
MPF System
Voluntary Contributions / Tax Deductible Voluntary Contributions (TVC)
(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.
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 |
BCT (MPF) Pro Choice
|
Bank Consortium Trust Company Limited
|
✔
|
2-3 working days
|
✔ Cheque |
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 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.
