Tax Deductible Voluntary Contributions Accounts

• General FAQs
  
• Account Information FAQs
• Change Investment Plan FAQs
• Change in Member Details FAQs
• Forms FAQs
• Fund Information FAQs
• HSBC HK Mobile Banking app (MPF service) FAQ
• Password / PIN FAQs
• Payment of Benefits FAQs
• Personal Account opening and consolidation FAQs

• Personal Internet Banking (MPF Service) FAQ

• Tax FAQs
  
• Transfer-in/out and withdrawal summary and details of transactions - General FAQs
• Transfer MPF Benefits to HSBC FAQs

What is a Tax Deductible Voluntary Contributions (‘TVC’)?

TVC is a new type contribution to be offered in a Registered Scheme upon each MPF service provider’s decision, which can only be paid into a specific TVC account of a Registered Scheme, such as the HSBC Master Trusts. The purpose of TVC is to provide eligible members a tax concession for voluntary contributions and to assist in member’s long term saving for a better retirement.

A TVC account allows members to make tax deductible voluntary contributions starting from 1 April 2019. The maximum tax deductible amount is HKD60,000 each tax assessment year (since the year of tax assessment 2019/2020), which is an aggregate limit for both TVC and other qualifying annuity premiums.

Such contributions are voluntary in nature, and are subject to the same vesting, preservation and withdrawal restrictions applicable to mandatory contributions. TVC can only be made directly by the persons who fulfill the eligibility requirement. Therefore, involvement from the employers is not required.

When did TVC start?

TVC commenced on and from 1 April 2019. Contributing TVC Account Holders may be eligible for tax concessions starting from the year of assessment 2019/2020.

Can I apply for a TVC accounts?

Any person who falls under any one of the following categories may open a TVC account:

• a current employee member of a Registered Scheme;
• a current self-employed member of a Registered Scheme;
• a current personal account holder of a Registered Scheme; or
• a current member of an MPF exempted ORSO scheme. 

These eligible members can apply for a TVC account, by completing the ‘Tax Deductible Voluntary Contributions Account Holder Application Form’. For a copy of this form, please click here, contact our HSBC MPF Member Hotline on +852 3128 0128, or alternatively visit any of our designated HSBC branches during normal business hours.

What is the difference between TVC, employment related voluntary contributions and Flexi-Contributions?

TVC, voluntary in nature, and same as Flexi-Contributions that could be made to the HSBC Master Trusts voluntarily.

TVC are tax deductible (with a maximum tax deductible amount of HKD60,000 for each tax assessment year, while all the other types of voluntary contributions are generally not tax deductible.

For Employee Members, they can make employment related additional voluntary contributions via their employers. They can also make Flexi-Contributions or open a TVC account for the making of TVC at their own pace by returning the relevant application form to the Administrator. It should be noted that the Flexi-Contributions and TVC are totally private and independent of their employers.  

For Personal Account Holders and Self-employed Members, they can make Flexi-Contributions and / or additional voluntary contributions (as the case maybe) or open a TVC account for the making of TVC.

How many TVC accounts I can open?

You may only open one TVC account for each Registered Scheme. If you would like your voluntary contributions made to a Registered Scheme to be subject to tax deduction, it must be contributed to the TVC account.

How can I make the TVC?

TVC Account Holders can make TVC at their own pace. However, there is a maximum tax deductible amount of HKD60,000 each tax assessment year. As such, contributions greater than HKD60,000 would not have any tax concessions applied.

TVC Account Holders can contribute into their TVC accounts via two methods: 

1. Make monthly contributions from as little as HKD300 by direct debit. To set up or change your monthly direct debit arrangement in your TVC account, please complete the ‘Set up/Change of Regular Tax Deductible Voluntary Contributions Instruction Form’.
2. Pay a lump sum of HKD1,000 or more by cheque at any time. This method provides Members the flexibility to contribute into their TVC account whenever they want. For TVC Account Holders interested in making a lump sum TVC, please complete the ‘Tax Deductible Voluntary Contributions Lump Sum Deposit Form’.

Please note:

• As you are accumulating your funds for retirement purposes, you should consider your personal circumstances before deciding on the TVC amount to contribute.
• TVC will have the same vesting, preservation and withdrawal requirements applicable to mandatory contributions. This also applies to contributions that are above the maximum tax deductible amount.

How do I check my MPF account balances?

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

• Logon to HSBC Internet Banking (Personal Customers) 
• Logon to HSBC HK Mobile Banking app
  
• Call the HSBC MPF Member Hotline on +852 3128 0128 (Please refer to the section 'HSBC MPF Member Hotline' in Member Service Guide for the user's guide)
  
• Check your account at HSBC and Hang Seng Bank's ATMs using your ATM card or credit card with HSBC
  
• Consolidated bank statement (Applicable to HSBC Global Private Banking, HSBC Premier Elite, HSBC Premier, HSBC One or Personal Integrated Account customer, and subject to some circumstances. Please refer to the Section ‘Mail statements’ in Member Service Guide for the details.)
  

When will my change of investment instructions be processed?

Through HSBC Internet Banking, HSBC HK Mobile Banking app or interactive voice response system of the HSBC MPF Member Hotline:

If we receive your instructions through the HSBC Internet Banking, HSBC HK Mobile Banking app or the interactive voice response system of the HSBC MPF Member Hotline at or before 4:00 pm (Hong Kong time) on any business day, your instructions will normally be processed on the same business day. If we receive your instructions after 4:00 pm (Hong Kong time) on any business day, or anytime on a Saturday, public holiday or other non-business days, they will normally be processed on the following business day.

An acknowledgement page (if you make instructions via the HSBC Internet Banking or HSBC HK Mobile Banking app) or recorded voice (if you make instructions via the interactive voice response system of HSBC MPF Member Hotline) will confirm the receipt of your instructions. When your instructions have been successfully processed, we will send a confirmation notice to your internet banking email box and HSBC HK Mobile Banking app message (if the instruction is made via the HSBC Internet Banking or HSBC HK Mobile Banking app) or post a confirmation notice to you (if the instruction is made via the interactive voice response system of HSBC MPF Member Hotline).

Through paper form:

After receiving your properly-completed Change of Investment Instruction Form (INBP), your instruction will normally be processed within five business days. You can submit the change investment form by mail or placing to 'HSBC MPF Drop-In Box' at designated HSBC branches. Please note that a confirmation notice will be sent to you after the instruction has been successfully processed.

CAUTIONS

Note:

If the processing of your Portfolio Rebalance or Asset Switch instruction is scheduled on any day that (i) the transfer of benefits under Employee Choice Arrangement ('ECA Transfer') is to be processed, or (ii) the refund of long service payment/severance payment ('Refund of LSP/SP') is to be processed, or (iii) on any of the consecutive days that ECA Transfer and/or Refund of LSP/SP are to be processed, the processing of your Portfolio Rebalance or Asset Switch instruction will be postponed to the next business day after the day(s) that such ECA Transfer and/or Refund of LSP/SP is/are being processed.

However, if transfer* or claim of accrued benefits of your MPF account is processed on the same day with your change of investment instruction, your change of investment instruction will not be processed if your MPF account will be terminated after processing your transfer or claim of accrued benefit.

* Include the transfer of accrued benefit from your contribution to a personal account if we have not received your transfer/claim instruction within 3 months after we are notified by your employer about your cessation of employment.

In any of the above circumstances, the processing of any further Portfolio Rebalance or Asset Switch instruction made before the processing of any prior pending consecutive Portfolio Rebalance instruction(s), Asset Switch instruction(s), ECA Transfer and/or Refund of LSP/SP will be postponed to the next business day after the day(s) that such pending consecutive Portfolio Rebalance instruction(s), Asset Switch instruction(s), ECA Transfer and/or Refund of LSP/SP is/are being processed. 

The above processing time is for reference only. HSBC shall not be liable for any delay.

In case of having multiple change investment instructions being submitted for the same processing date for my MPF account, how will they be processed?

The following is the handling of having more than one same type or different type of investment instructions received from paper and/or e-submission (i.e. Personal Internet Banking and/or Interactive Voice Response System and/or HSBC HK Mobile Banking App) channels, where applicable, and to be processed on the same business day.

a. In case of having more than one “Asset Switch of Existing Balance” instructions or “Portfolio Rebalance” instructions or “Contribution Redirection” instructions being received and to be processed on the same business day, if same type of instructions are each received by paper and e-submission channels, only the last instruction of “Asset Switch of Existing Balance” instruction or “Portfolio Rebalance” instruction or “Contribution Redirection” instruction received from paper channel will be effective in the account record. Please note that the Interactive Voice Response System does not support the “Asset Switch of Existing Balance” instruction.

b. In case of having both “Asset Switch of Existing Balance” instruction and “Portfolio Rebalance” instruction being received from paper and to be processed on the same business day, only the “Portfolio Rebalance” instruction will be processed.

c. In case of having both “Asset Switch of Existing Balance” instruction and “Contribution Redirection” instruction being received from paper and to be processed on the same business day, both of the instructions will also be processed.

d. In case of having both “Contribution Redirection” instruction and “Portfolio Rebalance” instruction being received from paper and to be processed on the same business day, if “Contribution Redirection” instruction is the last processed instruction, your existing investments held in the account will be processed in accordance with the “Portfolio Rebalance” instruction and new contributions to be received will be invested according to the “Contribution Redirection” instruction. If “Portfolio Rebalance” instruction is the last processed instruction, both of your existing investments and new contributions to be received will be invested according to the “Portfolio Rebalance” instruction.

e. If your “Contribution Redirection” instruction is received from paper channel while the “Portfolio Rebalance” or “Asset Switch of Existing Balance” instruction is received from e-submission channel and to be processed on the same business day, your new contributions to be received will be invested according to the “Contribution Redirection” instruction and your existing investments held in the account will be processed in accordance with the “Portfolio Rebalance” instruction or “Asset Switch of Existing Balance” instruction.

f. If your “Portfolio Rebalance” instruction is received from paper channel and the “Contribution Redirection” instruction or “Asset Switch of Existing Balance” instruction is received from e-submission channel and to be processed on the same business day, only the “Portfolio Rebalance” instruction will be processed.

g. If your “Asset Switch of Existing Balance” instruction is received from paper channel while the “Contribution Redirection” is received from e-submission channel and to be processed on the same business day, your existing investments held in the account will be processed in accordance with the “Asset Switch of Existing Balance” instruction, and new contributions to be received will be invested according to the "Contribution Redirection" instruction.

h. If your “Asset Switch of Existing Balance” instruction is received from paper channel while the “Portfolio Rebalance” is received from e-submission channel and to be processed on the same business day, only the “Portfolio Rebalance” instruction will be processed.

i. In case of having both “Contribution Redirection” instruction and “Portfolio Rebalance” instruction to invest in the “Default Investment Strategy” (DIS) being received from paper and to be processed on the same business day, only the “Portfolio Rebalance” instruction to invest in the DIS will be processed.

The information provided is for reference only, which may be subject to change without notice. No liability is accepted for any loss or damage arising from any reliance upon such information.

Can I change my investment allocation to Default Investment Strategy ('DIS')?

Yes, DIS is one of the investment options for you if the features of DIS fit your own circumstances.

What are the fund codes for the corresponding Constituent Funds?

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.

If I want to update contact details of my MPF account, can I do the updating online?

If you are an HSBC MPF scheme member without a bank account with HSBC, please complete and return the Personal Details Change Form (Download IN91 form) to our MPF Administration for any updates of your contact information.

For details, you can contact our customer service hotline.

* The ‘Correspondence address’ of your MPF account will be updated by updating the new address and selecting to update the new address as your account(s) correspondence address and selecting to applying the changes to MPF account(s) at the relevant sections on HSBC HK App.

How do I change my preferred language for my HSBC MPF account(s)?

You can change your preferred language by completing a Personal Details Change Form (IN91) or making a verbal instruction via the HSBC MPF Member Hotline on +852 3128 0128.

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

The Fund Information provides you with the unit prices.

Other than the unit prices available on the HSBC MPF website, where can I check the unit prices?

Current unit prices are also available through these channels:

• The section “Explore all HSBC MPF constituent funds” in HSBC HK Mobile Banking app (Tap “Home” on the bottom menu > select your HSBC MPF account >  “Explore all HSBC MPF constituent funds”)
  
• HSBC MPF Member Hotline on +852 3128 0128 (Please refer to the section 'HSBC MPF Member Hotline' in Member Service Guide for the user's guide.)
  
• Hong Kong Economic Times
  
• South China Morning Post
  

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.

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 unit prices for MPF Conservative Fund on or before 30 June 2015, where fees and charges were deducted directly from a member's account by unit deduction.)

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 HKD- denominated monetary instruments such as treasury bills, bills of exchange, commercial paper, certificates of deposits or interbank deposits, and other ancillary investments allowed under the General Regulation. The investment objective is to achieve a rate of return higher than that available for savings deposits, however returns are not guaranteed.

What are the fees and charges deduction methods an MPF Conservative Fund (CPF) can adopt?

An MPF Conservative Fund may use one of two methods for deduction of fees and charges, namely (i) 'Fund Level Deduction;, that is, deducting the fees and charges from the assets of the MPF Conservative Fund or (ii) 'Member Level Deduction', that is, directly deducting the fees and charges from member's account by way of unit deduction.

From 1 December 2000 to 30 June 2015, the MPF Conservative Fund of HSBC Mandatory Provident Fund – SuperTrust Plus adopted method (ii), that is, deducting the fees and charges from member's account by way of unit deduction.

From 1 July 2015 and onwards, the MPF Conservative Fund of HSBC Mandatory Provident Fund – SuperTrust Plus adopt method (i), that is, deducting the fees and charges from the assets of the fund.

Why are fees and charges for the MPF Conservative Fund (CPF) being deducted from my account?

According to the MPF legislation, fees and charges 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.

From 1 December 2000 to 30 June 2015, the CPF of HSBC MPF scheme adopted method (ii), that is, directly deducting the fees and charges from member's account by way of unit deduction. The unit prices of the CPF have, therefore, not taken into account the deduction of fees and charges. During that period, the fees and charges for CPF were deducted in the form of units from a member's account only after the investment return and prescribed savings rate for each month were ascertained.

When and how are the fees and charges of the CPF under the HSBC MPF scheme be deducted from July 2015 onwards?

From 1 July 2015, fees and charges accrue on a daily basis, and are reflected daily in the fund's unit prices, net asset value and fund performance quoted.

What is the Guaranteed Fund?

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 balance, members will be entitled to the Actual Balance or the Guaranteed Balance, whichever is greater.

What are the guarantee features and Guarantee Conditions?

The guarantee in the Guaranteed Fund under the HSBC Mandatory Provident Fund - SuperTrust Plus only applies under certain conditions. Please refer to the 'Guarantee feature' under 'Guaranteed Fund' in the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.

What do you mean by crystallisation for the investment in the Guaranteed Fund?

This is an action that will be performed by the administrator of the HSBC Mandatory Provident Fund - SuperTrust Plus ('Administrator') at the end of each year, starting in 2016. It is for members who have reached the age of 65 and still have investment in the Guaranteed Fund.

The Administrator will calculate the Guarantee for these members, equivalent to the amount they would entitled if they had withdrawn their benefits from the Guaranteed Fund on 31 December in that year using grounds that meet the Guarantee Conditions. For details, please click here for the Guaranteed Fund Changes - Crystallisation's FAQs.

What is the guaranteed interest rate for the Guaranteed Fund?

The rate for the financial year from 1 July 2023 to 30 June 2024 is 0.15% per annum.

The rate for the financial year from 1 July 2024 to 30 June 2025 is 0.20% per annum.

How often will the guaranteed interest rate change?

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

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.

What is the Default Investment Strategy (DIS)?

The DIS comprises of 2 Consistent Funds, namely the Age 65 Plus Fund (A65F) and the Core Accumulation Fund (CAF). DIS is a ready-made investment arrangement mainly designed for those members who are not interested or do not wish to make an investment choice, and is also available as an investment choice itself, for members who find it suitable for their own circumstances. Starting from 1 April 2017, for those members who do not make an investment choice when they set up a new MPF account, their new contributions and accrued benefits transferred from another registered scheme will be invested in accordance with the DIS.

The DIS aims to balance the long term effects of risk and return through investing in two Constituent Funds, namely the A65F and the CAF, according to the pre-set allocation percentages at different ages. The DIS will manage investment risk exposure by automatically reducing the exposure to higher risk assets and correspondingly increasing the exposure to lower risk assets as the member gets older. Such de-risking is achieved by way of reducing the holding in the CAF and increasing the holding in the A65F over time. The asset allocation stays the same up until 50 years of age, then reduces steadily until age 64, after which it stays steady again. For further details of the DIS, please refer to the MPF Scheme Brochure.

What are the funds included in the Default Investment Strategy (DIS)? 

The DIS comprises of two Constituent Funds, namely the Core Accumulation Fund (CAF) and the Age 65 Plus Fund (A65F).

What are Core Accumulation Fund (CAF) and Age 65 Plus Fund (A65F)?

Core Accumulation Fund (CAF) and Age 65 Plus Fund (A65F) are the two Constituent Funds that form the Default Investment Strategy (DIS). The CAF provides capital growth for  members by investing in a globally diversified manner and will invest around 60% in higher risk assets (generally mean equities or similar investments) and 40% in lower risk assets (those assets not being higher risk assets, including without limitation global bonds and money market instruments) of its net asset value whereas the A65F provides stable growth for the retirement savings to members by investing in a globally diversified manner and will invest around 20% in higher risk assets and 80% in lower risk assets of its net asset value.

Can I invest my MPF monies in Core Accumulation Fund (CAF) and/or Age 65 Plus Fund (A65F)?

Yes. The Core Accumulation Fund (CAF) and the Age 65 Plus Fund (A65F) can be standalone investments. Members should note that, if you choose the CAF and/or the A65F as standalone investments (rather than as part of the DIS), the de-risking to automatically reduce the risk exposure as the member approaches retirement age will not be applicable.

You can choose to withdraw your MPF accrued benefits in a lump sum when you attain the retirement age of 65 or retain them in the existing scheme until you wish to withdraw them. From 1 February 2016, you can choose to withdraw your MPF accrued benefits in instalments on the grounds of retirement at age 65. You may specify the withdrawal amount you wish to withdraw by submitting to us a valid 'Claim Form for Payment of Accrued Benefits on Ground of Attaining the Retirement Age of 65 or Early Retirement' (INPR) together with the necessary supporting document(s).

How do I claim my MPF tax deductible voluntary contributions accrued benefits?

Making a Claim

If I am going to depart from Hong Kong permanently and reside in another country/region, what should I do with my MPF accrued benefits?

You may choose to withdraw your MPF accrued benefits if you are departing from Hong Kong permanently and do not intend to return to Hong Kong. You may withdraw your accrued benefits by submitting us the following documents:

(i)  a completed ‘Claim Form for Payment of MPF Accrued Benefits on Ground of Permanent Departure from Hong Kong/Total Incapacity/Terminal Illness/Small Balance/Death’ (INPO)

(ii) the ‘Statutory Declaration for Claims for Payment of MPF Accrued Benefits (Benefits) on Grounds of Permanent Departure from Hong Kong’ (MPF(S) – W(SD2))

(iii) the ‘Statutory Declaration made by The Committee of the Estate of a Scheme Member for Claims for Payment of MPF Accrued Benefits’ (MPF(S) – W(SD4)* (if applicable)

(iv) a copy of your HKID card

(v)  a copy of the documents/evidence that you are permitted to reside in a place other than Hong Kong that is., e.g. immigration visa/foreign passport

(vi) a copy of the Letter of Release issued by the Inland Revenue Department (if applicable)

In addition, if you/the claimant wish(es) to claim the benefits from the scheme member’s MPF contribution account, a written notification of the scheme member’s cessation of employment issued by the employer to the trustee is required. If the employer fails to do so, the processing of such claim with respect to the relevant MPF account(s) stated in the claim form may be delayed until the trustee of the HSBC MPF scheme receives the above written notification from the employer.

*Supporting documentation for claiming accrued benefits by committee of estate on behalf of a mentally incapacitated scheme member.

Can I claim my accrued benefits if the date of departure cannot be confirmed at this moment?

Under what circumstances, member can choose to withdraw the accrued benefits in instalments? What should be noted?

From 1 February 2016, members who reach the retirement age of 65 or early retirement at age 60 can withdraw their accrued benefits in instalments.

For withdrawal by instalment, please take note of the following:

• If you choose to withdraw the accrued benefits in instalments, the benefits retain in your accounts will continue to be invested in your chosen Constituent Fund(s). The values of these assets may change due to market fluctuations and investment risks. Your account will be subject to management fees and other charges based on its total asset value, as usual.
• If you have invested in a Guaranteed Fund, please refer to the 'Guarantee features' under 'Guaranteed Fund' in the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.
• For the purpose of preventing inattentive small account balance of accrued benefits remained in your MPF account after the withdrawal by instalment, if your account balance is less than or equal to 105% of your requested withdrawal amount, your entire account balance will be withdrawn as a lump sum. However, if you would not like to have this 105% arrangement applied but prefer to be paid the exact amount per your request even if small account balance of accrued benefits may be remained in your MPF account after the withdrawal, you could specify your request in Item (3) under Section II of the “CLAIM FORM FOR PAYMENT OF MPF ACCRUED BENEFITS (BENEFITS) ON GROUNDS OF ATTAINING THE RETIREMENT AGE OF 65 OR EARLY RETIREMENT” (INPR form).
   

Where can I make a statutory declaration?

In Hong Kong, the statutory declaration must be made before and signed by a Commissioner for Oath at either the Public Enquiry Service Centre of the Home Affairs Department, a Notary Public or a Justice of the Peace. A statutory declaration made in a place other than Hong Kong is also acceptable provided that it is made before and signed by a Notary Public or a person authorised under the law of that place to administer an oath or take a statutory declaration.

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

By law, the accrued 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.

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

The personal representative should complete a 'Claim Form for Payment of Accrued Benefits on Ground of Permanent Departure from Hong Kong/Total Incapacity/Terminal Illness/Small Balance/Death [Form MPF(S) - W(O)]' (INPO) and submit it with the following documents to us:

• A copy of the claimant's HKID card for verification of the name and identity card number of the claimant if the claimant does not wish to present the card in person for verification
• A copy of the Letter of Probate or Letters of Administration granted by the Probate Registry / a letter requesting withdrawal of the accrued benefits issued by the Official Administrator if the claim is made by the Official Administrator

Download INPO form

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).

What is the tax deductible amount in a TVC account?

The maximum tax deductible amount each tax assessment year is HKD60,000 and it is an aggregated limit for both TVC and other qualifying deferred annuity premiums.

For example, a Member can make a TVC or pays deferred annuity premium of HKD60,000 which is the maximum tax deductible amount each tax assessment year, or alternatively, can use the HKD60,000 cap as a combination of the two, e.g. TVC of HKD45,000, with the deferred annuity premium of HKD15,000.

How do I claim tax deduction on the TVC amount contributed in a tax assessment year?

Same as the tax deduction for mandatory contributions and other tax concessions, the individual tax payer (not the Trustee, Sponsor and/or other operators of the HSBC Master Trusts) is responsible for the application of tax deduction and keeping track of how the maximum tax deductible limit is fully utilized.

As such, to facilitate the tax return filing by TVC account holders, the Trustee will provide a TVC summary to each TVC account holder in the HSBC Master Trusts around 10 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 1 April). 

Can I transfer my existing voluntary contributions or Flexi-Contributions in my contribution/self-employed/personal account into my new TVC account?

Unfortunately, transfers of voluntary contributions or Flexi-Contributions in the form without subscription and redemption of units from your contribution/self-employed/personal account into your TVC account is not permissible currently. Only new contributions into your TVC account are allowed.

Can I transfer my TVC Benefits to my current contribution/self-employed/personal account with HSBC Master Trusts?

Unfortunately, transfers of TVC Benefits to your contribution/self-employed/personal account is not permissible. Your TVC account is maintained separately to your other MPF accounts. This will allow you to easily track your TVC in your TVC account.

Can I transfer my TVC Benefits to another TVC account (with another MPF scheme)?

TVC Account Holders may, at any time choose to have all their accrued benefits in their TVC account under the HSBC Master Trusts transferred to another TVC account with another MPF service provider, or vice versa.

However, partial transfers to another TVC account (with another MPF service provider) is not allowed.

TVC Account Holders can transfer their TVC Benefits by completing ‘Scheme Member’s Request For Transfer of Tax Deductible Voluntary Contributions (TVC)’ form (INPT). 

For the avoidance of doubt, transfer of accrued benefits derived from a TVC account to another TVC account of the Member in another Registered Scheme cannot be claimed as deductions for taxation purpose, as it would have been counted in the original MPF scheme for which the TVC were originally made as new contributions in the relevant tax assessment year.

How can I check my existing tax deductible voluntary contribution 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.

How can I speed up the transfer process?

You can attach copies of the latest member 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 the Section 'Authorisation and Declaration' of INPT form. 

CAUTIONS

Please be aware that you should NOT hand in any MPF documents (in particular for those paper remittance statement and cheque payment (if any) which must be submitted on time according to the MPF legislation) to unauthorised channels. Unauthorised channels include but not limited to: 

(1) the staff at service counters at the branches,

(2) the branches without 'HSBC MPF Drop-In Box', or

(3) other collection boxes in the branches (for examples, the collection boxes for cheque payment).

Any submission of the MPF documents to unauthorised channels will not be forwarded to the MPF department for processing directly and it may take a longer time for the documents to be transferred to the MPF department. While the receipt date by the MPF department will be stamped only when the documents reach the MPF department, you please be cautious that this will result in delay in receiving and processing the paper remittance statement or other instructions by the MPF department. Any failure to pay mandatory contributions in full and on time to a trustee incurs a 5% surcharge on the outstanding mandatory contributions, along with the possibility of a financial penalty and even imprisonment by the MPFA. You may refer to the MPFA's website www.mpfa.org.hk for further details of offences and penalties.