The trustee is required to submit the audited financial statements and auditor’s report in order to report the scheme’s position up to the later of the following:
- the effective date of termination of the scheme as notified to the MPFA using the “Notice of termination / winding up of a registered scheme” form; or
- the date on which all the benefits under the scheme have been paid to members or (if applicable) the date of the assets of the scheme have been transferred to another scheme.
According to the legislation, a new member of MPF Exempted ORSO scheme, his/her MMB cannot be forfeited upon dismissal from employment, regardless of whether the dismissal is on grounds of misconduct, fraud or dishonesty, and may not be used in the settlement of any losses suffered by the employer or any debts owed to the employer.
For existing members, upon dismissal for cause, the trustee cannot withhold the employer’s funded portion of the existing member’s accrued benefits up to an amount equivalent to MMB.
The forfeiture clause in the scheme governing rules should also be considered.
The trustee should, when submitting the next annual return, notify the MPFA in writing about the details of the change such as the name of the new investment manager, the date of appointment, and the registration number with the Securities and Futures Commission or an overseas regulatory authority recognized by the MPFA.
If the administrator of a registered scheme becomes aware of a reportable event that occurs on or after 26 June 2020, he must within seven working days after becoming aware of the event give written notice to the MPFA setting out the particulars of the event such as the date the event occurred, case details and details of remedial action planned or taken, etc.
“Reportable event” refers to non-compliance with requirements in relation to scheme assets, members’ benefits, funding, trusteeship, investment, transfer of benefits or eligible person.
Please refer to Notification of Reportable Event by the Relevant Employer or Administrator of a Registered Scheme.