’s account and the final amount transferred out) Transfer Statement from transferor trustee (original trustee) Type of document Within 5 business days after the date of transfer of benefits When the information is provided Information provided Details of the transfer such as:
- Scheme (new scheme) and member details
- Transfer-in summary (original scheme name, original trustee name and transferred amount)
- Transaction summary (transferred-in benefits by sub-account, subscription price, subscription date, number of unit subscribed by sub-account, and offer spread deducted) Transfer Confirmation from transferee trustee (new trustee) Type of document As soon as practicable, after transferee trustee has received the accrured benefits, and within:
- 14 business days after receiving the benefits (for transfer within the same scheme);
- 17 business days after receiving the benefits (for transfer from an account in another scheme) When the information is provided Target users Scheme members who elect to transfer their accrued benefits (other than Employee Choice Arrangement) within the same scheme or to another scheme
- Information From Trustees 20 21 Target users Scheme members who are aged 49 and invest in the DIS Information provided Written notice relating to the DIS
- Member’s date of birth (for members to verify the accuracy of birthday records held by the trustee)
- Current investment allocation in the member’s account
- Brief details about what to do if members do not wish the de-risking of their investment in the DIS to take place when they reach 50 years of age Type of document At least 60 days prior to a scheme member’s 50th birthday When the information is provided Target users Scheme members who are aged 50 or above and invest in the DIS Within 5 business days after the dealing day on which the relevant subscription and redemption of units have been completed When the information is provided Target users Scheme members who have ceased to be employed and have not made an election among the options for transferring their accrued benefits Information provided
- The different options you have with respect to the transfer of your accrued benefits and the time within which you can elect to exercise one of those options
- How the benefits will be handled if you do not make an election Written Notice relating to member’s options for transfer issued by trustee Type of document If, within 30 days after the trustees being notified of the cessation of employment, the member has not given an election for transferring benefits When the information is provided Notice / Confirmation related to Default Investment Strategy( DIS ) Type of document Confirmation issued upon completion of each annual de-risking of investments in the DIS Information provided
- For each constituent fund under the DIS, the following details of redemption and subscription of units: - Redemption date and subscription date - Number of units redeemed and subscribed in each constituent fund - Redemption and subscription price of units - Total Hong Kong dollar amounts redeemed and subscribed
- Investment allocation in the scheme member’s account immediately following annual de-risking in the DIS
- A new investment allocation for future contributions and transferred-in benefits from other schemes
- When the member reaches age 64, a note to remind scheme members that the de-risking in the DIS has been completed and their benefits are now solely invested in the Age 65 Plus Fund
Information From Trustees 22 23 The trustee is required to send you a Benefit Statement showing the information listed in the ABS and a Written Notice informing you that your benefits are being retained in the scheme and that you may lodge with the trustee a claim for payment of your accrued benefits at any time. Target users Benefit Statement Scheme members who have not lodged a claim upon reaching retirement age, but (i) have replied to the trustee’s Written Notice; or (ii) have not replied to the trustee’s Written Notice but can be located by the trustee Information provided Type of document When the information is provided The trustee is required to inform you by Written Notice of your entitlement to your accrued benefits to be paid.
You will be requested to reply to the trustee whether you will retain your accrued benefits in the scheme or, if you elect to be paid, whether to be paid in a lump sum or by installments.
- Target users Written Notice Target users Scheme members who have reached retirement age but have not lodged a claim for payment of accrued benefits Information about Payment of Accrued Benefits Benefit Payment Statement
- Scheme member’s name and address
- Details of the trustee, scheme and account
- Date of payment
- Amount of accrued benefits paid and related expenses
- Amount of any outstanding / irrecoverable contribution or contribution surcharge at the time of payment, if known to your trustee Information provided Scheme members claiming payment of accrued benefits (claimants) Within 5 business days after the date of payment of benefits Information provided Type of document Type of document When the information is provided Within 12 months of the claimant’s having reached the retirement age When the information is provided Annually within 3 months after the end of the financial period of the scheme
Information From Trustees 25 24 Target users Scheme members Notice from your trustee if there are changes in trustee’s business particulars, such as business name, address, telephone number or fax number Other Information – Written Notice from Trustees Changes in trustee’s business particulars Change in trustee’s method of fund dealing As soon as practicable and no later than 7 days after the change occurs Target users Change in trustee’s method of fund dealing Scheme members Notice from your trustee if there is a permanent change in the method of dealing 1 month’s notice before the change Information provided Information provided When the information is provided When the information is provided Enquiries on / requests for changes in the voluntary contributions payments Target users Enquiries on / requests for changes in the voluntary contributions payments Scheme members Notice from your trustee on the procedures and requirements for making changes to payments of voluntary contributions, after your enquiry about, or request for, a change in the payment of those contributions No later than 7 days after receipt of your enquiry on / request for a change in the voluntary contributions payments Information provided When the information is provided Target users Scheme members Notice from your trustee if there is a merger, division or termination of your scheme or a fund under your scheme After approval by the MPFA Fund merger, division or termination Information provided When the information is provided Target users Scheme members As necessary, notice from your trustee if there are changes to the Offering Document As necessary, normally one month's prior written notice or as soon as practicable Changes to the Offering Document Information provided When the information is provided
- Information From Trustees 26 27 Enquiries to Trustees
- Your trustee is required to provide assistance to you and answer your enquiries on: the contributions received; - information in the documents given to you by the trustee; - dealing with your complaints, etc.
- The trustee may designate a staff member as the contact person responsible for answering enquiries. Prospective scheme members / scheme members Target users Information provided Upon request When the information is provided * If you are a casual employee employed by an employer in the construction or catering industry participating in an industry scheme and your employer has chosen to pay contribution on the next working day following the pay-day, your employer is not required to provide a pay record to you.
- ** If there is more than 1 payment of mandatory contributions during the month concerned, the information should be provided not later than 7 working days after the last payment. When the information is provided Information from Participating Employers Information from Participating Employers Pay Records* Scheme members who are employees Target users Information provided
- Amount of each payment of relevant income paid to you by your employer during the month
- Amount of employer’s mandatory contributions and voluntary contributions (if any) paid by your employer in respect of you during the month
- Amount of employee’s mandatory contributions and voluntary contributions (if any) deducted in respect of you during the month
- Date of payment of contributions to the trustee Not later than 7 working days after the payment of mandatory contributions**
28 29 (a), (b) and (c): In the initial contact between the registered intermediary and its client (d) : Before or at the time of the invitation, inducement or advice. Hard copy document or document in electronic form (in Chinese or English according to the client’s preference or in both languages) should be provided by the intermediary. When the information is provided Information for Members to Make Informed Decisions and Record Keeping (a), (b), (c) and (d): Before or at the time of the invitation, inducement or advice.
(e) and (f): Before the end of meeting with the intermediaries.
When the information is provided (a) Information about the promoted MPF scheme and constituent funds, and at a minimum, a copy of the latest version of the Offering Document. (b) Information about investment performance of constituent funds (e.g. Fund Fact Sheets), if applicable. (c) Information about transfer of accrued benefits (e.g. applicable forms for transfer and Guide to Transfer Benefits under ECA), if applicable. (d) Information on fees and charges of the promoted scheme / constituent funds (e.g. Fee Table and On-going Cost Illustration). (e) Information about transfer into or out of a guaranteed fund (e.g.
a copy of the documented warning and advice given by the intermediaries), if applicable.
(f) Copies of all relevant documents and forms (e.g. the document on suitability assessment, the documented account of the rationale behind advice offered by the intermediaries, and signed transfer form), if applicable. Scheme members / prospective scheme members Target users Information provided Information from Intermediaries Document on Information about the Principal / Subsidiary Intermediary and Monetary and Non-monetary Benefits of Intermediaries (a) Business card bearing the name and MPF registration number of the intermediary (b) Information about the principal intermediary (such as name, principal place of business, business nature, registration conditions, capacity in which it is acting, and affiliation with key parties (such as trustee, investment manager, custodian, etc.) connected with the operation or distribution of the scheme / constituent funds concerned) (c) Information about the subsidiary intermediary (such as registration details as a subsidiary intermediary, capacity in which he is acting, his affiliation with key parties connected with the operation or distribution of the scheme / constituent funds concerned, and types of regulated activities he is or will be conducting) (d) Statement on whether the principal / subsidiary intermediary will charge the client any direct fees for the services to be provided; or will be compensated (directly or indirectly such as via commission or salary bonus) in respect of the advice / invitation, and whether the benefits receivable will be different depending on the choice of the schemes / constituent funds made by the client Scheme members / prospective scheme members Target users Information provided Information from Intermediaries
Part 1 – Summary Information Part 1 – Summary Information Annual Benefit Statement for Scheme Members Name of Scheme : Golden Years MPF Scheme Scheme Number : 00001010 Name of Employer : People Investment Company Limited Name of Trustee : Integrity Trust Company Limited Year of Scheme : 1/1/2016 – 31/12/2016 Name of Scheme Member : Chan Tai-man HKID Card / Passport Number : A123456(3) Scheme Member Account Number : 23456 Part 1B – Summary of Gain / (Loss) of Account Since Inception Part 1B – Summary of Gain / (Loss) of Account Since Inception Account Gain / (Loss) Since Inception (as at 31/5/2006) $6,551.53 Part 1E – Transfers In and Out, Withdrawals and Fees Deducted Part 1E – Transfers In and Out, Withdrawals and Fees Deducted 15/4/2016 Transfer-in to Former employment MC $5,678.00 $0.00 $5,678.00 Scheme Former employment VC $1,234.00 $0.00 $1,234.00 Personal MC $2,675.11 $0.00 $2,675.11 Personal VC $2,786.11 $0.00 $2,786.11 Total $12,373.22 $12,373.22 18/11/2016 Transfer-out of Current employment member’s MC $454.52 $9.28 $445.24 Scheme (section 148A transfer notified 3/11/2016) Current employment member’s VC $236.26 $4.82 $231.44 1/12/2016 Withdrawal from Scheme Personal MC $2,552.11 $52.11 $2,500.00 Personal VC $2,552.11 $52.11 $2,500.00 Total $5,795.00 $5,676.69 Date Nature of Transfer Accounts Amount Fees Deducted Amount (after fees) $1,199.25 Part 1F – Total Fees Charged to Your Account Nil Part 1G – Periods with Contributions and / or Surcharges Outstanding Part 1A – Summary of Account Movements for the Year Ended 31 December 2016 Part 1A – Summary of Account Movements for the Year Ended 31 December 2016 Opening Balance (as at 1 January 2016) (a) $35,176.01 Total Contribution Invested (b) $24,000.00 Total Amount Transferred Into Scheme (c) $12,373.22 Total Amount Transferred Out of or Withdrawn From Scheme (after fees) (d) $5,676.69 Account Gain / (Loss) During The Period (e) = (f)-(a)-(b)-(c)+(d) $2,208.17 Closing Balance (as at 31 December 2016) (f) $68,080.71 (Please read “CAUTION” in Part 1C) Part 1D – Total Contributions and Fees Deducted Part 1D – Total Contributions and Fees Deducted Amount Fees Deducted Amount (after fees) $24,000.00 $480.00 $23,520.00 Total Contributions for the Period Part 1C – Account Balances by Source of Contributions and Account Type Part 1C – Account Balances by Source of Contributions and Account Type Opening balances $9,397.90 $10,196.80 $6,452.27 $8,812.74 $0.00 $0.00 $316.30 $0.00 $35,176.01 Closing balances $16,015.55 $16,881.73 $12,354.70 $15,144.79 $5,734.24 $1,246.22 $467.16 $236.32 $68,080.71 $16,015.55 $6,752.69 $12,354.70 $15,144.79 $5,734.24 $1,246.22 $467.16 $236.32 $57,951.68 CAUTION: The actual amount that you would have got if you had withdrawn funds from the scheme on this statement date may be less than the amounts shown in this statement.
This is because there may be other deductions or adjustments made according to the scheme rules, such as fees and charges associated with your withdrawal. For clarification, please contact hotline at 2345 6789. Employer’s Contributions Member’s Contributions Contributions From Current Employment Contributions From Former Employment Personal Account Total Mandatory Voluntary Mandatory Voluntary Mandatory Voluntary Mandatory Voluntary Vested balances (Please read “CAUTION” below) Annual Benefit Statement ( Long Version ) Annual Benefit Statement ( Long Version ) Part 2 – Contribution Statement Part 2A – Contribution Details by Sources of Contributions (in HKD) Part 2 – Contribution Statement Part 2A – Contribution Details by Sources of Contributions (in HKD) Employer’s Contributions Contributions Fees Deducted Contributions Invested (after fees) Mandatory $500.00 .
500.00 $6,000.00 Voluntary $500.00 . . . $500.00 $6,000.00 $12,000.00 Mandatory $10.00 . . . $10.00 $120.00 Voluntary $10.00 . . . $10.00 $120.00 $240.00 Mandatory $490.00 . . . $490.00 $5,880.00 Voluntary $490.00 . . . $490.00 $5,880.00 $11,760.00 Employee’s Contributions Contributions Fees Deducted Contributions Invested (after fees) Mandatory $500.00 . . . $500.00 $6,000.00 Voluntary $500.00 . . . $500.00 $6,000.00 $12,000.00 Mandatory $10.00 . . . $10.00 $120.00 Voluntary Mandatory $490.00 . . . $490.00 $5,880.00 Voluntary $490.00 . . . $490.00 $5,880.00 $11,760.00 Part 3C – Details of Unit Transactions Part 3C – Details of Unit Transactions Constituent Fund – A Part 2B – Summary of Contributions (in HKD) Part 2B – Summary of Contributions (in HKD) Amount Fees Deducted Amount (after fees) $12,000.00 $240.00 $11,760.00 $12,000.00 $240.00 $11,760.00 $24,000.00 $480.00 $23,520.00 Part 3B – Transaction Fees Deducted Part 3B – Transaction Fees Deducted Part 3 – Fund Transaction Statement Part 3A – Account Balances by Constituent Fund Part 3A – Account Balances by Constituent Fund Opening balances as at 1/1/2016 Constituent Fund – A $14,279.15 Constituent Fund – B $3,420.42 Constituent Fund – Guaranteed $17,476.44 $35,176.01 Closing balances as at 31/12/2016 Constituent Fund – A $27,901.55 Constituent Fund – B $13,702.87 Constituent Fund – Guaranteed $26,476.30 $68,080.71 Offer Spread $461.18 Bid Spread $258.08 $719.25 Transaction Date 1-1-2016 31-1-2016 15-2-2016 15-4-2016 .
31-12-2016 31-12-2016 31-12-2016 Opening balance Contribution invested (acquisition) Switched out of Fund (redemption) Transferred into Scheme (acquisition) . . . Unit deduction (for fund level expenses) Miscellaneous adjustments Closing balance Constituent Fund Constituent Fund – Guaranteed Fee Type "O" refers to offer spread Fee Type "B" refers to bid spread Total 31-1-2016 . . . 31-12-2016 Sub-total Total 31-1-2016 . . . 31-12-2016 Sub-total Total Sources of Contributions Employer’s contributions Employee’s contributions Total Transaction Nature Amount Unit Prices Total Unit Holdings Fee Type Date of the relevant contribution period end Date of the relevant contribution period end $10.00 .
10.00 $120.00 $240.00 Sample Documents $14,279.15 $980.00 ($3,520.00) $6,186.59 $27,901.55 Fees Paid $19.22 $71.84 $0.00 O B O $8.82 $8.80 $8.80 $9.20 $9.85 1,618.9512 111.3636 (400.0000) 672.4552 2,832.6442 0.0000 0.0000 30 31 Note: This Annual Benefit Statement sample is for illustration and reference only.
Glossary Glossary 33 Fund Fact Sheet Fund Fact Sheet Note: This Fund Fact Sheet sample is for reference only. There might be differences in the design and layout of the Fund Fact Sheets issued by different trustees. Accrued Benefits - This is the amount of beneficial interest a scheme member has in an MPF scheme on a particular date.
The amount includes sums derived from the contributions made by or in respect of that scheme member, together with the income or profits arising from any investments of the contributions, but taking into account any losses in respect of the investments and any amounts paid in respect of the scheme member. Accrued benefits are set out each year in the Annual Benefit Statement.
Annual Fee - This is a fee charged by the trustee / sponsor of a scheme on an annual basis and payable by the employers and / or scheme members of the scheme. Approved Pooled Investment Fund (APIF) - This is a type of investment fund approved by the Mandatory Provident Fund Schemes Authority (MPFA) that a constituent fund might invest in. Bid Spread - This is the amount charged by the trustee / sponsor of a scheme upon redemption of units of a constituent fund by a scheme member. This does not apply to MPF Conservative Funds. Bid spread for a transfer of benefits, withdrawal of benefits in a lump sum, or the first four withdrawals of benefits by instalments in a year can only include necessary transaction costs incurred or reasonably likely to be incurred in selling or purchasing investments in order to give effect to the transfer or withdrawal and are payable to a party other than the trustee.
Business Day - Any day other than a Saturday, a public holiday, a gale warning day or a black rainstorm warning day as defined in the relevant legislation.
Constituent Fund - An investment fund approved by the MPFA that constitutes or forms part of an MPF scheme for scheme members' selection. Contribution Charge - This is a fee charged by the trustee / sponsor of a scheme against any contributions paid to the scheme. It is usually charged as a percentage of contributions and will be deducted from the contributions. The charge does not apply to MPF Conservative Funds. Default Investment Strategy (DIS) - The DIS came into operation on 1 April 2017. In general, if, for any reasons, scheme members do not give their trustees any investment instructions for their MPF benefits (for example, because they do not know how to or are not interested), their MPF benefits will be invested automatically according to the DIS.
Scheme members can also choose to invest their MPF benefits either according to the DIS or in the individual funds under the DIS. The DIS is a ready-made investment solution, made up of two Mixed Assets Funds, namely the Core Accumulation Fund (CAF) and the Age 65 Plus Fund (A65F). It has three key features: (i) automatic reduction of investment risk as members approach retirement age (annual de-risking); (ii) fee caps; and (iii) globally diversified investment. Please note that if scheme members invest in CAF and A65F as standalone investments, rather than as part of the DIS, their investments in these two funds will still benefit from the fee caps, but the annual de-risking will not apply to these investments.
S 32 基金便覽 Fund Fact Sheet 2016 | 第三季匯報 | 3rd Quarter Update 退休安享強積金計劃 Golden Years MPF Scheme 全球股市月初偏軟後，月底顯著回升。油價繼續穩定增長，但原油相關股票早前大幅上升後， 月內表現滯後。美國房屋及零售數據改善，消除早前有關中國及美國建造業的憂慮。美國經濟 數據好轉，中國前景亦更明朗，帶動股價上升。 亞洲(日本除外)市場亦微升，主要由於區內的 政策措施利好經濟活動。除美國外，各個地區的核心政府債券表現優於企業債券。 Global equities staged a strong recovery in late August after a weak start to the month. The oil price continued its steady rise, but oil related stocks lagged following earlier strong performance. US housing and retail data improved and offset the earlier concerns around China and US construction. Share prices have rallied following somewhat stronger data in the US and a more constructive outlook in China.
Asia ex Japan markets also edged higher as positive policy initiatives supported economic activity in the region. Core government bonds outperformed corporate bonds across regions, except the US.
- 投資組合內十大資產 Top 10 portfolio holdings 推出日期 Launch date HK$25.37港元 HK$7,051.31港元 11.33 2.06 混合資產基金－環球－最多50%於股票 Mixed Assets Fund – Global – Maximum 50% in equity 01/12/2000 單位價格 Unit price 基金類型描述 Fund descriptor 基金表現資料 Fund performance information (%) 風險標記 Risk indicator (%) 基金開支比率 Fund Expense Ratio (%) 基金資產值 (百萬) Fund size (Million) 截至二零一六年九月三十日 As at 30 September 2016 混合資產基金 Mixed Assets Fund 投資目標 Investment objectives 年度回報 1年 3年 5年 10年 成立至今 Annualized return 1 year 3 years 5 Years 10 Years Since launch 5.64 1.22 3.90 3.34 4.28 證券 Securities 持有量 Holdings (%) ABC Holdings 3.6 DEF Holdings 2.5 CBB 2.1 AK Group Ltd 1.9 Good Mobile 1.6 ACBC 1.5 CK Holdings 1.1 Bank of Fortune 0.9 Overseas Land & Investment 0.9 HKLL 0.9 投資組合分布 Portfolio allocation (1) Europe Equities 歐洲股票 (2) Hong Kong Equities 香港股票 (3) Japan Equities 日本股票 (4) United States Equities 美國股票 (5) Others Equities 其他股票 (6) Hong Kong Dollar Bonds 香港債券 (7) Other Bonds 其他債券 評論 Commentary
- 取得長期的正回報及在有關資產類別，例如股票及債券之間，維持廣泛多元化的 投資組合。
- To provide long term capital growth.
- To generate a positive return over the long term and to broadly diversify the portfolio as to asset type as between equities and bonds.
Invests in the markets in Hong Kong, America, Europe, Japan and the Asia Pacific region. (1) 12.87% (2) 15.14% (3) 13.04% (4) 7.53% (5) 9.69% (6) 0.51% (7) 38.90% (8) 2.32%