FAQ - Self-Employed

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

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A1: If I move, what should I do?

You should inform us of your new address and any changes in telephone number, etc within 30 days of the change. Please complete a Personal Details Change Form. Download IN91 form.

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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, SuperTrust Plus and ValueChoice

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 investments, new contributions and transfer-in MPF Benefits and AVC Benefits.

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A1: What should I do if I cease/shall cease self-employment?

Please inform us by simply completing a Cessation of Self-Employment/ Transfer of Accrued Benefits Notification Form (IN23/IN33/IN43).

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A1: I'm a self-employed person. Do I need to enrol and contribute to an MPF scheme if my business is only earning small profits and sometimes suffers a loss?

Regardless of the size of your business profits, you must enrol into an MPF scheme if you are a self-employed person between the ages of 18 and 65. However, you are not required to make mandatory contributions to the MPF scheme if your relevant income is less than the minimum relevant income level or if you sustain a net loss in relation to your business.

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A2: If I have previously chosen to contribute monthly, can I change it to yearly?

Your choice of payment frequency will apply to a whole scheme financial year, ie 1 July to 30 June each year. You can change it in May each year together with your declaration of relevant income, and the new arrangement will take effect from the next financial year.

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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.

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

The Fund Information provides you with the unit prices.

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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
• Hong Kong Economic Times
• South China Morning Post

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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.

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

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A5: What is the MPF Conservative 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.

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A6: Why are fees for the MPF Conservative 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.

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

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.

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

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.

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

The rate for the scheme financial year from 1 July 2010 to 30 June 2011 is 0.025% per annum.

The rate for the scheme financial year from 1 July 2011 to 30 June 2012 is 0.125% per annum.

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

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

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A11: 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.

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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.

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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.

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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

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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

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A3: How do I claim my MPF mandatory benefits?

Making a Claim

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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.

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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.

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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

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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.

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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).

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A1: Are my mandatory and voluntary contributions deductible expenses for tax purposes?

Mandatory contributions are tax deductible, subject to an annual maximum amount of HKD12,000. However, voluntary contributions are not tax deductible.

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A1: If I want to obtain detailed information of transfer and transaction(s) processed in my MPF account, what should I do? Information of which period(s) will be provided? Is there any handling charge for this service? What is the maximum number of requests I can make each year?

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

Retirement Benefits Administration
HSBC Life (International) 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 request. If you wish to obtain the information of 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 previously submitted specimen.

Upon receipt of complete information as stated above, we will provide a transfer-in/out summary and details of transaction(s) of 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.

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A2: What kind of information does the "Transfer-in/out summary" provide?

This section summarises all transfer-in and transfer-out transaction(s) successfully processed in your MPF account within the six most recent quarters.

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A3: What kind of information does the "Details of Transactions" provide?

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.

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A4: What is opening balance and closing balance shown in the "Details of Transaction"?

Opening balance is the unit balance of your MPF account held as at the start date of the six quarters period as stated in the statement. Closing balance is the unit balance of your MPF account held as at the end date of the six quarters period as stated in the statement.

Example:
If the period stated in the statement is from 1 January 2010 to 30 June 2011, then the opening balance is the number of units held as at 1 January 2010 and the closing balance is the number of units held as at 30 June 2011.

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A5: Why is the closing balance of a fund zero?

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.

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A6: Why could I not find the 'investment returns' in the "Details of Transaction"?

Only transaction(s) processed successfully would be shown in the "Details of Transactions" section but investment returns is not a transaction.

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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.

If you would also like to apply for a preserved account under HSBC, you should complete a Preserved Account Holder Application Form (IN71 for SuperTrust, IN81 for SuperTrust Plus, IN77 for SimpleChoice or IN88 for ValueChoice) and return it along with your INPM form.

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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.

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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.

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A1: How can I withdraw my voluntary contributions?

Complete a Partial Withdrawal Request Form. Please note the instructions and requirements stated on the form. Download IN22 form.

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A2: Are there any restrictions in withdrawing my voluntary contributions?

You may request to withdraw your voluntary contributions up to four times a year, subject to a minimum of HKD5,000 for each withdrawal request.

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