MPF System

Voluntary Contributions / Tax Deductible Voluntary Contributions (TVC)

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Tax benefits
TVC is the only type of voluntary contributions that is entitled to tax deduction. Account holders can enjoy tax deductions under salaries tax or tax under personal assessment.
Tax-deductible limit
In the 2019-20 year of assessment and each subsequent year of assessment, the tax deductible limit per year is $60,000, which is an aggregate limit for both TVC and qualifying deferred annuity policies (QDAP) premiums.

If the account holder has made TVC and paid premiums for QDAP in the same year of assessment, tax deduction will be applied to the TVC first. Any remaining amount will then be used for tax deduction on QDAP premiums.

*Only premiums paid for QDAPs which comply with the guidelines issued by the Insurance Authority will be eligible for tax deduction.
Who is eligible?
The following persons are eligible to open a TVC account in an MPF scheme:

(a) holders of contribution accounts or personal accounts of MPF schemes
(b) members of MPF Exempted ORSO Schemes
Advantages of TVC
  • Convenient
    Eligible persons are free to choose an MPF scheme which offers TVC accounts. They can open a TVC account and make contributions to the trustee directly.

 

  • Transparent
    MPF trustees will provide contribution summaries to scheme members annually to facilitate the filing of tax returns.

 

  • Flexible
    Scheme members can make contributions of varying amounts at irregular intervals. They can increase or reduce the amount of contributions, or they can suspend or resume making contributions at any time to suit their personal circumstances.

 

  • Simple
    TVC account holders can transfer the whole balance of a TVC account to the TVC account of another MPF scheme at any time.
Open TVC accounts and make contributions
Most MPF schemes offer TVC accounts.  Eligible persons can open TVC accounts in any MPF schemes which offer such accounts and make contributions directly to the trustees without involving their employers.

MPF schemes offering TVC accounts
Scheme
Trustee
e-Enrolment Service?
Account Opening Time
Contribution Submission Method
1. AIA MPF – Prime Value Choice
AIA Company (Trustee) Limited
2–7 working days
Cheque
Autopay
PPS
7-Eleven convenience stores
Credit card
Internet banking
Cheque deposit machine
Phone banking
2. Allianz Global Investors MPF Plan
Bank Consortium Trust Company Limited

4 working days
✔ Cheque
✔ Autopay
✔ Direct credit to trustee's bank account
3. AMTD MPF Scheme
Bank Consortium Trust Company Limited
7 working days
Cheque
e-Cheque
Autopay
4. BCT (MPF) Industry Choice
Bank Consortium Trust Company Limited
2-3 working days

✔ Cheque
✔ e-Cheque
✔ Autopay
✔ PPS
✔ Internet Banking Bill Payment Service
✔ Servicing Bank Branches

5. BCT (MPF) Pro Choice
Bank Consortium Trust Company Limited
2-3 working days
✔ Cheque
✔ e-Cheque
✔ Autopay
✔ PPS
✔ Internet Banking Bill Payment Service
✔ Servicing Bank Branches
6. Invesco Strategic MPF Scheme
Bank Consortium Trust Company Limited
7 working days
Cheque
e-Cheque
Autopay
Direct credit to trustee’s bank account
7. BCOM Joyful Retirement MPF Scheme
Bank of Communications Trustee Limited
5 working days
Cheque
Autopay
Faster Payment System (FPS)
8. BEA (MPF) Industry Scheme
Bank of East Asia (Trustees) Limited

5 working days
✔ Cheque
✔ e-Cheque
✔ Autopay
✔ Direct credit to trustee’s bank account
✔ Faster Payment System (FPS)
9. BEA (MPF) Master Trust Scheme
Bank of East Asia (Trustees) Limited
5 working days
✔ Cheque
✔ e-Cheque
✔ Autopay

✔ Direct credit to trustee’s bank account

✔ Faster Payment System (FPS)

10. BEA (MPF) Value Scheme
Bank of East Asia (Trustees) Limited

5 working days
✔ Cheque
✔ e-Cheque
✔ Autopay
✔ Direct credit to trustee’s bank account
✔ Faster Payment System (FPS)
11. BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme
BOCI-Prudential Trustee Limited

5-7 working days
✔ Cheque
✔ Autopay

12. My Choice Mandatory Provident Fund Scheme
BOCI-Prudential Trustee Limited

5-7 working days
Cheque
Autopay
13. China Life MPF Master Trust Scheme
China Life Trustees Limited

3 working days
✔ Cheque
✔ e-Cheque
✔ Internet Banking
✔ Cheque Deposit Machine 
✔ Autopay
✔ Direct credit to trustee’s bank account
14. Haitong MPF Retirement Fund
HSBC Institutional Trust Services (Asia) Limited
5 working days
✔ Cheque
✔ e-Cheque
✔ Autopay
15. Fidelity Retirement Master Trust
HSBC Provident Fund Trustee (Hong Kong) Limited

3 working days
✔ Cheque
✔ e-Cheque
✔ Autopay
✔ Faster Payment System (FPS)
16. Hang Seng Mandatory Provident Fund – SuperTrust Plus
HSBC Provident Fund Trustee (Hong Kong) Limited
2-5 working days
✔ Cheque
✔ e-Cheque
✔ Autopay
17. HSBC Mandatory Provident Fund – SuperTrust Plus
HSBC Provident Fund Trustee (Hong Kong) Limited
2-5 working days
✔ Cheque
✔ e-Cheque
✔ Autopay
18. Manulife Global Select (MPF) Scheme
Manulife Provident Funds Trust Company Limited
4-6 working days
✔ Cheque
✔ Autopay
✔ PPS
✔ Internet banking
19. Principal MPF Scheme Series 800
Principal Trust Company (Asia) Limited
7 working days
✔ Cheque
✔ Autopay
20. Sun Life Rainbow MPF Scheme
Sun Life Trustee Company Limited
5 working days
✔ Cheque
✔ Autopay
21. MASS Mandatory Provident Fund Scheme
YF Life Trustees Limited


5 working days
Cheque
Autopay
Direct credit to trustee’s bank account
Cheque deposit machine
Faster Payment System (FPS)

Notes:

  1. The above table only provides information in relation to TVC.
  2. For more detailed information, please refer to the Trustee Service Comparative Platform on the MPFA website.
  3. The information contained in this list is based on the data provided by trustees, and is intended to help you compare various TVC arrangements. This list, while not exhaustive, is compiled only for facilitating the access of information which may be of interest to users. If you take any action in respect of the information provided in or possibly related to this list, you must first seek independent and professional advice. MPFA reserves the right to omit, suspend the publication of, or modify any information submitted by third parties to MPFA. 
Filing of tax returns

Every year, trustees will provide a contribution summary to scheme members. The summary indicates the amount of TVC made in an assessment year, which would facilitate the filing of tax returns by scheme members.


The following examples illustrate the tax savings of single taxpayers with different income levels (based on the tax rate of 2018-19 assessment year):


*The tax-deductible limit is $60,000 for the 2019-20 year of assessment. The amount is an aggregate limit for both TVC and QDAP premiums paid during the relevant year of assessment.

* The examples above are based on the following assumptions: the taxpayers are only entitled to basic allowance and tax deductions from mandatory contributions, and 10% of their annual income is used to make TVC.

* These examples are for illustration and reference only. The actual amount saved depends on many factors, including personal income, entitled tax allowances and deductions, as well as the premiums paid for QDAP or the amount of TVC made, etc. 
Withdrawal arrangements
The contributions made into a TVC account, whether tax-deductible or not, can only be withdrawn when the scheme member reaches the age of 65 (except for statutory grounds for early withdrawal). 
Transfer arrangements
The whole balance of a TVC account can be transferred to the TVC account of the same member under another MPF scheme at any time.