FAQ

A1: How do I check my MPF account balances?

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

• Logon to Internet Banking (Personal Customers)
• Call the HSBC MPF Member Hotline on (852) 3128 0128 - Download a user's guide
• Check your account at HSBC and Hang Seng Bank's ATMs using your ATM card or credit card with HSBC

Back to top

A1: Why does the 'Accrued Benefit Summary' show the 'Closing balance' and the 'Adjusted closing balance'? What is the difference between the two balances?

The 'Closing balance' is calculated on market value basis, based on the unit price as at 30 June 2008. If you have investment in the Guaranteed Fund, you are entitled to the higher of the market value or the guaranteed balance provided that one of the guaranteed conditions is met. The 'Adjusted closing balance' shows the higher amount of the market value or the guaranteed balance.

If you have no investment in the Guaranteed Fund, the 'Adjusted closing balance' is simply equal to the 'Closing balance'.

Back to top

A1: How can I check my current investment allocation for future transferred monies?

You can refer to the 'Investment Allocation' section for details if you have not changed your investment allocation after the date shown in the section OR, if changed, you can logon our Personal Internet Banking services or call our HSBC MPF Hotline on (852) 2288 6729 to check the details of the current investment allocation.

Back to top

A2: Do the figures of investment returns in the annual benefit statement reflect the accumulative investment performance throughout the past years?

No. The annual benefit statement shows the investment returns for the current scheme financial year only. Actually, the figures shown in 'Closing balance' do reflect the accumulated result as at 30 June 2008.

Back to top

A3: What is the difference between unit price and market value?

Unit price and market value are directly related to each other. Unit price is the price per fund unit. When the unit price of a particular fund is high, the market value of the fund will also be high, and vice versa.

Back to top

A4:Which part of the annual benefit statement should I refer to if I would like to know the investment returns for this scheme financial year?

You should refer to the 'Fund Balance Summary' section. The 'Investment returns' are shown in the subsection 'Others'. The amounts are calculated based on the unit prices as at 30 June 2008 and are for reference only. The actual investment returns can be ascertained only when the benefits are paid out or transferred.

Back to top

A5: How can I calculate the amount of the 'investment returns'?

The amount of the 'Investment returns' is calculated by subtracting the opening balance, contributions, transfer and transactions during the scheme financial year from the closing balance as at 30 June 2008.

Example:
The unit price for the Balanced Fund as at 30 June 2008 (the last business day in this scheme financial year) is HKD14.30; the number of units held in Balanced Fund is 2,128.095 units, therefore the closing balance is HKD30,431.76 (i.e. 2,128.095 units x HKD14.30).

Closing balance - Opening balance - Transfer from other registered scheme(s) - Fund switching = Investment returns
30,431.76 - 4,320.01 - 12,000 - 7,829.28 = 6,282.47

Back to top

A6: When are fees for Capital Preservation Fund (CPF) deducted?

Unlike all other funds, fees for CPF are not reflected in unit prices and are charged on a monthly basis by deducting fund units from your account. CPF fees are governed by the MPF legislation.

Back to top

A1: Why do some of the statements show a few paragraphs stating that the account balance is zero?

If a member's account does not have any fund balances and transactions during the scheme financial year from 1 July 2007 to 30 June 2008, we will issue a statement explaining some possible circumstances that may result in a zero balance.

Back to top

A2: Under what circumstances will there be no contributions or fund balance for the members?

The transferred monies have not yet been received or processed as at 30 June 2008.

Back to top

A1: If the member has reached the age of 65 but has not withdrawn his MPF accrued benefits, will he receive an annual statement?

Yes, he will receive the statement as long as he remains a scheme member as at 30 June 2008. There is a section on the last page of the statement, inviting member to choose whether to retain the MPF accrued benefits in the scheme or withdraw them.

Back to top

A2: Do I need to take any action on the enclosed INAT form?

Since you have reached/will shortly attain the age of 65, this form is for you to inform us whether you would like to withdraw your MPF accrued benefits or retain them in the scheme. According to the MPF legislation, if we do not receive your instruction, your accrued benefits could become unclaimed benefits. Therefore, please complete and return the enclosed INAT form to us.

Back to top

A3: Should I submit an INAT form to withdraw my MPF accrued benefits?

If you would like to withdraw your MPF accrued benefits, you should submit a completed INAT form and claim form INPW, together with a photocopy of your HKID card.

Back to top

A1: What is consolidated mailing?

Starting from 2006, members with more than one HSBC MPF account will receive all their annual statements in one envelope, mailed to the most recently updated address in the HSBC MPF records.

Back to top

A2: What is 'Total Asset Allocation'?

The total asset allocation shows the aggregated fund balance of your MPF accounts stated in the enclosed annual statements as at 30 June 2008.

Back to top

A3: What is 'Portfolio Projection'?

The portfolio projection shows the projected benefits of your MPF accounts at different age intervals until the age of 65. The projection is prepared based on a set of assumptions. Please refer to the information beside the bar chart in the statement for details of the assumptions.

Back to top

A4: What is 'Projected average monthly amount for your retirement'?

Based on the total projected balance as at age 65 and the assumed investment returns, it calculates the average monthly amount that is available for you from the ages of 65 to 80 if you are male, and to 85 if you are female.

Back to top

A5: What is the percentage of your projected relevant income at age 65?

This percentage is calculated by dividing your projected average monthly amount for your retirement with the projected relevant income at age 65. It estimates the proportion of the projected relevant income as at age 65 which could be maintained for your retirement.

Back to top

A6: What does the 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' represent?

The 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' compares your projected relevant income at age 65 with the projected average monthly amount from age 65 to 80 (for male) or 85 (for female). Besides, it also shows your projected additional average monthly amount from age 65 to 80 (for male) or 85 (for female) if you start making a certain amount of additional monthly personal contribution on 1 July 2008.The 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' is prepared based on a set of assumptions. Please refer to the information beside the bar chart in the statement for details.

Back to top

A7: What is the difference between the 'Portfolio projection' and 'Comparison on projected relevant income at age 65 and average monthly amount after age 65'?

The 'Portfolio projection' reflects a projected lump sum of MPF accrued benefits until your retirement at age 65, while the 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' shows a projected average monthly amount which will be available after your retirement until 80 (for male) or 85 (for female). The 'Portfolio projection' and the 'Comparison on projected relevant income at age 65 and average monthly amount after age 65' are projected based on several assumptions. Please refer to the information beside the bar chart in the statement for details.

Back to top

A8: What is 'Total Contribution/Total Transfer'?

It shows the total contribution or/and transfer cumulated from the date you joined scheme to 30 June 2008. Any withdrawals of funds from your account are not reflected.

Back to top

A9: What is 'Opening balance'? Which date of the unit price will be used for calculating the 'Closing balance'?

The account opening balance as at 1 July 2007 is equal to the closing balance of last year's statement. If the account was set up on or after 1 July 2007, the 'Opening balance' will be shown as zero.

The unit price of 30 June 2008 will be used for calculating the 'Closing balance'.

Back to top

A10: What is the relationship between 'Opening balance' and 'Number of units held - Opening balance'?

The 'Opening balance' is equal to the closing balance of last year's statement (i.e. 'Number of units held - 'Opening balance' in your account as at 1 July 2007, multiplied by the unit prices of the funds as at 29 June 2007, which is the last business day of the last scheme financial year).

Back to top

A11: What is the difference between 'Fund Balance Summary' and 'Accrued Benefit Summary'?

These two summaries show the same total, but provide details of your account information using different approaches. 'Fund Balance Summary' shows your account transactions and balances by the funds you have invested in. 'Accrued Benefit Summary' shows your account transactions by different kinds of contributions or benefits and it also provides the benefit entitlement of your account as at 30 June 2008.

Back to top

A12: Why does the closing balance of 'Fund Balance Summary' differ from that of 'Accrued Benefit Summary'?

'Fund Balance Summary' shows the closing balance of each fund the member invested in the scheme financial period. 'Accrued Benefit Summary', on the other hand, is broken down into different types of contributions. Therefore, the closing balances shown in the two summaries are different. However, the total closing balances of the two summaries would be the same.

Back to top

A13: What should I do if my correspondence address has been/will be changed?

Please advise us as soon as your correspondence address changes by simply completing a Personal Details Change Form (IN91).

Back to top

A14: What is the meaning of 'Preserved' and 'Non-preserved' benefits under 'Transfer from other registered scheme(s)'?

'Transfer from other registered scheme(s)' means any benefits accrued from your previous employment or self-employment and transferred from another scheme(s). 'Preserved' benefits are derived from mandatory contributions or Minimum MPF benefits (MMB) transfers from an ORSO scheme. 'Non-preserved' benefits are derived from non-mandatory contributions.

Back to top

A15: Will I be entitled to the Guaranteed balance if I switch my fund units in the Guaranteed Fund to other funds? (applicable to SuperTrust and SuperTrust Plus ony)

No. The Guarantee does not apply to fund switching. You will only be entitled to the Actual Balance, i.e. the market value, which may be higher or lower than the Guaranteed Balance depending on the performance of the fund.

Back to top

A16: What is a 'Special bonus'?

Preserved account holders are entitled to preferential fees and charges. The purchase of funds is still based on standard unit prices and the discount rate is given in the form of bonus units which is called a 'Special bonus'.

A 'Special bonus' is not allocated to the Capital Preservation Fund (CPF) because the fees and charges have not yet been deducted from the unit prices of CPF. CPF fees in which the discount rate is reflected are deducted directly from your account.

Back to top

A17: I have several MPF accounts with different service providers. What can I do to manage my MPF benefits more efficiently?

You can consolidate all your MPF accounts by transferring your preserved balances from other service providers to an HSBC preserved account for easier management. Please call our HSBC MPF Promotion Hotline on (852) 2288 9089 or click here for details.

Back to top

A1: If I move, what should I do?

You should inform us of your new address and any changes of contact number, etc by completing a Personal Details Change Form. Download IN91 form.

Back to top

A1: How to transfer my MPF accrued benefits from other service providers to HSBC MPF?

Simply complete a Scheme Member's Request for Fund Transfer Form and return it to us. Download INPM form.

Back to top

A2: How can I check my existing MPF account information in order for HSBC to process the transfer?

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

Back to top

A3: How can I speed up the transfer process?

You can attach copies of the latest annual 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 Section IV of INPM form.

Back to top

A1: If my HKID card only contains the year of my birth and I do not have any other document of identity to prove my exact date of birth, what day and month should I put on the application form?

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.

Back to top

A1: How can I check the unit prices of the MPF funds?

The Fund Information provides you with the unit prices.

Back to top

A2: Other than the unit prices available on the Internet, where can I check the unit prices?

Current unit prices are also available through these channels:

• HSBC MPF Member Hotline on (852) 3128 0128 - Download a user's guide
• Apple Daily - every Saturday
• Hong Kong Economic Times - from Tuesday to Saturday
• South China Morning Post - from Monday to Saturday

Back to top

A3: How can I check the past performance of the MPF funds?

The cumulative performance of the Fund Information provides you with the past performance histories of the funds.

Back to top

A4: How are the unit prices determined?

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 Capital Preservation Fund, where fees and charges are deducted directly from a member's account.)

Back to top

A5: What is the Capital Preservation Fund (CPF)?

The MPF legislation requires each MPF scheme to offer a CPF. Our CPF is a low risk fund, investing in high grade Hong Kong dollars denominated monetary instruments such as treasury bills, bills of exchange, commercial paper and certificates of deposits. The investment objective is to achieve a return higher than the average bank savings rate, however returns are not guaranteed.

Back to top

A6: Why are fees for the Capital Preservation Fund (CPF) being deducted from my account?

According to the MPF legislation, fees 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. The unit prices of the CPF have, therefore, not taken into account the deduction of fees. The fees for CPF are deducted in the form of units from a member's account only after the investment return and prescribed savings rate for each month are ascertained.

Back to top

A7: What is the Guaranteed Fund? (applicable to SuperTrust and SuperTrust Plus ony)

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 benefits, members will be entitled to the guaranteed interest rate or actual investment returns, whichever is higher.

Back to top

A8: What are the Guarantee Conditions? (applicable to SuperTrust and SuperTrust Plus ony)

Our Guarantee Conditions include:

• Withdrawal of benefits upon:
  - Termination of employment
  - Reaching retirement age or normal retirement date
  - Death
  - Reaching early retirement date
  - Total incapacity
  - Permanent departure from the Hong Kong SAR
  - Making a claim on small balance account under section 162(1)(c) of the General Regulation
• Transfer of balances on termination of employment

The guarantee will not apply when switching account balances between funds or when employers transfer their scheme to another provider.

Back to top

A9: What is the current guaranteed interest rate for the Guaranteed Fund? (applicable to SuperTrust and SuperTrust Plus ony)

The rate for the scheme financial year from 1 July 2007 to 30 June 2008 is 0.25% per annum.

The rate for the scheme financial year from 1 July 2008 to 30 June 2009 is 0.25% per annum.

Back to top

A10: How often will the guaranteed interest rate change? (applicable to SuperTrust and SuperTrust Plus ony)

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

Back to top

A11: How much are the fees and charges for each fund?

Please refer to the following table for special rates of Management Fee charge for your MPF account.

Back to top

A12: Can I invest my MPF monies in HSBC shares or unit trusts?

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

Back to top

A1: Is there a limit to the number of fund switches that can be carried out per year? Are there any handling charges?

For SuperTrust and SuperTrust Plus

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.

For SimpleChoice

You can perform a portfolio rebalance* once per calendar year. Please refer to the Principal Brochure for details.

* Change the investment allocation of your existing account balance and future transferred amounts.

Back to top

A1: Where can I apply for an MPF phone PIN?

You do not need to apply for an MPF phone PIN. It is issued to you automatically after your enrolment, ie after you have submitted your application form.

Back to top

A2: I have forgotten my MPF phone PIN. How do I get a replacement?

Call the HSBC MPF Member Hotline on (852) 3128 0128, select preferred language and then press #. Our customer service representatives will ensure that a new PIN is issued and posted to you.

Back to top

A1: Can I withdraw my mandatory contributions?

According to the MPF legislation, you can only withdraw your mandatory contributions when any one of the following circumstances occurs:

• At the age of 65
• Early retirement aged between 60 and 64
• Total incapacity
• Death
• Permanent departure from the Hong Kong SAR
• Small balance account withdrawal

Back to top

A2: I am now 65 years old and have ceased employment. How can I withdraw my mandatory contributions?

Simply complete a Claim Form for Payment of Accrued Benefits and return it together with the necessary supporting documents to us. Download INPW form.

Back to top

A3: How do I claim my MPF mandatory benefits?

Making a Claim

Back to top

A4: Where can I make a statutory declaration?

A statutory declaration in Hong Kong can be made at public enquiry centres of the Home Affairs Department. If the declaration is not made in Hong Kong, then it should be made before a notary public or registered solicitor and duly signed on a statutory declaration form for MPF purposes.

Back to top

A5: If a member passes away, to whom will his/her benefits be paid? Can a member designate a beneficiary during enrolment?

By law, the MPF 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.

Back to top

A6: If a member passes away, how should his/her personal representative claim the benefits?

The personal representative should complete a claim form (INPW) and submit it with the following documents to us:

• A copy of the personal representative's HKID card
• A certified true copy of the death certificate of the deceased member
• A certified true copy or court sealed copy of the Letter of Probate or Letter of Administration granted by the Probate Registry

Download INPW form

Back to top

A7: What is a certified true copy?

A certified true copy is a duplicated copy which is certified by an authorised party that it has been photocopied from an original document. Claimants can bring along a completed claim form together with all original supporting documents to any of our designated HSBC branches. Our branch staff will assist them in making photocopies and submit the documents to us. Alternatively, the photocopy can be signed by a solicitor or any other person authorised by the laws to make such certification.

Back to top

A8: How to obtain a Letter of Probate or Letter of Administration?

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

Back to top

A9: How can I withdraw my MPF non-preserved benefits?

Complete a Partial Withdrawal Request Form. Please note the instructions and requirements stated on the form. Download IN72 form.

Back to top

A10: Are there any restrictions in withdrawing my MPF non-preserved benefits?

You may request to withdraw your MPF non-preserved benefits up to four times a year, subject to a minimum of HKD5,000 for each withdrawal request.

Back to top