Hang Seng MPF TVC

Tax deductible voluntary contributions ("TVC") is a new form of MPF contributions through which you can save more. Any contributions you make to a TVC account will be treated as a deductible item (up to an annual limit of HKD60,000, which is an aggregate limit for both TVC and other qualifying annuity premiums) when you report your taxable income. The balance of your TVC account will be available for withdrawal when you retire at 65, or when you meet other withdrawal conditions which are the same as your mandatory contributions.

You are eligible to contribute to a TVC account under MPF if you are currently a holder of an employee account, self-employed account or personal account of any MPF scheme or if you are a member of an MPF exempted ORSO scheme.

With TVC account, you can:

Save More and Reduce Your Tax Burden

Let the Government help you to build up your retirement pot!

Have Flexibility in Your Saving Plan

With TVC, you have the flexibility to contribute as much or as little¹ as you wish, and at any time you want.

Take Control

With TVC, you take control on how you invest your money to make the best out of it.

Enjoy Further Savings

Receive up to HKD3,000 of bonus unit rebates² from Hang Seng MPF when you open a TVC account with us and make contributions.

The actual tax savings depend on your personal circumstances. The table below provides an illustration of how much tax you may save under different levels of contributions in TVC during a tax assessment year³.

Illustration of potential tax savings with different levels of TVC

TVC (HKD)	Assuming your progressive tax rate is
TVC (HKD)	2%	6%	10%	14%	17%
2,500	50	150	250	350	425
5,000	100	300	500	700	850
10,000	200	600	1,000	1,400	1,700
30,000	600	1,800	3,000	4,200	5,100
60,000	maximum tax savings up to maximum tax savings up to				10,200

* The above figures are for illustrative purposes only and are not a guarantee on how much tax you will save by contributing to TVC. The actual tax savings depend on your personal circumstances. You are advised to exercise caution in relation to tax matters and above figures. If you are in doubt about your own tax status, you should obtain independent professional advice.

For more details of our MPF Service, you may:

Access "Tax Deductible Voluntary Contributions Account Holders" section on our MPF website: hangseng.com/empf

Come visit us in designated Hang Seng Bank branches with MPF Specialists. For full list of our designated branches, please visit: hangseng.com/empf

Call 2997 2838

Remarks:

Subject to minimum of HKD300 per month for regular contributions, or HKD1,000 for lump sum contributions
Based on a member contributing HKD180,000 of TVC over the Campaign Period, and has consolidated an MPF Personal Account from a non-Hang Seng/HSBC MPF scheme into Hang Seng MPF
A tax assessment year runs from 1 April to 31 March of the following year. Assumes payment of TVC will not change the progressive tax rates

Additional voluntary contributions, Flexi-Contributions and tax deductible voluntary contributions are accepted at the discretion of the Trustee. The Trustee reserves the absolute right not to accept any additional voluntary contributions, Flexi-Contributions and tax deductible voluntary contributions at any time.

Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the MPF Scheme Brochure.

The information shown in this webpage is for illustrative purposes only. You are advised to exercise caution in relation to tax matters and this webpage. It is not intended to provide any form of tax advice. Hang Seng Bank Limited does not provide tax advice. If you are in doubt about any of the contents of this webpage, you should obtain independent professional advice.