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CONTENTS
Why is MPF important to you?
- The Mandatory Provident Fund (MPF) System aims at assisting the working population of Hong Kong to accumulate retirement savings by making regular contributions. Employees (full time or part-time) and self-employed persons aged 18 to 64, except the exempt persons, are required to participate in an MPF scheme. To enrol in BEA (MPF) Industry Scheme, please submit the completed application form / participation agreement to us. The relevant forms can be downloaded on the Download Area:
Download Area ＞ Forms- To facilitate your retirement planning, you may use MPFA's Retirement Planning Calculator to calculate:
i. your retirement needs; ii. your projected MPF and other retirement savings upon your retirement; and iii. how much you need to save to meet your retirement needs.
MPFA's Retirement Planning Calculator- If you are an employer, you need to know your MPF obligations, including enrolling new employees, making contributions and reporting terminated employees. If you have any questions relating to your MPF obligations as an employer, please contact us.
- To become a participating employer of BEA (MPF) Industry Scheme, a participation agreement will need to be executed and submitted to the Trustee in the manner as set out in the participation agreement. The participation agreement can be downloaded on the Download Area:
Your MPF contributions
- If you are an employee (full time or part-time) not being a casual employee, both you and your employer are required to make regular MPF contributions for you, based on your "relevant income" as follows:
| Monthly Relevant Income | Mandatory Contribution Amount | |
|---|---|---|
| Employer's Contributions | Employee's Contributions | |
| Less than HK$7,100 | Relevant income × 5% | Not required |
| HK$7,100 - HK$30,000 | Relevant income × 5% | Relevant income × 5% |
| More than HK$30,000 | HK$1,500 | HK$1,500 |
- "Relevant income" refers to wages, salaries, leave pay, fees, commissions, bonuses, gratuities, perquisites or allowances, expressed in monetary terms, paid or payable by an employer to an employee, but excludes severance payments or long service payments under the Employment Ordinance.
- All mandatory contributions are immediately vested in you, except for the MPF derived from the employer's contributions for offsetting severance payments or long service payments.
- If you are a casual employee, the amount of your employer's mandatory contributions and your mandatory contributions are determined in accordance with the scales of amounts of contributions issued by the Mandatory Provident Fund Schemes Authority from time to time. In summary, the scales are as follows:
| Daily Relevant Income | Mandatory Contributions by Employer | Mandatory Contributions by Employee |
|---|---|---|
| Less than HK$280 | HK$10 | Not required |
| HK$280 to less than HK$350 | HK$15 | HK$15 |
| HK$350 onwards | HK$5 increase for every HK$99 increase of the daily relevant income, subject to a maximum contribution amount of HK$50 | HK$5 increase for every HK$99 increase of the daily relevant income, subject to a maximum contribution amount of HK$50 |
- If you are self-employed, you are required to make MPF contributions as follows:
| Relevant Income | Self-employed Person's Contributions | |
|---|---|---|
| Annual | Monthly Average | |
| Less than HK$85,200 | Less than HK$7,100 | Not required |
| HK$85,200 - HK$360,000 | HK$7,100 - HK$30,000 | Relevant income × 5% |
| More than HK$360,000 | More than HK$30,000 | HK$360,000 x 5% = HK$18,000 per year OR HK$30,000 × 5% = HK$1,500 per month |
- Whether you are an employee or self-employed, you may also consider making additional contributions (i.e. voluntary contributions (including additional voluntary contributions) (VC) and tax deductible voluntary contributions (TVC) in light of your personal needs.
| How to Open an Account | Voluntary Contributions | Tax Deductible Voluntary Contributions | |
|---|---|---|---|
| Your employer helps you open an account under the MPF scheme chosen by the company | You select your own MPF scheme and open an account on your own. (Note: some MPF schemes do not provide TVC accounts. You may check the MPF schemes which offer TVC accounts on MPFA's Trustee Service Comparative Platform.) |
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- For details of different types of contributions, you may refer to the Section 6 - Administrative Procedures of the MPF Scheme Brochure for BEA (MPF) Industry Scheme:
How do we invest your money?
- Upon joining the scheme, if you have not given us any investment instructions, your money will be invested under the Default Investment Strategy (DIS) automatically. For details of the DIS, you may refer to the Section 3 - Fund Options, Investment Objectives and Policies of the MPF Scheme Brochure for BEA (MPF) Industry Scheme:
- Alternatively, you can choose to invest in the following funds:
| No. | Name of Constituent Fund | Investment Manager | Fund Descriptor | Investment Focus | Investment Objectives | Management Fees (As a percentage of net asset value per annum) |
|---|---|---|---|---|---|---|
| 1 | BEA (Industry Scheme) Core Accumulation Fund | BEA Union Investment Management Limited | Mixed Assets Fund - Global - Maximum 65% in Higher Risk Assets | 55% to 65% in Higher Risk Assets with the remainder invested in Lower Risk Assets | To provide capital growth | 0.75% |
| 2 | BEA (Industry Scheme) Age 65 Plus Fund | BEA Union Investment Management Limited | Mixed Assets Fund - Global - Maximum 25% in Higher Risk Assets | 15% to 25% in Higher Risk Assets with the remainder invested in Lower Risk Assets | To provide stable growth | 0.75% |
| 3 | BEA (Industry Scheme) Growth Fund | BEA Union Investment Management Limited | Mixed Assets Fund - Global - Maximum 90% in equities | 60% to 90% in equities, 10% to 40% in cash, debt securities and/or money market instruments | To achieve long-term capital appreciation | 1.2% - 1.82% |
| 4 | BEA (Industry Scheme) Balanced Fund | BEA Union Investment Management Limited | Mixed Assets Fund - Global - Maximum 60% in equities | 40% to 60% in equities, 40% to 60% in cash, debt securities and/or money market instruments | To achieve a stable rate of return | 1.2% - 1.82% |
| 5 | BEA (Industry Scheme) Stable Fund | BEA Union Investment Management Limited | Mixed Assets Fund - Global - Maximum 40% in equities | 10% to 40% in equities, 60% to 90% in cash, debt securities and/or money market instruments | To minimise short-term capital risk with modest capital growth over the long term | 1.2% - 1.82% |
| 6 | BEA (Industry Scheme) Asian Equity Fund | BEA Union Investment Management Limited | Equity Fund - Asia ex-Japan | At least 70% in equities, up to 30% in cash, debt securities and/or money market instruments | To achieve long-term capital appreciation | 1.2% - 1.94% |
| 7 | BEA (Industry Scheme) Greater China Equity Fund | BEA Union Investment Management Limited | Equity Fund - Greater China | 70% to 100% in equities, up to 30% in cash, debt securities and/or money market instruments | To provide long-term capital growth | 1.2% - 1.94% |
| 8 | BEA (Industry Scheme) Hong Kong Equity Fund | BEA Union Investment Management Limited | Equity Fund - Hong Kong | 70% to 100% in equities, up to 30% in cash, debt securities and/or money market instruments | To achieve long-term capital appreciation | 1.2% - 1.3% |
| 9 | BEA China Tracker Fund | BEA Union Investment Management Limited | Equity Fund - China | 100% in equities | To provide investment returns that match the performance of the Hang Seng China Enterprises Index as closely as practicable | Up to 1.09% |
| 10 | BEA Hong Kong Tracker Fund | BEA Union Investment Management Limited | Equity Fund - Hong Kong | 100% in equities | To provide investment returns that match the performance of the Hang Seng Index as closely as practicable | Up to 0.58% |
| 11 | BEA (Industry Scheme) RMB & HKD Money Market Fund | BEA Union Investment Management Limited | Money Market Fund - China and Hong Kong | 90% to 100% in short-term deposits, 0% to 10% in debt securities | To achieve a rate of return over the long term in line with the interest rate offered by authorised fnancial institutions in Hong Kong on HKD and RMB savings accounts while maintaining stability of the principal amount invested | 0.79% |
| 12 | BEA (Industry Scheme) MPF Conservative Fund | BEA Union Investment Management Limited | Money Market Fund - Hong Kong | 100% in short-term deposits and debt securities | To achieve a minimum rate of return while maintaining stability of the principal amount invested | 0.79% |
| Note - |
The management fees shown in the table above include the management fees chargeable by the fund and its underlying fund(s) only. There may be other fees and charges chargeable to the fund and its underlying fund(s) or to you. For details, please refer to the Section 5 - Fees and Charges of the MPF Scheme Brochure for BEA (MPF) Industry Scheme:
To help you make comparisons across different MPF funds and schemes, you may refer to the information on the MPFA's MPF Fund Platform:
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What are the risks of your MPF investment?
Investment involves risks. Please refer to the Section 4 – Risks of the MPF Scheme Brochure for BEA (MPF) Industry Scheme for details of the risk factors to which the funds are exposed:
MPF Scheme Brochure
MPF Scheme Brochure A risk class is assigned to each fund with reference to a seven-point risk classification scale based on the latest fund risk indicator of the fund. A fund in a higher risk class tends to show a greater volatility of return than a low-risk class fund. Information about the latest risk class of each fund is set out in the latest fund fact sheet (FFS) of BEA (MPF) Industry Scheme:
Fund Performance - Fund Fact SheetHow to transfer your MPF?
If you are an employee, you may opt to transfer your MPF derived from employee mandatory contributions in your contribution account under current employment (Original Scheme) to any other MPF schemes of your choice (New Scheme) once a year1. If your transfer involves selling your interests in a guaranteed fund, please check with the trustee of your Original Scheme about the terms and conditions of this fund as failure to fulfil some qualifying conditions may cause the loss of guaranteed returns. Your contribution account under current employment may consist of different parts of MPF derived from different sources and subject to different transfer rules, as follows:
| Parts of MPF in a Contribution Account (i.e. Types of contributions that the MPF are derived from) | Transfer Rule | Type of Account Receiving the MPF |
|---|---|---|
| Contributions from Current Employment | ||
| Employer mandatory contributions | Not transferable | - |
| Employee mandatory contributions | Transferable once every calendar year1 | Personal account |
| Employer voluntary contributions | Subject to the governing rules of the Original Scheme | |
| Employee voluntary contributions | ||
| Contributions from Former Employment | ||
| Mandatory contributions transferred to the contribution account under current employment | Transferable at any time | Personal account or other contribution accounts2 |
| Voluntary contributions transferred to the contribution account under current employment | Subject to the governing rules of the Original Scheme | |
If you are a self-employed person or tax deductible voluntary contribution (TVC) account holder, you can transfer your MPF held in your MPF contribution account, personal account or TVC account to any other MPF schemes of your choice at any time.
| 1 Unless the governing rules of the Original Scheme provide for more frequent transfer-out. |
| 2 Only applies to employees with two or more contribution accounts. If an employee is employed by more than one employer at the same time, he/she may have more than one contribution account. |
How to manage your MPF when changing jobs?
- You should proactively manage the MPF accumulated during your previous employment in one of the following ways:
- If you do not have any personal accounts, and you are satisfied with the MPF scheme chosen by your former employer, you may consider retaining your MPF in a personal account under the scheme of your previous employment for investment.
- Forms for transfer of MPF can be downloaded on the Download Area:
- If you have any questions relating to transfer of MPF, please contact us.
When should you adjust your MPF fund choices?
In general, it is a good practice to review your fund choices regularly and adjust your MPF fund choices as you think fit.
How to adjust your MPF fund choices?
- You may complete and submit a new investment instruction form (i.e. "Member - Change of Mandate to Invest Contribution / Fund Switching Instruction") to us.
- You may send your new investment instructions to us by post / courier, fax, or through our company's website.
- In order that your instructions can be processed within the same day, you must send us the completed investment instructions before the cut-off time. For details, please visit our Service Pledge on the website:
When can you withdraw your MPF?
- Once you reach the age of 65, you can choose to withdraw your MPF or choose to retain your MPF in the MPF Scheme.
- By law you can withdraw your MPF early on the following six grounds:
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| Early Retirement | Terminal Illness | Permanent Departure from Hong Kong |
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| Total Incapacity | Death | Small Balance |
- If you withdraw your MPF at the age of 65 or 60 upon early retirement, you may choose to withdraw either in one lump sum or by instalments.
- The law does not stipulate any deadlines for withdrawing MPF. You should consider your personal needs before making a withdrawal application. If you choose to retain all your MPF in your account, no application is required. Your MPF will continue to be invested in the fund(s) you have selected.
- Forms for withdrawal of MPF can be downloaded on the Download Area:
- If you have any questions relating to withdrawal of MPF, please contact us.
Additional information useful to you
Taxation
Employees are allowed to claim salaries tax deduction for their mandatory contributions, subject to a maximum deduction of HK$18,000 per year. Contributions that are made to TVC accounts may also be eligible for tax deduction. We recommend that you seek professional advice regarding your own tax circumstances.
Documents from us
Scheme members will receive the following documents:
1. upon joining the BEA (MPF) Industry Scheme: this KSID, the MPF Scheme Brochure and the Notice of Participation and (for casual employees only) a membership card
2. within three months after the scheme year end: the Annual Benefit Statement
Other information
This KSID only provides a summary of the key features of BEA (MPF) Industry Scheme. For details of BEA (MPF) Industry Scheme, please refer to the trust deed and the MPF Scheme Brochure for BEA (MPF) Industry Scheme. Copies of these documents are available:
The On-going Cost Illustrations for BEA (MPF) Industry Scheme, a document which illustrates the on-going costs on contributions to funds in BEA (MPF) Industry Scheme:
The Fund Fact Sheets provide basic information (e.g. fund performance) on individual funds of BEA (MPF) Industry Scheme. Copies of these documents are available on the Fund Performance page:
Personal Data Statement
To obtain the latest copy of the "Privacy Policy Statement", please write to (i) the Group Data Protection Officer by post to The Bank of East Asia Group, 10 Des Voeux Road Central, Hong Kong, or (ii) BEA Trustees' Individual Data Protection Officer by post to 32nd Floor, BEA Tower, Millennium City 5, 418 Kwun Tong Road, Kowloon, Hong Kong.
How to make enquiries and complaints?
If you would like to make an enquiry or a complaint, please feel free to contact us.
| BEA (MPF) Hotline (Operated by Bank of East Asia (Trustees) Limited) |
(+852) 2211 1777 |
|---|---|
| MPF Administration Centre | 32nd Floor, BEA Tower, Millennium City 5, 418 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong |
| Fax Number | (+852) 3608 6003 |
| Postal Address | 32nd Floor, BEA Tower, Millennium City 5, 418 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong |
| Website | http://www.hkbea.com |
| BEAMPF@hkbea.com |
To access the PDF version of Key Scheme Information Document for BEA (MPF) Industry Scheme, please download the document below.
Key Scheme Information Document 
