We understand that you may have questions regarding your retirement investments. This is where we can get you the answers.
1. How do I know if my employer has enrolled me in an MPF scheme?
For all MPF schemes, scheme trustees will send notice of participation to newly enrolled members upon completion of enrollment. If you enroll in the Invesco Strategic MPF Scheme, you will also receive a PIN Notification for your access to our hotline and website. The above documents are sent to the address stated on your enrollment form. If you do not receive or cannot locate them, please contact the INVESCall Member Hotline.
2. Can I designate a beneficiary during enrollment?
If you are an MPF member, you do not need to designate any beneficiary during enrollment. The MPF benefits of a deceased member will be paid to his/her personal representative(s) as indicated in the Letter of Probate or Letter of Administration granted by the Probate Registry.
If you are an ORSO member, you are usually allowed to designate your own beneficiary(ies). However, please check with your employer as it is subject to the governing rule of your ORSO scheme.
3. Can I choose an MPF scheme and request my employer to enroll me in that scheme?
No. According to MPF regulations, you are required to enroll in the MPF scheme selected by your employer.
1. Other than making the mandatory contribution, can I make additional contribution to the Invesco Strategic MPF Scheme?
Yes, you can make additional contribution via Flexible Voluntary Contribution or Voluntary Contribution.
For Flexible Voluntary Contribution, contribution can be made directly to the Scheme Trustee in lump sums or by monthly payments at your own discretion. You can also enjoy 4 free withdrawals at any time during a calendar year. For details, please click here FVC.
For Voluntary Contribution, the contribution is deducted by your employer from your payroll. Please therefore arrange with your employer if you desire to do so. Please also bear in mind that additional contribution made via this channel can only be withdrawn upon cessation of your employment.
2. I have a personal account with Invesco. Can I continue making contribution to this account?
You can make Flexible Voluntary Contribution to your personal account. To do so, please simply fill in the Flexible Voluntary Contribution Application Form and send it to Scheme Trustee.
3. I am a self-employed person. How can I make my contribution?
After receiving the Self-employed Person Contribution Payment Schedule, you may send the contribution to the Scheme Trustee as below:
The cheque should be made payable to "Bank Consortium Trust Company Limited as Trustee of Invesco Strategic MPF Scheme".
Bank Name: Citibank, N.A. Hong Kong
Account Name: Bank Consortium Trust Company Limited as Trustee of Invesco Strategic MPF Scheme
Account Number: 006-391-61086592
Reference: Member Account Number
Please also ensure that the correct "Member Account Number" is quoted as reference for the payment.
Complete and return the “Application & Change Form of Direct Debit Instruction (for Employer/ Self-employed Person only) for setting up Direct Debit Authorization instruction.
4. I am a self-employed person. If I have previously chosen to contribute monthly, can I change it to yearly?
Yes, you can fill in the Self-Employed Person – Declaration of Relevant Income Form and send the completed form to the Scheme Trustee.
5. Are my mandatory and voluntary contributions tax deductible?
Your mandatory contributions are tax deductible. The maximum amount deductible is HK$18,000 for the year of assessment 2015-16 and each subsequent year of assessment. However, your voluntary contributions are not tax-deductible.
1. If I switch from one fund to another, is there any switching fee involved?
For the Invesco Strategic MPF Scheme, there is no switching fee, nor is there any bid and offer spread.
For ORSO scheme, please check with your employer whether the service is available as it is subject to the governing rule of your ORSO scheme.
2. How can I do fund switching? Is there any restriction on the frequency of switching?
If you are a member of the Invesco Strategic MPF Scheme, you may switch your existing holdings from one fund to another or change the investment mandate for your future contribution on any business day via Internet, phone, fax or mail and it is free of charge.
For ORSO scheme, please check with your employer as things like switching frequency is subject to the governing rule of your ORSO scheme.
3. What is the difference between "Change of Investment Mandate" and "Asset Switch"?
"Change of Investment Mandate" means redirecting your future contribution according to a new investment allocation. It does not involve selling of any fund units you are currently holding.
"Asset Switch" means switching your existing holdings from one fund to another.
4. Is there any cut-off time for placing a switching order via phone or web? When is the effective date?
For the Invesco Strategic MPF Scheme, the cut-off time for placing your fund switching order is 4pm on every business day. Provided that there are no other pending transactions, your switching order will usually be processed using the same-day pricing (except Guaranteed Fund).
If you are an ORSO member, please check with your employer for the switching arrangement relevant to your ORSO scheme.
5. How do I know if the switching order is completed?
You will receive a Change of Investment Mandate Confirmation or Fund Switching Confirmation after transaction is completed.
1. Can I retain my accrued benefits in Invesco after the cessation of employment?
Yes. For MPF members, you may retain your MPF accrued benefits in Invesco by filling out the Scheme Member's Request for Fund Transfer Form by checking the option to retain your benefits in a personal account in the Invesco Strategic MPF Scheme under Section 3.
For ORSO members, you may choose to transfer your minimum MPF benefits ("MMB") to the Invesco Strategic MPF Scheme by stating your intention in the Minimum MPF Benefits Transfer Form. Your accrued benefits in excess of MMB may be transferred to the Savings Class of the Invesco Select Retirement Fund or other Invesco retail funds by filling out the relevant application forms.
The rollover of accrued benefits with Invesco is free of charge. This means, if you have HK$100,000 accrued benefits rolled over from your retirement scheme account, the total sum of HK$100,000 will be transferred and invested according to your investment choice. Please click here for details consolidated accrued benefits.
2. If I do not return the Member's Request for Fund Transfer Form, what will happen to my accrued benefits under the MPF scheme?
If the scheme trustee does not receive any transfer request within 3 months after they have been notified of your cessation of employment by your employer, the scheme trustee will transfer your accrued benefits to a personal account under your own name within the same MPF scheme.
3. What are my options if I have voluntary contribution in my MPF account after cessation of employment?
While you may choose to withdraw your voluntary contribution upon cessation of employment, you may also choose to retain all of your benefits, including both voluntary and mandatory contributions in a personal account with Invesco. Once you have become an Invesco personal account member, you may withdraw 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.
4. I used to be covered by an MPF exempted ORSO scheme offered by my ex-employer. What should I do if I want to transfer my Minimum MPF Benefits to the Invesco Strategic MPF scheme?
If you already have an account under the Invesco Strategic MPF Scheme, you may simply fill out the Minimum MPF Benefits Transfer Form.
If you are currently not an Invesco MPF member, you will need to fill in both the personal account Membership Enrollment Form and the Minimum MPF Benefits Transfer Form.
Please note that you are required to send the Minimum MPF Benefits Transfer form to the trustee of your ORSO scheme while the personal account Membership Enrollment Form will need to be sent to the trustee of the MPF scheme you'd like to join. If you would like to obtain the above form(s), please click here or contact the INVESCall Member Hotline.
5. When can I withdraw all accrued benefits from an MPF scheme?
You may withdraw accrued benefits derived from mandatory contributions under any of the following conditions:
- Retirement at the age of 65*;
- Early retirement at the age of 60*;
- Total incapacity (in relation to the kind of job engaged in company);
- Terminal illness;
- Permanent departure from Hong Kong;
- Death; or
- Small balance in the MPF scheme account. This applies when the accrued benefits are equal to or less than $5,000, no mandatory contributions are made over the past 12 months and there are no accrued benefits in other MPF schemes.
*Members who reach the age of 65 or retire after the age of 60 may elect to have his Eligible Benefits derived from mandatory and, where applicable, voluntary contributions paid in a lump sum or by instalments.
6. Can my employer withhold my benefits derived from employer mandatory contribution if I am dismissed due to misconduct, fraud or dishonesty?
No. All mandatory contributions, including those made by your employer, will be vested fully to you once they are paid to an MPF scheme trustee. Your employer cannot withhold your benefits derived from mandatory contributions should you be summarily dismissed. However, the forfeiture of benefits derived from employer voluntary contributions will be subject to the governing rules of the MPF scheme.
7. Can my employer deduct the balance from my MPF account to offset Long Service Payment or Severance Payment?
Yes. Your employer 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 (including the employer's contribution transferred from ORSO, if applicable) (if any) (the “Vested Employer Voluntary Contribution”). 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.