MPF System

Voluntary Contributions / Tax Deductible Voluntary Contributions (TVC)

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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.

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.

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

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.

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
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
AMTD MPF Scheme	Bank Consortium Trust Company Limited	✘	7 working days	✔ Cheque ✔ e-Cheque ✔ Autopay
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
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
Invesco Strategic MPF Scheme	Bank Consortium Trust Company Limited	✘	7 working days	✔ Cheque ✔ e-Cheque ✔ Autopay ✔ Direct credit to trustee's bank account
Manulife RetireChoice (MPF) Scheme	Bank Consortium Trust Company Limited	✘	4 working days	✔ Cheque ✔ Autopay ✔ Direct credit to trustee’s bank account
BCOM Joyful Retirement MPF Scheme	Bank of Communications Trustee Limited	✘	5 working days	✔ Cheque ✔ Autopay ✔ Faster Payment System (FPS)
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)
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)
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)
BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme	BOCI-Prudential Trustee Limited	✔	5-7 working days	✔ Cheque ✔ Autopay
My Choice Mandatory Provident Fund Scheme	BOCI-Prudential Trustee Limited	✔	5-7 working days	✔ Cheque ✔ Autopay
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
Fidelity Retirement Master Trust	HSBC Provident Fund Trustee (Hong Kong) Limited	✔	3 working days	✔ Cheque ✔ e-Cheque ✔ Autopay ✔ Faster Payment System (FPS)
Haitong MPF Retirement Fund	HSBC Provident Fund Trustee (Hong Kong) Limited	✘	5 working days	✔ Cheque ✔ e-Cheque ✔ Autopay
Hang Seng Mandatory Provident Fund – SuperTrust Plus	HSBC Provident Fund Trustee (Hong Kong) Limited	✘	2-5 working days	✔ Cheque ✔ e-Cheque ✔ Autopay
HSBC Mandatory Provident Fund – SuperTrust Plus	HSBC Provident Fund Trustee (Hong Kong) Limited	✘	2-5 working days	✔ Cheque ✔ e-Cheque ✔ Autopay
Manulife Global Select (MPF) Scheme	Manulife Provident Funds Trust Company Limited	✔	4-6 working days	✔ Cheque ✔ Autopay ✔ PPS ✔ Internet banking
Principal MPF Scheme Series 800	Principal Trust Company (Asia) Limited	✔	7 working days	✔ Cheque ✔ Autopay
Sun Life Rainbow MPF Scheme	Sun Life Trustee Company Limited	✔	6 working days	✔ Cheque ✔ Autopay
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:

The above table only provides information in relation to TVC.
For more detailed information, please refer to the Trustee Service Comparative Platform on the MPFA website.
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.

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.

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).

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.