TVC is a new type contribution to be offered in a Registered Scheme upon each MPF service provider’s decision, which can only be paid into a specific TVC account of a Registered Scheme, such as the Hang Seng Master Trust. The purpose of TVC is to provide eligible members a tax concession for voluntary contributions and to assist in member’s long term saving for a better retirement.

A TVC account allows any members to make tax deductible voluntary contributions starting from 1 April 2019. Since the tax assessment year 2019/2020, the maximum tax deductible amount under Hong Kong Salaries Tax/ Personal Assessment is HK$60,000 for a tax assessment year, which is an aggregate limit for both TVC and qualifying annuity premiums.  This tax incentive is only applicable to Hong Kong taxpayer.

Such contributions are voluntary in nature, and are subject to the same vesting, preservation and withdrawal restrictions applicable to mandatory contributions. TVC can only be made directly by the persons who fulfill the eligibility requirement. Therefore, involvement from the employers is not required.

Starting from 1 April 2019, contributing TVC Account Holders may be eligible for tax concessions starting from the year of assessment 2019/2020.

Any person who falls under any one of the following categories may open a TVC account:

•    a current employee member of a Registered Scheme;

•    a current self-employed member of a Registered Scheme;

•    a current personal account holder of a Registered Scheme; or

•    a current member of an MPF exempted ORSO scheme.

TVC, voluntary in nature, and same as Flexi-Contributions that could be made to the Hang Seng Master Trust voluntarily.

TVC are tax deductible (with a maximum tax deductible amount of HK$60,000 under Hong Kong Salaries Tax/ Personal Assessment, which is an aggregate limit for both TVC and other qualifying annuity premiums, for a tax assessment year), while all the other types of voluntary contributions are generally not tax deductible.

For Employee Members, they can make employment related additional voluntary contributions via their employers. They can also make Flexi-Contributions or open a TVC account for the making of TVC at their own pace by returning the relevant application form to the Administrator. It should be noted that the Flexi-Contributions and TVC are totally private and independent of their employers.

For Personal Account Holders and Self-employed Members, they can make Flexi-Contributions and / or additional voluntary contributions (as the case maybe) or open a TVC account for the making of TVC.

You may only open one TVC account for each registered scheme.   If you would like your voluntary contribution made to a registered scheme to be subject to tax deduction, it must be contributed to the TVC account.

TVC account holders can make TVC at their own pace. However, the maximum tax deductible amount is HK$60,000 for a tax assessment year, which is an aggregate limit for both TVC and other qualifying annuity premiums. As such, contributions greater than HK$60,000 would not have any tax concessions applied.

TVC account holders can contribute into their TVC accounts via two methods:

1. By monthly direct debit from as little as HK$300 per month. To set up or change your monthly direct debit arrangement in your TVC account, please complete the ‘Set up/Change of Regular Tax Deductible Voluntary Contributions Instruction Form’.

2. By lump sum TVC of HK$1,000 or more. This method provides Members with the flexibility to contribute into their TVC account whenever they want. Lump sum TVC can be made by cheque. For TVC account holders interested in making a lump sum TVC, please complete the ‘Tax Deductible Voluntary Contributions Lump Sum Deposit Form’.

Please note:

1. As you are accumulating your funds for retirement purposes, you should consider your personal circumstances before deciding the TVC amount to contribute.
2. TVC will have the same vesting, preservation and withdrawal requirements applicable to mandatory contributions. This also applies to contributions that are above the maximum tax deductible amount.

You can check your account balances through any of the following channels:

1. Logon to Hang Seng Personal e-Banking
2. Logon to Hang Seng Personal Banking mobile app
3. Call the Hang Seng MPF Service Hotline on 2213 2213 (Please refer to the section 'Hang Seng MPF Member Hotline' in Member Service Guide for the user's guide)
4. Check your account at Hang Seng Bank’s and HSBC's ATMs using your ATM card or credit card with Hang Seng
5. Statement of Integrated Account (applicable to Hang Seng integrated account holder, for details please refer to the Section ‘Account statements’ in Member Service Guide.)

There is no limit to the number of fund switches that can be carried out per year, and there are no handling charges. However, we would remind you that the objective of MPF is to save for retirement and so your investment objectives should be longer term, dependent upon your personal circumstances.

Severe weather conditions in Hong Kong won’t affect the usual processing of change investment instructions. Severe weather refers to the scenario where the Hong Kong Observatory issues a typhoon signal number 8 or above or a black rainstorm, or the HKSAR Government makes an "extreme conditions" announcement.

The above arrangement is provided for reference only and may be subject to change from time to time without notice.

Yes. There are four methods to change the investment allocation:

Portfolio rebalance

Reallocate the asset distribution into Constituent Fund(s) of your own choice for both existing investments and new contributions (including accrued benefits transferred from another Registered Scheme).

Asset switch

Reallocate the asset distribution into Constituent Fund(s) of your own choice for existing investments only. Investment allocation of new contributions (including accrued benefits transferred from another Registered Scheme) will remain unchanged.

Contribution redirection

Reallocate the asset distribution into Constituent Fund(s) of your own choice for new contributions (including accrued benefits transferred from another Registered Scheme) only. The investment allocation of your existing investment will remain unchanged.

Switch into Default Investment Strategy (DIS)^*

Reallocate your existing investments and new contributions (including accrued benefits transferred from another Registered Scheme) using the DIS.
The DIS consists of two Constituent Funds, the Core Accumulation Fund and the Age 65 Plus Fund.

*If you wish to exit the DIS (i.e. all your existing investments and new contributions (including accrued benefits transferred from another Registered Scheme) will invest per the investment allocation immediately before you exit the DIS. No subsequent re-balancing or de-risking will be performed according to the DIS), please submit the completed ‘Change of Investment Instruction Form’ (HABP) to the Administrator of Hang Seng MPF.

You can use below service channels to change your investment allocation:

*If you wish to exit the DIS (i.e. all your existing investments and new contributions (including accrued benefits transferred from another Registered Scheme) will invest per the investment allocation immediately before you exit the DIS. No subsequent re-balancing or de-risking will be performed according to the DIS), please submit the completed ‘Change of Investment Instruction Form’ (HABP) to the Administrator of Hang Seng MPF.

Through Hang Seng Personal e-Banking (desktop version), Hang Seng Personal Banking mobile app or interactive voice response system of the Hang Seng MPF Service Hotline:

If we receive your instructions through the Hang Seng Personal e-Banking, Hang Seng Personal Banking mobile app or the interactive voice response system of the Hang Seng MPF Services Hotline at or before 4:00 pm (Hong Kong time) on any business day, your instructions will normally be processed on the same business day. If we receive your instructions after 4:00 pm (Hong Kong time) on any business day, or anytime on a Saturday, public holiday or other non-business days, they will normally be processed on the following business day.

An acknowledgement page (if you make instructions via the Hang Seng Personal e-Banking or Hang Seng Personal Banking mobile app) or recorded voice (if you make instructions via the interactive voice response system of Hang Seng MPF Services Hotline) will confirm the receipt of your instructions. When your instructions have been successfully processed, we will send a confirmation notice to your “Inbox Message” in Hang Seng Personal e-banking (if the instruction is made via the Hang Seng Personal e-Banking or Hang Seng Personal Banking mobile app) or post a confirmation notice to you (if the instruction is made via the interactive voice response system of Hang Seng MPF Service Hotline), you can also go to Hang Seng Personal Banking mobile app and tab “Contribution / transaction history” to view the instructions that have been successfully processed. 

Through paper form:

After receiving your properly-completed form, your instruction will normally be processed within five business days. Please note that a confirmation notice will be sent to you after the instruction has been successfully processed.

You can submit the change investment form by mail or placing to 'MPF Drop-In Boxes' at designated Hang Seng Bank branches. 

CAUTIONS

Please be aware that you should NOT hand in any MPF documents (in particular for those paper remittance statement and cheque payment (if any) which must be submitted on time according to the MPF legislation) to unauthorised channels. Unauthorised channels include but not limited to:

(1) the staff at service counters at the branches,

(2) the branches without 'Hang Seng MPF Drop-In Box', or

(3) other collection boxes in the branches (for examples, the collection boxes for cheque payment).

Any submission of the MPF documents to unauthorised channels will not be forwarded to the MPF department for processing directly and it may take a longer time for the documents to be transferred to the MPF department. While the receipt date by the MPF department will be stamped only when the documents reach the MPF department, you please be cautious that this will result in delay in receiving and processing the paper remittance statement or other instructions by the MPF department. Any failure to pay mandatory contributions in full and on time to a trustee incurs a 5% surcharge on the outstanding mandatory contributions, along with the possibility of a financial penalty and even imprisonment by the MPFA. You may refer to the MPFA's website www.mpfa.org.hk for further details of offences and penalties.

Note

If the processing of your Portfolio Rebalance or Asset Switch instruction is scheduled on any day that (i) the transfer of benefits under Employee Choice Arrangement (‘ECA Transfer’) is to be processed, or (ii) the refund of long service payment/severance payment ('Refund of LSP/SP') is to be processed, or (iii) on any of the consecutive days that ECA Transfer and/or Refund of LSP/SP is/are to be processed, the processing of your instruction will be postponed to the next business day after the day(s) that such ECA Transfer and/or Refund of LSP/SP is/are being processed.

However, if transfer* or claim of accrued benefits of your MPF account is processed on the same day with your change of investment instruction, your change of investment instruction will not be processed if your MPF account will be terminated after processing your transfer or claim of accrued benefit.

* Include the transfer of accrued benefit from your contribution to a personal account if we have not received your transfer/claim instruction within 3 months after we are notified by your employer about your cessation of employment.

In any of the above circumstances, the processing of any further instruction made before the processing of any prior pending consecutive Portfolio Rebalance instruction(s), Asset Switch instruction(s), ECA Transfer and/or Refund of LSP/SP will be postponed to the next business day after the day(s) that such pending consecutive Portfolio Rebalance instruction(s), Asset Switch instruction(s), ECA Transfer and/or Refund of LSP/SP is/are being processed.

The above processing time is for reference only. HSBC Group shall not be liable for any delay.

The following is the handling of having more than one same type or different types of investment instructions received from paper and/or e-submission (i.e. Hang Seng Personal e-Banking (desktop version), Hang Seng Personal Banking mobile app and/or Interactive Voice Response System) channels, where applicable, and to be processed on the same business day.

a. In case of having more than one “Asset Switch of Existing Balance” instructions or “Portfolio Rebalance” instructions or “Contribution Redirection” instructions being received and to be processed on the same business day, if same type of instructions is each received by paper and e-submission channels, only the last instruction of “Asset Switch of Existing Balance” instruction or “Portfolio Rebalance” instruction or “Contribution Redirection” instruction received from paper channel will be effective in the account record. Please note that the Interactive Voice Response System does not support the “Asset Switch of Existing Balance” instruction.

b. In case of having both “Asset Switch of Existing Balance” instruction and “Portfolio Rebalance” instruction being received from paper and to be processed on the same business day, only the “Portfolio Rebalance” instruction will be processed.

c. In case of having both “Asset Switch of Existing Balance” instruction and “Contribution Redirection” instruction being received from paper and to be processed on the same business day, both of the instructions will also be processed.

d. In case of having both “Contribution Redirection” instruction and “Portfolio Rebalance” instruction being received from paper and to be processed on the same business day, if “Contribution Redirection” instruction is the last processed instruction, your existing investments held in the account will be processed in accordance with the “Portfolio Rebalance” instruction and new contributions to be received will be invested according to the “Contribution Redirection” instruction. If “Portfolio Rebalance” instruction is the last processed instruction, both of your existing investments and new contributions to be received will be invested according to the “Portfolio Rebalance” instruction.

e. If your “Contribution Redirection” instruction is received from paper channel while the “Portfolio Rebalance” or “Asset Switch of Existing Balance” instruction is received from e-submission channel and to be processed on the same business day, your new contributions to be received will be invested according to the “Contribution Redirection” instruction and your existing investments held in the account will be processed in accordance with the “Portfolio Rebalance” instruction or “Asset Switch of Existing Balance” instruction.

f. If your “Portfolio Rebalance” instruction is received from paper channel and the “Contribution Redirection” instruction or “Asset Switch of Existing Balance” instruction is received from e-submission channel and to be processed on the same business day, only the “Portfolio Rebalance” instruction will be processed.

g. If your “Asset Switch of Existing Balance” instruction is received from paper channel while the “Contribution Redirection” is received from e-submission channel and to be processed on the same business day, your existing investments held in the account will be processed in accordance with the “Asset Switch of Existing Balance” instruction, and new contributions to be received will be invested according to the "Contribution Redirection" instruction.

h. If your “Asset Switch of Existing Balance” instruction is received from paper channel while the “Portfolio Rebalance” is received from e-submission channel and to be processed on the same business day, only the “Portfolio Rebalance” instruction will be processed.

i. In case of having both “Contribution Redirection” instruction and “Portfolio Rebalance” instruction to invest in the “Default Investment Strategy” (‘DIS’) being received from paper and to be processed on the same business day, only the “Portfolio Rebalance” instruction to invest in the DIS will be processed.

The information provided is for reference only, which may be subject to change without notice. No liability is accepted for any loss or damage arising from any reliance upon such information. 

Yes, DIS is one of the investment options for you if the features of DIS fit your own circumstances.

You can refer to the below table for the names of Constituent Funds and their fund codes.

You can update your contact details by completing and returning the Personal Details Change Form (HA91) to our MPF Administrator.

If you are a Hang Seng MPF scheme member who also has a bank account with Hang Seng Bank, you can update your MPF account information listed below by logging on the following channels:

1. Hang Seng Personal e-Banking with your physical Security Device / Mobile Security Key or

2. Hang Seng Personal Banking mobile app.

You can use below service channels to update your MPF account(s) contact details:

For updating other contact information (such as fax number), please complete and return a Personal Details Change Form (HA91) to our MPF Administrator for the updating.

If you are a Hang Seng MPF scheme member without a bank account with Hang Seng Bank, please complete and return a Personal Details Change Form (HA91) to our MPF Administrator for any update of your contact information.

For details, you can contact our Hang Seng MPF Service Hotline on (852) 2213 2213.

*Correspondence will be sent to the new address by updating the address and selecting to apply the changes to MPF account(s) at the relevant sections on Hang Seng Personal e-Banking or Hang Seng Personal Banking mobile app.

You can change your preferred language by completing a Personal Details Change Form (HA91) or making a verbal instruction via the Hang Seng MPF Service Hotline on (852) 2213 2213.

You should put '31 December' as the day and month. Likewise, if your HKID card only contains the year and month but not the day, you should put the last day of the month.

The ‘Unit prices’ page on Hang Seng MPF webpage provides you with the unit prices.

Current unit prices are also available through these channels:

•    Hang Seng Personal Banking Mobile App

•    Hang Seng Business Mobile App

•    Hang Seng MPF Service Hotline on 2213 2213 (Please refer to the section 'Hang Seng MPF Service

      Hotline' in Member Service Guide for the user's guide)

•    Hong Kong Economic Times

•    South China Morning Post

You can check the past performance of MPF funds through ‘Fund Cumulative Performance’ page on the Hang Seng MPF webpage.

The unit prices are calculated based on the net asset value of each fund, ie the value of investments less fees and charges, divided by the number of units issued. (With the exception of the unit prices for MPF Conservative Fund on or before 30 June 2015, where fees and charges were deducted directly from a member's account by unit deduction.)

The MPF legislation requires each MPF scheme to offer a CPF. Our CPF is a low risk fund, investing in high grade Hong Kong HKD- denominated monetary instruments such as treasury bills, bills of exchange, commercial paper, certificates of deposits or interbank deposits, and other ancillary investments allowed under the General Regulation. The investment objective is to achieve a rate of return higher than that available for savings deposits, however returns are not guaranteed.

An MPF Conservative Fund may use one of two methods for deduction of fees and charges, namely (i) 'Fund Level Deduction;, that is, deducting the fees and charges from the assets of the MPF Conservative Fund or (ii) 'Member Level Deduction', that is, directly deducting the fees and charges from member's account by way of unit deduction.

From 1 December 2000 to 30 June 2015, the MPF Conservative Fund of Hang Seng Mandatory Provident Fund – SuperTrust Plus adopted method (ii), that is, deducting the fees and charges from member's account by way of unit deduction.

From 1 July 2015 and onwards, the MPF Conservative Fund of Hang Seng Mandatory Provident Fund – SuperTrust Plus adopts method (i), that is, deducting the fees and charges from the assets of the fund.

According to the MPF legislation, fees and charges can be deducted from the CPF only when the investment return is higher than the prescribed savings rate which is regularly published by the MPFA.

From 1 December 2000 to 30 June 2015, the CPF of Hang Seng Mandatory Provident Fund - SuperTrust Plus adopted method (ii), that is, directly deducting the fees and charges from member's account by way of unit deduction. The unit prices of the CPF have, therefore, not taken into account the deduction of fees and charges. During that period, the fees and charges for CPF were deducted in the form of units from a member's account only after the investment return and prescribed savings rate for each month were ascertained.

From 1 July 2015, fees and charges accrue on a daily basis, and are reflected daily in the fund's unit prices, net asset value and fund performance quoted.

Our Guaranteed Fund is a low risk fund providing you with a guaranteed interest rate, provided certain conditions are met. If any of the Guarantee Conditions are met on withdrawal or transfer of balance, members will be entitled to the Actual Balance or the Guaranteed Balance, whichever is greater.

The guarantee in the Guaranteed Fund under the Hang Seng Mandatory Provident Fund - SuperTrust Plus only applies under certain conditions. Please refer to the 'Guarantee features' under 'Guaranteed Fund' in 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’.

This is an action that will be performed by the administrator of the Hang Seng Mandatory Provident Fund - SuperTrust Plus ('Administrator') at the end of each year, starting in 2016. It is for members who have reached the age of 65 and still have investment in the Guaranteed Fund. The Administrator will calculate the Guarantee for these members, equivalent to the amount they would entitled if they had withdrawn their benefits from the Guaranteed Fund on 31 December in that year using grounds that meet the Guarantee Conditions. For details, please click here for the Guaranteed Fund Changes - Crystallisation's FAQs.

The rate for the financial year from 1 July 2023 to 30 June 2024 is 0.15% per annum.

The rate for the financial year from 1 July 2024 to 30 June 2025 is 0.2% per annum.

The rate will be reviewed annually and determined at the beginning of each financial year, ie 1 July each year.

No. By law, you must invest your MPF monies in the funds offered by the MPF scheme you participate in.

The DIS comprises two Consistent Funds, namely the Age 65 Plus Fund ('A65F') and the Core Accumulation Fund ('CAF'). DIS is a ready-made investment arrangement mainly designed for those members who are not interested or do not wish to make an investment choice, and is also available as an investment choice itself, for members who find it suitable for their own circumstances. Starting from 1 April 2017, for those members who do not make an investment choice when they set up a new MPF account, their new contributions and accrued benefits transferred from another registered scheme will be invested in accordance with the DIS.

The DIS aims to balance the long term effects of risk and return through investing in two Constituent Funds, namely the A65F and the CAF, according to the pre-set allocation percentages at different ages. The DIS will manage investment risk exposure by automatically reducing the exposure to higher risk assets and correspondingly increasing the exposure to lower risk assets as the member gets older. Such de-risking is achieved by way of reducing the holding in the CAF and increasing the holding in the A65F over time. The asset allocation stays the same up until 50 years of age, then reduces steadily until age 64, after which it stays steady again. For further details of the DIS, please refer to the MPF Scheme Brochure.

The DIS comprises two Constituent Funds, namely the Core Accumulation Fund ('CAF') and the Age 65 Plus Fund ('A65F').

The CAF and the A65F are the two Constituent Funds that form the Default Investment Strategy ('DIS'). The CAF provides capital growth for  members by investing in a globally diversified manner and will invest around 60% in higher risk assets (generally mean equities or similar investments) and around 40% in lower risk assets (those assets not being higher risk assets, including without limitation global bonds and money market instruments) of its net asset value whereas the A65F provides stable growth for the retirement savings to members by investing in a globally diversified manner and will invest around 20% in higher risk assets and around 80% in lower risk assets of its net asset value.

Yes. The Core Accumulation Fund ('CAF') and the Age 65 Plus Fund ('A65F') can be standalone investments. Members should note that, if you choose the CAF and/or the A65F as standalone investments (rather than as part of the DIS), the de-risking to automatically reduce the risk exposure as the member approaches retirement age will not be applicable.

The unit price of Constituent Funds will be determined at each valuation day – a business day or a day as determined by the trustee – in accordance with the Master Trust Deed. Generally, when a relevant overseas market is closed for a holiday but the Hong Kong market remains open, the value of the foreign assets will be calculated by referencing the latest available traded price on the trading market. This is usually the closing price at the close of business of the last session of that market prior to the relevant valuation day. 

On Hang Seng MPF mobile journey, you can currently:

1. View your MPF account balances, account returns, asset distribution, contribution and transaction history of the latest 12 months
2. Check Hang Seng MPF cumulative fund performance
3. Manage your MPF portfolio, including rebalancing, asset switch, redirecting funds and switch into Default Investment Strategy ('DIS')
4. Consolidate MPF personal accounts
   

Customers with a Hang Seng MPF account and is a registered user of Hang Seng Personal e-Banking can access this feature on the Hang Seng Personal Banking mobile app.

If you don’t have a Hang Seng banking account and is only using Hang Seng MPF service, you will need to apply for or use your existing Hang Seng Personal e-Banking credentials (if any) to log on to the Hang Seng Personal Banking mobile app.

No, you don’t have to pay any fees to view or manage your MPF account(s) on Hang Seng Personal Banking mobile app.

You can view your overall MPF account balance after logging on to Hang Seng Personal Banking mobile app. You can also access MPF balances, account returns, fund performance, asset distribution and contribution and transaction history of the latest 12 months of all your Hang Seng MPF account(s).

If we receive your instruction at or before 4:00pm (Hong Kong time) on business days, the instructions will normally be processed on the same business day. If we receive your instruction after 4:00pm (Hong Kong time) on business days or any time on a Saturday, public holiday or non-business day, it will normally be processed on the next business day.

You’ll get a confirmation once we receive your instructions via the Hang Seng Personal Banking mobile app. We will send a confirmation notice to your “Inbox” in Hang Seng Personal e-Banking webpage after we have processed your instructions.

Yes, you can view and manage your Hang Seng MPF account(s) after logging on to Hang Seng Personal e-Banking.

You can view employee accounts, self-employed accounts, personal accounts, tax deductible voluntary contributions accounts and flexi-contribution accounts.

The fund performance page shows the cumulative performance of all Hang Seng MPF Constituent Funds over a 6-month, 1-year, 3-year or 5-year period, and since the fund’s launch. Details such as investment objectives, launch date, fund expense ratio, risk rating, portfolio allocation and top 10 portfolio holdings (%) are also available.

Portfolio Rebalance

Reallocate the asset distribution into Constituent Fund(s) of your own choice for both existing investments and new contributions (including accrued benefits transferred from another Registered Scheme).

Contribution Redirection

Reallocate the asset distribution into Constituent Fund(s) of your own choice for new contributions (including accrued benefits transferred from another Registered Scheme) only. The investment allocation of your existing investment will remain unchanged.

Asset Switch

Reallocate the asset distribution into Constituent Fund(s) of your own choice for existing investments only. Investment allocation of new contributions (including accrued benefits transferred from another Registered Scheme) will remain unchanged.

Switch into Default Investment Strategy (DIS)^*

Reallocate your existing investments and new contributions (including accrued benefits transferred from another Registered Scheme) using the DIS.
The DIS consists of two Constituent Funds, the Core Accumulation Fund and the Age 65 Plus Fund.

*If you wish to exit the DIS (i.e. all your existing investments and new contributions (including accrued benefits transferred from another Registered Scheme) will invest per the investment allocation immediately before you exit the DIS. No subsequent re-balancing or de-risking will be performed according to the DIS), please submit the completed ‘Change of Investment Instruction Form’ (HABP) to the Administrator of Hang Seng MPF. 

To register for Hang Seng Personal e-Banking with your MPF account(s), please ensure that your MPF account record with us contains the following personal information:

    1. An email address

    2. A mobile phone number

    3. A residential address in English

If any of the above information is missing or outdated in your MPF account record, please update your record by completing the ‘Personal Details Change Form’ (Download HA91 form) and return to us before proceeding with registration.

If you forget your Hang Seng Personal e-Banking (MPF services) username, please visit Hang Seng Bank branch.

You do not need to apply for an MPF phone PIN. It is issued to you automatically after your enrolment. If you previously have an MPF account with Hang Seng MPF and the PIN has been issued to you, the same PIN will apply to all of your subsequent new MPF accounts even they are in different MPF membership number. No new PIN will be reissued automatically under normal circumstances. If necessary, you may request for a new one by calling the Hang Seng MPF Service Hotline on (852) 2213 2213, select preferred language and then press #. Hang Seng MPF customer service representatives will be happy to arrange a new PIN and post it to you.

Please call the Hang Seng MPF Service Hotline on 2213 2213, select preferred language and then press #. Hang Seng MPF customer service representatives will be happy to arrange a new PIN and post it to you.

As with accrued benefits derived from mandatory contributions, TVC Benefits can only be paid if one of the following withdrawal conditions are met:

•    the Member’s 65th birthday;

•    the Member’s death (in which case the accrued benefits are paid to the Member’s legal personal
     representatives);

•    the total incapacity of the Member; 

•    the terminal illness of the Member; 

•    the early retirement of the Member on or after reaching age 60;

•    the Member’s permanent departure from Hong Kong; or

•    the Member’s claim on small balance under section 162 (1)(c) of the Mandatory Provident Fund Schemes
     (General) Regulation

Requests for payment of TVC Benefits by a TVC Account Holder should be made to the Administrator and accompanied by a completed request of the relevant payment forms.

In addition, TVC Benefits payable on a TVC member’s 65th birthday or early retirement on or after reaching age 60 can also claim their TVC Benefits via regular instalments. 

You can choose to withdraw your accrued benefits in a lump sum when you attain the retirement age of 65 or retain them in the existing scheme until you wish to withdraw them. From 1 February 2016, you can choose to withdraw your accrued benefits in instalments on the grounds of retirement at age 65. You may specify the withdrawal amount you wish to withdraw by submitting to us a valid 'Claim Form for Payment of Accrued Benefits on Ground of Attaining the Retirement Age of 65 or Early Retirement' (HAPR) together with the necessary supporting document(s).

As with accrued benefits derived from mandatory contributions, you can withdraw your TVC benefits under any of the following circumstances only:

• the Member’s 65th birthday;

• the Member’s death (in which case the accrued benefits are paid to the Member’s legal personal
  representatives);

• the total incapacity of the Member;

• the terminal illness of the Member;

• the early retirement of the Member on or after reaching age 60;

• the Member’s permanent departure from Hong Kong; or

• the Member’s claim on small balance under section 162(1)(c) of the Mandatory Provident Fund Schemes
  (General) Regulation

In addition, you can also withdraw your TVC benefits in instalments on the grounds of retirement at age 65 or early retirement at age 60.

To make your claim, you need to complete the below relevant form and provide us with relevant supporting document(s) listed in the form.

Claiming accrued benefits

Please use the Chinese version of declaration form if you would read the jurat in Chinese

*For committee of the estate on behalf of mentally incapacitated scheme member

Apart from the withdrawal of accrued benefits, Hang Seng MPF may terminate your TVC account if:

1. the balance of the TVC account is zero; and

2. there is no transaction activity in respect of the TVC account for 365 days.

From 1 February 2016, members who reach the retirement age of 65 or early retirement at age 60 can withdraw their accrued benefits in instalments.

For withdrawal by instalment, please take note of the following:

1.  If you choose to withdraw the accrued benefits in instalments, the benefits retain in your accounts will continue to be invested in your chosen Constituent Fund(s). The values of these assets may change due to market fluctuations and investment risks. In addition your account will be subject to management fees and other charges based on its total asset value, as usual.
2. If you have invested in a Guaranteed Fund, please refer to the 'Guarantee features' under 'Guaranteed Fund' in 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’.
3. For the purpose of preventing inattentive small account balance of accrued benefits remained in your MPF account after the withdrawal by instalment, if your account balance is less than or equal to 105% of your requested withdrawal amount, your entire account balance will be withdrawn as a lump sum. However, if you would not like to have this 105% arrangement applied but prefer to be paid the exact amount per your request even if small account balance of accrued benefits may be remained in your MPF account after the withdrawal, you could specify your request in Item (3) under Section II of the 'Claim Form for Payment of Accrued Benefits on Ground of Attaining the Retirement Age of 65 or Early Retirement' [FORM MPF(S) – W(R)] (HAPR).

In Hong Kong, the statutory declaration must be made before and signed by a Commissioner for Oath at either the Public Enquiry Service Centre of the Home Affairs Department, a Notary Public or a Justice of the Peace. A statutory declaration made in a place other than Hong Kong is also acceptable provided that it is made before and signed by a Notary Public or a person authorised under the law of that place to administer an oath or take a statutory declaration.

By law, the accrued benefits of a deceased member will be payable to his/her personal representative as indicated in a Letter of Probate or Letter of Administration granted by the Probate Registry. Members do not need to designate any beneficiary during enrolment.

The personal representative should complete a 'Claim Form for Payment of MPF Accrued Benefits (Benefits) on Grounds of Permanent Departure from Hong Kong/Total Incapacity/Terminal Illness/Small Balance/Death [Form MPF(S) - W(O)]' (Download HAPO form) and submit it with the following documents to us:

• A copy of the claimant's HKID card for verification of the name and identity card number of the claimant if the claimant does not wish to present the card in person for verification

• A copy of the Letter of Probate or Letters of Administration granted by the Probate Registry / a letter requesting withdrawal of the accrued benefits issued by the Official Administrator if the claim is made by the Official Administrator

• Claimant’s Individual Tax Residency Self-Certification Form (CRS-I (HK)-MPF) (Download HACI form)

A certified true copy is a duplicated copy which is certified by an authorised party that it has been photocopied from an original document. Customers can bring along a completed application form together with all original supporting documents to any of our designated Hang Seng Bank branches. Our MPF Specialist will assist them to prepare certified true copies. Alternatively, the certified true copies can be signed by public accountant/lawyer/banker/notary public acceptable to entities of HSBC Group or a member of Hong Kong Institute of Chartered Secretaries (HKICS) to make such certification.

You can apply to the Probate Registry for the desired form. For details of the application procedures, you may visit the Judiciary’s website www.judiciary.hk for information about Guide to Court Services (Probate).

The maximum tax deductible amount under Hong Kong Salaries Tax/ Personal Assessment for a tax assessment year is HK$60,000 and it is an aggregated limit for both TVC and qualifying annuity premiums.

Same as the tax deduction for mandatory contributions and other tax concessions, the individual taxpayer (not the Trustee, Sponsor and/or other operators of the Hang Seng Master Trust) is responsible for the application of tax deduction and keeping track of when the maximum tax deductible limit is fully utilized. If you are in doubt of your tax position, please consult your own advisor.

As such, to facilitate the tax return filing by TVC account holders, the Trustee will provide a TVC summary to each TVC account holder in the Hang Seng Master Trust around 10 May after the end of the relevant year of assessment (i.e. before the end of a period of 40 days from the beginning of the next tax assessment year commencing on 1 April).

You can obtain the information by submitting a signed written request to the following address:

Administrator of the Hang Seng MPF

The Hongkong and Shanghai Banking Corporation Limited

PO Box 73770

Kowloon Central Post Office

Please note that you should state your full name, relevant employer ID, membership number(s) or HKID/passport number in your signed written request. If you wish to obtain the information of transfer-in/out, withdrawal and details of transactions for more than one MPF account, please provide the employer ID and membership number of those accounts. Please be reminded that your signature must be the same as your last submitted specimen.

Upon receipt of complete information as stated above, we will provide a transfer-in/out and withdrawal summary and details of transactions of the six most recent quarters which ends on the last calendar day of March, June, September or December.

There is no handling charge and limitation on the number of request you can make.

This section summarises all transfer-in, transfer-out and withdrawal transactions successfully processed in your MPF account within the six most recent quarters.

All transaction(s) processed successfully within the six most recent quarters will be recorded in the 'Details of Transactions'. It is presented in ascending order of the fund name in English and in chronological order of the transaction date. 

Opening balance is the number of units of the fund held in your MPF account as at the start date of the 6-quarter period as stated in the statement. Closing balance is the number of units of the fund held in your MPF account as at the end date of the 6-quarter period as stated in the statement.

Example:

If the period stated in the statement is from 1 January 2012 to 30 June 2013, then the opening balance is the number of units held as at 1 January 2012 and the closing balance is the number of units held as at 30 June 2013.

The closing balance may become zero when you have transferred or withdrawn all units from a fund, or terminated your account on or before the end date of the six quarters period.

Only transaction(s) processed successfully would be shown in the 'Details of Transactions' section but 'investment returns' is not a transaction. However, you may refer to the 'investment returns' stated in your 'MPF Member Benefit Statement' of the corresponding financial year.

If your application has been submitted but not yet been completed, you may cancel your transfer/ withdrawal application by submitting a written instruction or making a verbal instruction* via the Hang Seng MPF Service Hotline on (852) 2213 2213. If the fund units have been redeemed, a written instruction must be given to bear the potential losses.

* The verbal instruction is only applicable for:

1. Transfer of MPF accrued benefits from employer/employee’s portion of contributions

2. Employees’ withdrawal of the mandatory contributions or voluntary contributions

If your cheque issued by Hang Seng MPF has been expired or lost, you can apply to reissue another cheque by submitting a written instruction or making a verbal instruction via the Hang Seng MPF Service Hotline on (852) 2213 2213.

Yes, you can change the payment method by submitting a written instruction or making a verbal instruction via the Hang Seng MPF Service Hotline on (852) 2213 2213 with the relevant supporting document (if applicable). If you choose to direct deposit the payment into your bank account, please provide supporting document which shows bank account number and name of account holder, such as copy of bank statement, copy of bank ATM card or copy of bank reference letter, etc. for verification purpose.

Unfortunately, transfers of voluntary contributions or Flexi-Contributions in the form without subscription and redemption of units from your contribution/self-employed/personal account into your TVC account is not permissible currently. Only new contributions into your TVC account are allowed.

Unfortunately, transfers of TVC Benefits to your contribution/self-employed/personal account is not permissible. Your TVC account is maintained separately to your other MPF accounts. This will allow you to easily track your TVC in your TVC account.

TVC Account Holders may, at any time choose to have all their accrued benefits in their TVC account under the Hang Seng Master Trust transferred to another TVC account with another MPF service provider, or vice versa.

However, partial transfers to another TVC account (with another MPF service provider) is not allowed.

TVC Account Holders can transfer their TVC Benefits by completing ‘Scheme Member’s Request For Transfer of Tax Deductible Voluntary Contributions (TVC)’ form.

For the avoidance of doubt, transfer of accrued benefits derived from a TVC account to another TVC account of the Member in another Registered Scheme cannot be claimed as deductions for taxation purpose, as it would have been counted in the original MPF scheme for which the TVC were originally made as new contributions in the relevant tax assessment year.

You can review the latest statement from your existing MPF service provider or contact your existing trustee.

You can attach copies of the latest member benefit statement issued by your existing MPF service  provider(s) and your identification document when submitting your transfer request to us, which may facilitate the verification process to be done by the transferor trustee. Please be reminded to tick the box under the Section 'Authorisation and Declaration' of HAPT form.

Yes. Please click here for the member benefit statement-related frequently asked questions for tax deductible voluntary contributions account holders.

Note: The relevant frequently asked questions as stated above are only applicable to explain or elaborate the information presented in the corresponding statement of the scheme financial period of 01/07/2023 to 30/06/2024.