Enjoy tax savings with potential returns

TVC can only be made into a TVC account, which is separate from a contribution account or a personal account. Any other forms of voluntary contributions that are not made into the TVC account are not TVC (for example, voluntary contributions that are made by Employee Members through their Participating Employer will not be eligible for claiming TVC tax deduction). 

TVC is subject to the same vesting, preservation and withdrawal restrictions applicable to mandatory contributions. This also applies to contributions that exceed the maximum tax deductible amount per assessment year.

There is no maximum limit imposed on the amount made to the TVC account, unless otherwise specified in the relevant application form. TVC will be fully vested to you once it is paid into the HSBC Mandatory Provident Fund – SuperTrust Plus. You can make regular TVC by monthly direct debit from as little as HK$300, or simply by paying a lump sum of HK1,000 or more at the time of your choice.

For the avoidance of doubt, the protection of accrued benefits under the Mandatory Provident Fund Schemes 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 the bankrupt TVC account holder.

You can make your own investment choices or choose to invest in DIS under the HSBC Mandatory Provident Fund – SuperTrust Plus  according to your risk tolerance level and financial circumstances. If your fail to submit to HSBC MPF a valid Specific Investment Instruction or does not make any investment choice at the time of TVC account opening, your TVC will be invested in DIS. Please refer to the sub-section 'MPF Default Investment Strategy' in the MPF Scheme Brochure for details of the DIS arrangement.

As your circumstances change over time, you may decide to change the way your investments are allocated in your MPF account. There are 4 ways to do this: portfolio rebalance**, asset switch, contribution redirection and exiting the Default Investment Strategy (DIS).

Your investment allocation will apply to all types of contributions, including mandatory, voluntary, Flexi-Contributions and tax deductible voluntary contributions together with any accrued benefits transferred from another scheme. Change of investment allocation is applied at account level. For example, if you hold 2 accounts with HSBC MPF and would like to rebalance your portfolio for both accounts, you'll need to give instructions for both accounts separately.

If such changes apply to the members' existing investments, different dealing cut-off times may apply to valid instructions received through different service channels:

1. Investment option form - within 5 business days after the date of receipt of the valid instruction will be used as the date of fund price for fund dealing if such valid instruction is received on a business day;
2. Designated service channels, e.g. our website or Interactive Voice Response System (IVRS) - date of receipt of the valid instruction will be used as the date of fund price for fund dealing if such valid instruction is received by 4pm on a business day. Members should read the disclosures on different service channels carefully before giving instructions.

Fees and charges of an MPF Conservative Fund can be deducted from either:

(i) The assets of the MPF Conservative Fund or

(ii) Members' account by way of unit deduction.

The MPF Conservative Fund under the HSBC Mandatory Provident Fund – SuperTrust Plus uses method (i) and, therefore, its unit prices, net asset value (NAV) and fund performance quoted have reflected the impact of fees and charges.

** Change the investment allocation of your existing investments, future contributions and accrued benefits transferred from another registered scheme.

As with accrued benefits derived from mandatory contributions, you can withdraw your TVC benefits under any of the following circumstances only:

• You reach the age of 65
• Early retirement between the ages of 60 and 64
• Permanent departure from Hong Kong SAR
• Death (to be paid to your legal personal representative)
• Total incapacity
• Terminal illness
• Small balance

In addition, you can also withdraw your TVC benefits in instalments on the grounds of retirement at age 65, or early retirement at age 60.

To make your claim, you need to complete the relevant form and provide us with the supporting documents listed.

Please use the Chinese version of the declaration form if you would read the jurat in Chinese.

Statutory declaration can be made before and signed by a Commissioner for Oaths at the Home Affairs Department (HAD), 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.

¹Additional forms will be required for mentally incapacitated scheme members.

Apart from the withdrawal of accrued benefits, HSBC MPF may terminate your 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.