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ORSO

Inappropriate Marketing of ORSO Schemes to the General Public

It has come to MPFA’s attention recently that some persons/ firms claiming to be investment companies/ advisors purported to promote to the general public via the Internet the use of occupational retirement schemes under the Occupational Retirement Schemes Ordinance (Laws of Hong Kong, Cap. 426) (“ORSO schemes”) as investment vehicles.  Targets of such promotion include overseas citizens and on some occasions, it was noted that overseas citizens were invited by these persons/firms to transfer their overseas pension benefits to or invest funds in ORSO schemes.   
 
Members of the public locally or overseas should note the following:
  • An ORSO scheme is a retirement scheme set up voluntarily by an employer for providing benefits to its employees.
  • An ORSO scheme, irrespective of whether it is registered or exempted or seeking to be registered or exempted under the Occupational Retirement Schemes Ordinance (“Ordinance”), should not be marketed to members of the public for investment or enrolment.
  • As the Registrar under the Ordinance, the MPFA will take actions against ORSO schemes that are not in compliance with the relevant legislative requirements.
  • You can conduct a search on the MPFA’s register for the particulars of an ORSO scheme at the following link
 
If you are invited to enrol or invest in an ORSO scheme the relevant employer of which is not your employer, you should refuse the invitation and where appropriate report the incident to the MPFA via our hotline (2918 0102).

Last Revision Date: 02/06/2017