The Bank of East Asia

Insurance & MPF Services

Important

  1. BEA (MPF) Master Trust Scheme, BEA (MPF) Value Scheme and BEA (MPF) Industry Scheme offer different constituent funds (i) investing in one or more approved pooled investment funds and/or approved index-tracking funds, which invest in equities or bonds; or (ii) making direct money market investments, each with different risk profile.
  2. BEA (MPF) Long Term Guaranteed Fund under BEA (MPF) Master Trust Scheme invests solely in an approved pooled investment fund in a form of insurance policy provided by Principal Insurance Company (Hong Kong) Limited. A guarantee is also given by Principal Insurance Company (Hong Kong) Limited. Your investment in this constituent fund, if any, is therefore subject to the credit risk of Principal Insurance Company (Hong Kong) Limited. Please refer to "Note 5" of the web page "Investment Choices" under "BEA (MPF) Master Trust Scheme" and the Appendix 1 of the Explanatory Memorandum of the BEA (MPF) Master Trust Scheme for details of the credit risk, guarantee features and guarantee conditions of this constituent fund.
  3. If you are currently investing in BEA (MPF) Long Term Guaranteed Fund under BEA (MPF) Master Trust Scheme, a withdrawal of the accrued benefits on ground of terminal illness may affect your entitlement to the guarantee and you may lose your guarantee. For details, please check the scheme offering document or consult your trustee before making any such withdrawal.
  4. BEA (MPF) Conservative Fund under BEA (MPF) Master Trust Scheme, BEA MPF Conservative Fund under BEA (MPF) Value Scheme and BEA (Industry Scheme) MPF Conservative Fund under BEA (MPF) Industry Scheme do not provide any guarantee of the repayment of capital.
  5. You should consider your own risk tolerance level and financial circumstances before investing in the MPF default investment strategy (“DIS”). You should note that the BEA (MPF) Core Accumulation Fund and the BEA (MPF) Age 65 Plus Fund under BEA (MPF) Master Trust Scheme; the BEA Core Accumulation Fund and the BEA Age 65 Plus Fund under BEA (MPF) Value Scheme; and the BEA (Industry Scheme) Core Accumulation Fund and the BEA (Industry Scheme) Age 65 Plus Fund under BEA (MPF) Industry Scheme (collectively the “DIS Funds”) may not be suitable for you, and there may be a risk mismatch between the DIS Funds and your risk profile (the resulting portfolio risk may be greater than your risk preference). You should seek financial and/or professional advice if you are in doubt as to whether the DIS is suitable for you, and make the investment decision most suitable for you taking into account your circumstances.
  6. You should note that the implementation of the DIS may have an impact on your MPF investments and benefits. You should consult with your trustee if you have doubts on how you are being affected.
  7. You should consider your own risk tolerance level and financial circumstances before making investment choices. When, in your selection of constituent funds, you are in doubt as to whether a certain constituent fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and choose the constituent fund(s) most suitable for you taking into account your circumstances.
  8. You should not invest based on this website alone. Investments inherently involve risk and the unit prices of the constituent funds may go down as well as up. Past performance of the constituent funds is not indicative of future performance. For further details including the product features, fees and charges, and the risk factors involved, please refer to the Explanatory Memorandum of the relevant scheme.
I have read and understood
 

BEA (MPF) Tax Deductible Voluntary Contribution Account

What are Tax Deductible Voluntary Contributions (“TVC”) ?

TVC is a new type of contributions which can only be paid into the TVC accounts of MPF schemes. TVC is eligible for tax concessions starting from the year of assessment 2019/2020. The maximum tax-deductible amount for the year of assessment 2019/2020 is HK$60,000. This is an aggregate limit for both TVC and other qualifying annuity premiums.

 

Features of TVC

  • Tax concession of up to HK$60,000 for year of assessment 2019/2020
  • Involvement of employers not required
  • TVC is subject to the same vesting, preservation, and withdrawal restrictions that apply to mandatory contributions

 

Eligibility

  • Employee members of MPF schemes; or
  • Self-employed person members of MPF schemes; or
  • Personal account holders of MPF schemes; or
  • Members of MPF exempted ORSO schemes

Each eligible person can only have one TVC account under an MPF scheme.

The Trustee may reject any application to open a TVC account in the event of (i) having reason to know that information and documents provided to the Trustee are incorrect or incomplete; (ii) failure of applicants to provide information and documents as required by the Trustee to ensure compliance with applicable laws and regulations relating to anti-money laundering or tax reporting; and/or (iii) other circumstances which the Trustee and the Sponsor may consider appropriate.

For risk management and compliance purposes, there could be circumstances (such as (i) to (iii) in the preceding paragraph) that TVC may be rejected. Any rejected TVC (with no interest) will be refunded within 45 days of receipt of any such TVC unless for some exceptional regulatory reasons the Trustee is unable to effect a refund within such timeframe.

 

Tax Concession Arrangement in TVC

Each tax payer is responsible for applying for tax deductions and making the fullest use of the maximum tax-deductible limit. To facilitate the tax return filing by TVC Account Holders, the Trustee will provide a TVC summary to each TVC Account Holder if TVC is made by him/her during a year of assessment. Such summary will be made available around 10th May after the end of the relevant year of assessment (i.e. before the end of a period of 40 days (unless the 40th day is not a Business Day, then the next Business Day) from the beginning of the next tax assessment year commencing on 1stApril).

 

Additional Notices

Termination

The Trustee may terminate the Member’s 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.

Contributions

The protection of accrued benefits under the MPF Ordinance is not applicable to the TVC account, meaning that accrued benefits derived from TVC will generally be vested in the trustee-in-bankruptcy or official receiver as part of the property of a bankrupt TVC Account Holder.

 

Different types of voluntary contributions

Additional Voluntary Contributions ("AVC"), Special Voluntary Contributions ("SVC"), and TVC are additional contributions which can be made under the MPF System, but they vary considerably in terms of account opening, contribution arrangements, and other details:

 AVCSVCTVC

How to open an account

You open an account under the MPF scheme chosen by your employer.

You select your own trustee and liaise with the trustee to open an account.

You select your own trustee and liaise with the trustee to open an account.

Contribution arrangements

  • The amount you contribute is calculated on the basis of your income.
  • You have to make regular contributions of a fixed amount.
  • You make contributions to the trustee via your employer.
  • The amount you contribute does not need to be calculated on the basis of your income.
  • You decide how much contribution to make for your SVC account.
  • You make contributions to the trustee by yourself.
  • The amount you contribute does not need to be calculated on the basis of your income.
  • You decide how much contribution to make for your TVC account.
  • You make contributions to the trustee by yourself.

Withdrawing or transferring MPF benefits

You can withdraw or transfer your MPF benefits only after ceasing employment.

  • You can withdraw or transfer your MPF benefits anytime.
  • Minimum withdrawal amount: HK$5,000.
  • No. of withdrawal request: No Limit.
  • You can transfer your TVC benefits to another MPF scheme that offers TVC in whole anytime. (Such transfer cannot be claimed as deductions for taxation purposes)
  • Withdrawal is allowed upon statutorily permissible grounds (including retirement at age 65, early retirement at age 60 and ceased all employment/self-employment with no intention of becoming employed/self-employed again, total incapacity, terminal illness, and permanent departure from Hong Kong, death, and small balance.)

Tax Deductible

No

No

Yes

Investment involves risk and the account balance of TVC may go up and down. Your investment decision should not be based on
information on this website alone.

For more detailed information on TVC, please download our offering document or look through our FAQs. To make tax deductible voluntary contributions, please complete the TVC Application Form and return to any BEA branch or MPF Administration Centre.


Useful Documents and Leaflet

 BEA (MPF) Master Trust SchemeBEA (MPF) Value
Scheme
BEA (MPF) Industry Scheme
Offering Document
Offering Document Explanatory Memorandum

First Addendum
(1st April, 2019)
Explanatory Memorandum

First Addendum
(1st April, 2019)
Explanatory Memorandum

First Addendum
(1st April, 2019)
Enrolment
Member - Participation Agreement (Tax Deductible Voluntary Contribution Account "TVC") TR209
(Fillable Format)
TR211
(Fillable Format)
TR210
(Fillable Format)
> For online enrolment BEA MPF Online Enrolment Platform
Contribution
Member - Application / Cancel Direct Debit Authorisation For Contributions TR215
Member - Irregular Contribution Form TR216
 Leaflet
Tax Deductible Voluntary Contribution Account Leaflet MPF0083

Offer on Tax Deductible Voluntary Contributions

Unit bonus of up to HK$1,000 when you contribute into a newly opened TVC account. Please refer to the leaflet of this promotion for details and the terms and conditions.


Frequently Asked Questions


Enquiry

 

MPF Administration Centre

  32nd Floor, BEA Tower, Millennium City 5,
  418 Kwun Tong Road, Kwun Tong,
  Kowloon, Hong Kong
  Service Hours:   Monday to Friday 9:00 a.m. to 5:45 p.m.     
      (Except Public Holiday)

 

BEA (MPF) Hotline

(Operated by Bank of East Asia (Trustees) Limited)

  Tel:   (852) 2211 1777
  Facsimile:   (852) 3608 6003
  Email:   BEAMPF@hkbea.com  
  Service Hours:   Monday to Friday 9:00 a.m. to 6:00 p.m.
      Saturday 9:00 a.m. to 1:00 p.m.
      (Except Public Holiday)