Managing Your MPF

Adding new employees

Reporting employment termination

Intra-group transfers

Contribution arrangement

Adding new employees

Both casual and non-casual employees should be enrolled into your HSBC MPF scheme, unless they are exempt. When new employees join, it is important that you enrol them promptly to comply with your MPF legislative obligations and protect your employees' interests. You should provide your new employees with:

• our Enrolment Kit to guide them through your HSBC MPF scheme, their investment fund choices and member services
• an Employee Application Form

  IN51 for SuperTrust, IN61 for SuperTrust Plus or INX1 for ValueChoice, ensure they complete it. Otherwise we will automatically invest their contributions in the MPF Conservative Fund. After we receive and process their application form, their new contributions will be allocated according to their investment option specified on the form.

  INM1 for SimpleChoice, ensure they complete it, otherwise their new contributions will be fully invested in accordance with the SimpleChoice-Asset Allocation at their relevant age band as at the date of enrolment. After we receive and process their application form, their existing account balance will be changed according to their investment option specified on the form.

Pre-determined asset allocations under SimpleChoice-Asset Allocation:

Age	MPF Conservative Fund	Global Bond Fund	Global Equity Fund
Below 30	0%	5%	95%
≥ 30 to < 40	5%	20%	75%
≥ 40 to < 50	10%	40%	50%
≥ 50 to < 60	15%	60%	25%
≥ 60	20%	70%	10%

The SimpleChoice - Asset Allocation table above is provided for reference only and is subject to change from time to time in accordance with the relevant provisions set out in the relevant 'Principal Brochure'.

Fees and charges of an MPF Conservative Fund can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. This fund uses method (ii) and, therefore, its unit prices, net asset value (NAV) or fund performance quoted (except for the fund performance figures quoted in a Fund Fact Sheet) do not reflect the impact of fees and charges.

• our Principal Brochure
• a Change of Additional Voluntary Contribution Arrangement Form (IN55), if necessary

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Reporting employment termination

When an employee ceases employment with your company, employment termination should be reported in the Existing Employees Section or New Employees Section of the Remittance Statement. If the leaving employee is entitled to Long Service Payment or Severance Payment, please remember to tick the LSP or SP box and declare the amount he is entitled to in the Remittance Statement, and fill out an INLS form.

Please remind your employee to submit a transfer form (INPM) if he is not yet entitled to withdraw his MPF benefits. If your employee is entitled to withdraw his MPF benefits, please remind him to complete a claim form (INPW) and, where applicable, statutory declaration.

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Intra-group transfers

An employee may be transferred between companies (employers) due to a change in business ownership, or transferred between associated companies. In these circumstances, employment with the 'Previous Employer' can be recognised by the 'New Employer' as continuous service in determining Severance or Long Service Payments under the Employment Ordinance.

If you are the 'New Employer', you will need to complete certain forms to ensure MPF contributions made by the 'Previous Employer' can be used to offset against your Severance or Long Service Payment obligations in the future. The forms you should send to us will vary depending on the type of transfer involved:

• Type 1: Member transfers within the same HSBC MPF scheme (eg from HSBC MPF SuperTrust to HSBC MPF SuperTrust)
• Type 2: Member transfers between different HSBC MPF schemes (eg from HSBC MPF SuperTrust to HSBC MPF SuperTrust Plus)
• Type 3: Transfer from another service provider's MPF scheme to HSBC MPF
• Type 4: Transfer from HSBC MPF to another service provider's MPF scheme

Required Documents	Type 1	Type 2	Type 3	Type 4
Remittance Statement The Previous Employer should report cessation of employment for the relevant employee(s) and use 'GO' for termination code
Member Transfer Form (INET) Signed by employee, Previous Employer and New Employer
Employee Application Form (IN51 for SuperTrust, IN61 for SuperTrust Plus, INM1 for SimpleChoice or INX1 for ValueChoice) Download Principal Brochure Completed by employee in order to enrol in the New Employer's MPF scheme
Participating Employer's Request for Fund Transfer Form (INPE**) Signed by the New Employer and submitted with a member list showing the transferred employees' names, HKID/passport numbers and effective date of transfer				See * below

* If your employees are transferring from a HSBC MPF scheme to another service provider's MPF scheme, the INPE form should be sent to the other provider who will then contact us to make the necessary arrangements.

Important Notes
**According to Section 150A(b) of the Mandatory Provident Fund Schemes (General) Regulation, the New Employer should give written notice of election of the above transfer to the Transferee Trustee (ie the trustee of the New Employer's scheme) within the permitted period.

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Contribution arrangement

If the New Employer has submitted the transfer request to the Transferee Trustee within the permitted period, according to MPF legislation, the 30-day contribution holiday*** will not be applicable to the transferred employees under the New Employer's scheme. That is, the employee's mandatory contributions will commence from the effective date of transfer under the New Employer's scheme.

*** The 30-day contribution holiday is not applicable to casual employees.

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