Superannuation Fund & MPF
General Information
The Fund has 6 m embership types, namely,
(a) Pre-MPF Scheme Member is a Member who joined the Fund on or after 3 March 1998 but before 1 December 2000.
(b) Pre-MPF Limited Member is an Inactive Member who has irrevocably elected to become a Pre-MPF Limited Member on or before 1 December 2000 and may elect to become a Pre-MPF Scheme Member. If any Pre-MPF Limited Member wishes to make such election he or she should contact the Human Resources Office.
(c) Post-MPF Full Member is a Member who joined the Fund after 1 December 2000 and in respect of whom both the University and the Member make contributions to the Fund.
(d) Post-MPF Limited Member is a Member who joined the Fund after 1 December 2000 and in respect of whom only the University makes contributions to the Fund.
(e) MPF Commencement Date Full Member is a Member who joined the Fund on 1 December 2000 and in respect of whom both the University and the Member make contributions to the Fund.
(f) MPF Commencement Date Limited Member is a Member who joined the Fund on 1 December 2000 and in respect of whom only the University makes contributions to the Fund.
For the full definitions of the above membership types, please refer to the Member's Handbook.
Employer's Minimum Contribution is the value of the MPF Minimum Contributions , calculated at 5% of the employee’s relevant income, paid to the Fund by the University in respect of a Member ( subject to the minimum and maximum relevant income levels ) . For details , please refer to Mandatory Provident Fund Schemes Authority's website at https://www.mpfa.org.hk/en/mpf-system/mandatory-contributions/employees#anchor1
Minimum MPF Benefit (“MMB”) has the same meaning attributed to that of “minimum MPF benefits” in the MPF legislation. The Mandatory Provident Fund Schemes (Exemption) Regulation (“ the Regulation ”) stipulates that accrued benefits in respect of a Member who joined an ORSO scheme after the launch of the MPF System on 1 December 2000 are subject to the preservation, portability and withdrawal requirements up to an amount equivalent to the MMB.
MMB is defined as the lesser calculated by the following two methods:
(a) the Member 's benefits accrued under the Fund during the employment, i.e. the accrued benefits derived from employee contributions, plus the accrued benefits derived from employer contributions under the vesting scale; and
(b) 1.2 x final average monthly relevant income (capped at $30,000) x years of Post-MPF service.
The Superannuation Fund Supervisory Board was established on 1 July 2015 and its terms of reference are set by the Council which include but not limited to monitor and evaluate the services provided by all service providers, including the corporate trustee, investment managers, custodians and fund administrator.
Bank Consortium Trust Company Limited (“BCT”) is the corporate trustee cum administrator for the HKBU 1998 Superannuation Fund with effect from 1 July 2015. Previously BCT was solely the Fund administrator.
The services provided by the Corporate Trustee are:
(a) Comply with the provisions of the Trust Deed and rules of the Superannuation Fund as well as relevant ordinances to discharge the duties of trustee
(b) Set up independent bank accounts and unit trust accounts for the Superannuation Fund and properly safeguard the assets
(c) Review the investment performance regularly and report to the Superannuation Fund Supervisory Board with reference to relevant benchmarks and ranks of investment funds
(d)Prepare the financial statement of the Superannuation Fund for audit by the independent auditor engaged by HKBU to ensure the assets are properly managed
You could logon to your personal BCT’s account at https://www.bcthk.com/en/ [Click here to see the Demo for logon to BCT's Member Website].
You could reset your PIN via the BCT’s Member Website or by calling BCT’s Member Hotline at 2298 9088. [Click here to see the Demo for how to reset your PIN via the BCT's Member Website]
You could access BCT’s Member Website to inquire information related to your accounts or contact BCT’s Member Hotline at 2298-9088.
To provide Fund Members with an option to enhance their retirement position by making voluntary contributions on top of their existing mandatory contributions please click here to obtain the power point for more details.
New Joiner
You may refer to your appointment letter or contact BCT’s Member Hotline at 2298-9088 to find out your membership type. Your m embership type is also printed on your Member Benefit Statement which is sent to you in every February and August by BCT.
You may obtain the fund factsheets of all investment profiles through Finance Office's website at here or by calling the Member hotline of each investment manager. We suggest you read through the relevant information before making any investment fund choices.
HSBC Hotline: 2284 1281
Fidelity Hotline: 2629 2629
BlackRock Hotline: 3903 2688
J.P. Morgan Hotline: 2978 7588
Existing Member
BCT will provide to each Member of the scheme a half-yearly Member Benefit Statement within 2 months from December and June each year which is mailed to your correspondence address. You may also download it from the BCT’s Member website.
You may check the balance of your investment holdings and the allocations of your account balance via BCT’s Member w ebsite any time at your choice. You may also see your funds’ balances on the half - yearly Member Benefit Statements (ie every June and December) distributed by BCT in every February and August each year.
You may obtain the daily fund’s price of all investment profiles through BCT’s Member website at https://www.bcthk.com/en/mpf-orso/introduction. The University Administration will also share the funds’ quarterly performance via your email account with the University. You can find an update on the funds’ performance in the respective funds factsheet in the download corner of BCT’s website.
Free-of-charge investment switching is available to Fund Member s 52 times a year, every week. Members may change their investment choice(s) free-of-charge every Wednesday (or the following business day if Wednesday is not a business day). Please refer to the Members’ Manual for Investment Switching to facilitate your investment switching process.
If Member elects to do investment switching more frequently than every Wednesday, there will be an administration fee of $300. The $300 administration fee should be paid by writing a crossed cheque payable to “BCT-HKBU 1998 Superannuation Fund” and enclose the completed “Asset Holding Switching /Future Contribution Allocation Instruction Form” (the “Form”). The cheque and the Form should be sent to the Finance Office directly. For any enquiries, please contact BCT's Member's Hotline at 2298-9088.
Members can submit fund switching or change of investment mandate instruction online via the BCT's Member Website. Please refer to the Members' Manual for Investment Switching to facilitate your investment switching process. The form must be duly completed and submitted to the Finance Office by 3:00 pm every Wednesday.
Free-of-charge switching is available on every Wednesday or the following business day in that week if Wednesday is a non-business day.
If Member elects to do investment switching more frequently than every Wednesday, there will be an administration fee of $300. The $300 administration fee should be paid by writing a crossed cheque payable to "BCT-HKBU 1998 Superannuation Fund" and enclose the completed (“ Asset Holding Switching/Future Contribution Allocation Instruction Form” (the “Form”). The cheque and the Form should be sent to the Finance Office directly. For any enquiries, please contact Finance Office’s Hotline at 3411-2404 or BCT's Member's Hotline at 2298-9088.
If the instruction is received before 3 p.m. on every Wednesday by the Finance Office , the fund-switching will be performed based on the price of the dealing date of switching which is the second business day after each Wednesday (i.e. Friday). If Wednesday is a non-business day, the dealing date of switching is the second business day after the following business day of that Wednesday. The actual switch-out and switch-in dates may vary for different investment funds.
Retiree / Resigned Member
To facilitate your smooth exit from the Superannuation Fund and arrange your benefit payment before leaving, please click here to obtain the power point for more details. Kindly please submit the necessary documentation base on your membership category and your instruction for handling the benefits payment.
If you would like to deferred withdraw your benefits in the Superannuation Fund upon your retirement, please here to obtain the power point for details.
Automatic Exchange of Financial Account Information (AEOI)
The Organization for Economic Cooperation and Development (OECD) requires governments globally to obtain certain financial account information from their financial institutions and exchange that information automatically with foreign jurisdictions, i.e. Automatic Exchange of Financial Account Information (AEOI).
Known as Common Reporting Standard (CRS), it requires financial institutions in participating jurisdictions to obtain and report certain financial account information of their customers to help fight against tax evasion and protect the integrity of tax systems. Hong Kong is one of the participating jurisdictions.
The Inland Revenue (Amendment) (No.2) Ordinance 2019 has been enacted on 1 January 2020, all ORSO registered schemes (including Hong Kong Baptist University 1998 Superannuation Fund (the Fund)) have become reporting financial institutions and are required to comply with the due diligence and reporting obligations relating to AEOI.
Under the AEOI legislation, reporting financial institution, i.e. ORSO registered scheme, is required to apply the due diligence procedures to determine the tax residency of ORSO member account holders. The required information will be collected by means of self-certification, other documentary evidence and/or explanation by the concerned parties.
New Fund Members
New Fund Members joining the ORSO scheme on or after 1 January 2020 have to complete a CRS self-certification which is either embedded in the enrolment form or a standalone self-certification form. It must be returned within 30 days after joining the ORSO scheme.
Pre-existing Fund Members
Fund Members of the Superannuation Fund with their accounts in existence as at 31 December 2019, are required to complete a standalone self-certification form. Fund Members should return the completed form to the HKBU Finance Office on or before 30 April 2020.
Fund Members will be asked to provide the following information:
- Name
- Date of birth
- Residential address
- Jurisdiction(s) of tax residence
- Taxpayer identification number(s) (“TIN”) or its equivalents
A person’s tax residence is defined by having regard to jurisdiction-specific laws and individual circumstances. If in doubt, Fund Members are advised to consult their tax advisor as employer, trustee and administrator of the ORSO scheme do not give tax or legal advice.
Fund Members may visit the OECD website for more information on the tax resident rules of the respective jurisdictions at https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency
A TIN or its equivalent is a unique number typically issued to a taxpayer by a tax jurisdiction. Information regarding the TIN of the respective jurisdictions can be found from the OECD website at https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers
Please be advised that for Hong Kong individual tax resident, his/her HKID card number is the TIN.
In general, whether or not an individual is a tax resident of a jurisdiction is determined by having regard to the person’s physical presence or stay in a place (say, whether over 180 days within a tax year (such as in Hong Kong, the tax year is from 1 April of the year to 31 March of the following year)). That person has paid taxes charged by a jurisdiction (say, value-added tax, withholding tax or capital gains tax) does not automatically render that person a tax resident of that jurisdiction.
At OECD website, you can find more information regarding the tax laws of different jurisdictions for defining tax residence. The website address is: https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-residency/
No, to the extent that you are NOT a tax resident in any jurisdiction outside Hong Kong, you will not be a reportable person for AEOI purpose.
For accounts that are held by Fund Members who are reportable individuals, certain specific account information will need to be provided to the Hong Kong Inland Revenue Department (“IRD”). For instance, a Fund Member who is a tax resident of Germany would be reported to the IRD which in turn would exchange such data with the German Tax authority.
The information to be exchanged includes name, date of birth, address, jurisdiction of tax residence, TIN and certain account information in respect of the reportable ORSO member account.
New Fund Members
New Fund Members joining the ORSO scheme on or after 1 January 2020 must provide a complete and valid self-certification as required. Otherwise, the ORSO member account opening process as well as the related contribution arrangement will be delayed or even cannot be completed.
Pre-existing Fund Members
For pre-existing ORSO Fund Members with their accounts in existence as at 31 December 2019, self-certification from Fund Members will be required. The relevant Fund Member’s tax residency will be referred to his/her self-certification form. If it is in a reportable jurisdiction, the relevant ORSO account information will be reported by the Trustee of the Fund to the IRD for further transfer to the relevant reportable jurisdiction.
You should inform HKBU Finance Office of any change in circumstances which affect your tax residency status or cause the information contained in a previously submitted self-certification to become incorrect or incomplete. Such notification should be given by means of providing a new and updated self-certification form within 30 days of the change of circumstances. You may contact HKBU Finance Office to obtain the self-certification form for completion.
It is an offence under section 80(2E) of the Inland Revenue Ordinance if any person, in making a self-certification, knowingly or recklessly makes a statement that is misleading, false or incorrect in a material particular. A person who commits the offence is liable on conviction to a fine at level 3 (i.e. HK$10,000).
General Information
If you are an employee aged above 18 and below 65 who has been employed for a continuous period of 60 days or more, you are covered by the MPF System regardless of the number of days and hours you work in a week.If you are an employee aged above 18 and below 65 who has been employed for a continuous period of 60 days or more, you are covered by the MPF System regardless of the number of days and hours you work in a week.
The following are exempt persons who are not required to join an MPF scheme:
(a) people covered by statutory pension or provident fund schemes, such as civil servants and subsidized or grant school teachers;
(b) people from overseas who enter Hong Kong for employment for not more than 13 months, or who are covered by overseas retirement schemes; and
(c) members of occupational retirement schemes which are granted MPF exemption certificates.
| Information | Invesco | Sun Life |
| Name of Participating Employer | Hong Kong Baptist University | Hong Kong Baptist University |
| Employer's Identification Number | 00000000305 | 8001556401 |
| Name of the Registered Scheme | Invesco Strategic MPF Scheme | Sun Life Rainbow MPF Scheme |
| Name of the Trustee | Bank Consortium Trust Company Limited | Sun Life Trustee Company Limited |
Please click here for main features on the two University’s MPF Schemes.
| Information | Invesco | Sun Life |
| Hotline | (852) 2842 7878 | (852) 3183 1888 |
| Email | memberservices@hkg.invesco.com | EEservice2@sunlife.com |
| Opening hours | Monday to Friday: 9:00 am – 6:00 pm Saturday (except public holidays): 9:00 am – 1:00 pm | Monday to Friday: 9:00 am – 6:00 pm Saturday (except public holidays): 9:00 am – 1:00 pm Non-office hours: Voicemail service |
You can make the voluntary contribution under the Flexible Voluntary Contribution arrangement offered by Invesco/Sun life. The University will not make any arrangement for you. Please contact MPF Member Hotline number or visit their website by clicking the respective links below for further details:
| Information | Invesco | Sun Life |
| Hotline | (852) 2842 7878 | (852) 3183 1888 |
| Website | here | here |
DIS is a ready-made investment arrangement that invests in two Constituent Funds, namely Core Accumulation Fund ("CAF") and Age 65 Plus Fund ("A65F"), to automatically manage investment risk exposure by reducing the exposure to higher risk assets, as the CAF, and correspondingly increasing the exposure to lower risk assets, as the A65F, when members approach their retirement age. For more details on DIS, please refer to MPFA's website at: http://minisite.mpfa.org.hk/dis/en/characteristics/index.html
Employee Choice Arrangement is there to allow employees greater autonomy of choice of MPF trustees and schemes, so as to encourage them to manage their MPF investments more actively based on their personal needs. Employees can transfer the accrued benefits arising from employee mandatory contributions made during their current employment to another MPF trustee of their own choice on a lump sum basis once per calendar year. For more details on "Employee Choice Arrangement", please refer to MPFA's website at: https://www.mpfa.org.hk/en/mpf-system/mpf-account-management/transferring-mpf#anchor2
Please follow the Guideline for MPF enrolment (click here) or you may visit the Student and Staff Services Platform (SSSP) directly to complete the MPF Selection Form and to submit MPF member enrolment form.
Employee aged above 18 and below 65 who has been employed for a continuous period of 60 days or more is required to join the MPF scheme; except the people from overseas who enter Hong Kong for employment for not more than 13 months, or who are covered by overseas retirement schemes.
No. You are required to enroll in the MPF scheme selected by the University.
You will receive a notice of participation after the scheme trustee has confirmed your membership of the MPF scheme. In general, you will receive a letter or email notification from your selected MPF service provider within 14 working days after the month of your submission. You will also receive a PIN Notification for your access to the Invesco/Sun Life Member Hotline and online account. The above documents are sent to you via the following methods.
| Invesco | Sun Life |
| Hard copy to be sent to the address stated on your enrolment form. If you do not receive your MPF membership, please contact your MPF service provider directly. | You can choose to receive either a hard copy sent to your address or a soft copy sent to your email address based on your preference stated on the enrolment form. A duplicate copy will also be saved in your MPF online account. If you do not receive your MPF membership, please contact your MPF service provider directly. |
New staff members are given a choice to choose one out of two MPF schemes when they join the University. New staff must enrol into one of these MPF schemes within 60 days of joining the University. Failure to do so will result in the staff member being allocate to the designated MPF scheme assigned on alternate months.
For example, a staff who joins the University on 3 January 2023 but fails to select an MPF scheme within the 60-day period will be assigned to Sun Life as the 60th day falls in March 2023. Similarly, a staff who joins on 15 February 2023 but fails to select within 60 days will be assigned to Invesco as the 60th day falls in April 2023, and so on.
Employees and employers who are covered by the MPF System are each required to make regular mandatory contributions calculated at 5% of the employee's relevant income (subject to a monthly contribution cap of HK$1,500) to an MPF scheme, subject to the minimum and maximum relevant income levels. For more information on contribution, please refer to M PFA 's website at https://www.mpfa.org.hk/en/mpf-system/mandatory-contributions/employees#anchor1
The maximum level of relevant income is $30,000 a month or $360,000 a year and the minimum level of relevant income is $7,100 a month or $85,200 a year. If your relevant income is less than the minimum level, you are not required to make a contribution. However, the University must still make a 5% contribution on the relevant income that you earn. If it is more than the maximum level, you have to contribute the maximum amount (i.e. $1,500 a month or $18,000 a year).
The first contribution should be paid to your trustee on or before the 10th day after the last day of the calendar month on which the 60th day of employment falls, e.g. If the commencement day of your employment is 5 June, since your 60th day of employment falls on 3 August, your first-time transfer of both employer and employee's contributions should be made to the trustee on or before the 10th day of the month following August, i.e. 10 September. For detailed illustrative example, please refer to MPFA’s website at https://www.mpfa.org.hk/en/mpf-system/mandatory-contributions/employees#anchor4
Existing Member
To initiate a fund transfer or account consolidation, please download and fill out the appropriate form: "Scheme Member's Request for Fund Transfer Form" (Form MPF(S)-P(M)) or "Scheme Member's Request for Account Consolidation Form". Follow the instructions provided on the form carefully. Once completed, submit the form directly to your MPF service provider for processing.
| Invesco | Sun Life |
| here | here |
You may switch your existing holdings from one fund to another or change the investment mandate for your future contribution, within the same MPF scheme, on any business day via your online MPF account, phone or mail and it is free of charge. There is no limit to the number of fund switches that can be carried out each year. For enquiries, please contact the Member Hotline of Invesco or Sun Life
| Information | Invesco | Sun Life |
| Hotline | (852) 2842 7878 | (852) 3183 1888 |
There is no switching fee, nor is there any bid and offer spread.
Yes. You may transfer all the accrued benefits arising from employee mandatory contributions made during your current employment to another MPF scheme of your own choice on a lump sum basis once per calendar year; however, the accrued benefits derived from employer mandatory contributions cannot be transferred out. For more details on "Employee Choice Arrangement", please refer to MPFA's website at: https://www.mpfa.org.hk/en/mpf-system/mpf-account-management/transferring-mpf#anchor2
Please click here to know more information. For enquiries, please contact the Member Hotline of Invesco or Sun Life.
| Information | Invesco | Sun Life |
| Hotline | (852) 2842 7878 | (852) 3183 1888 |
MPF members can only enrolled into ONE MPF scheme during their employment with the University. MPF members are given the option to switch MPF service provider once every calendar year on 1st November. Details on the MPF scheme switching arrangement will be given in the announcement to MPF Members around October each year.
No, you can only switch your MPF scheme ONCE every year on 1st November. For more details, please refer to the announcement to MPF Members around October each year.
You need to login to Students and Staff Services Platform (SSSP), select, download, complete and upload the “MPF Member Enrolment Form” of your chosen MPF scheme and submit the online form on or before the indicated deadline. For details on the MPF scheme switching arrangement, please refer to the announcement to MPF members around October each year.
No, you cannot switch out partially. MPF members can only enroll into ONE MPF scheme during their employment with the University. If a Member decides to a switch from one MPF scheme to another, it is important to understand that all accrued benefits in the exiting MPF scheme will be liquidated. This means that the entire amount accumulated in your exiting MPF scheme will be moved to the new MPF scheme, no balance will be maintained in the previous MPF scheme.
When switching to another MPF scheme, there are several factors you should take into consideration, and they are:
(a) MPF Fund’s performance;
(b) fees and charges;
(c) investment choices/options;
(d) experience and track records of fund managers;
(e) customer service
(f) out-of-market risks; and
(g) personal circumstances and requirements.
You may approach a financial advisor to fully understand the implication and make an informed decision when switching your MPF scheme.
Retirement / Termination of Employment
You may choose to:
(a) transfer your accrued benefits to your contribution account under the MPF scheme of your new employer; or
(b) retain the accrued benefits in a personal account under the same scheme; or
(c) transfer your accrued benefits to an existing personal account that you hold.
For enquiries, please contact the Member Hotline of Invesco or Sun Life
| Information | Invesco | Sun Life |
| Hotline | (852) 2842 7878 | (852) 3183 1888 |
As a scheme member, you are not allowed to withdraw your accrued benefits until you reach the age of 65 and e arly withdrawal is only allowed under the following specific circumstances:
- early retirement at age 60 or above;
- permanent departure from Hong Kong;
- total incapacity;
- terminal illness;
- a small balance of $5,000 or less; or
death.
For more information on early withdrawal, please refer to M PFA 's website at
https://www.mpfa.org.hk/en/mpf-system/withdrawal-of-mpf/withdrawal-of-mpf-upon-retirement
If you have reached the age of 65, you may withdraw the mandatory portion of your accrued benefits by completing the Claim Form for Payment of Accrued Benefits (with a copy of your identity card attached) to the scheme trustee on ground of Attaining the Retirement Age of 65 or Early Retirement. Please click here to scroll down to MPF Scheme section to download the Claim Form at Finance Office’s website. For enquiries, please contact the Member Hotline of Invesco or Sun Life.
| Information | Invesco | Sun Life |
| Hotline | (852) 2842 7878 | (852) 3183 1888 |
In the contribution month that you reach the age of 65, mandatory contributions are only made for relevant income earned up to the day prior to your 65th birthday.
If Invesco/Sun Life have not received your instruction to transfer out your accrued benefits within a specific period of time after the University has reported your cessation of employment, your accrued benefits will be transferred to a personal account created under the current scheme. For enquiries, please contact the Member Hotline of Invesco or Sun Life.
| Information | Invesco | Sun Life |
| Hotline | (852) 2842 7878 | (852) 3183 1888 |
If you do not return the Form within 3 months after HKBU reported your cessation of employment to Invesco, Invesco will transfer your accrued benefits to a personal account under your own name within the same MPF scheme.
You may choose to withdraw your voluntary contribution upon cessation of employment, or to retain all of your benefits, including both voluntary and mandatory contributions , in a personal account with Invesco. Once you have an Invesco personal account, you may withdraw a part of or all of your voluntary contribution anytime you want, free of charge.
Alternatively, you may transfer your voluntary contribution, together with your mandatory contribution, to another MPF scheme. If you choose to transfer your accrued benefits to the MPF scheme participated by your new employer, the voluntary portion may only be withdrawn when you leave the company.
Yes, HKBU may make a written application to the trustee of Invesco Strategic MPF Scheme to deduct an amount from the benefits accrued from employer's contributions under your MPF account to offset the relevant amount of Long Service Payment or Severance Payment (the “Relevant Amount”). Subject as otherwise provided in the relevant participation agreement, the trust deed and to the extent permitted by the Mandatory Provident Fund Schemes Ordinance, the Relevant Amount will be first paid out of the vested portion of the Employer's Voluntary Contribution balance. After payment of the Vested Employer Voluntary Contribution, if any part of the Relevant Amount remains outstanding, it will then be paid out of the Employer's Mandatory Contribution balance. For more information, please refer to the MPFA's website at https://www.mpfa.org.hk/en/mpf-system/long-service-and-severance-payments
Last updated: Oct 2023