The management fees (as a percentage of the net asset value (‘NAV’) per annum) of the Constituent Funds under Hang Seng Mandatory Provident Fund ― SuperTrust Plus are briefly summarised as below for reference only. Please refer to the MPF Scheme Brochure for more details of the management fees and other applicable fees, charges and expenses1 of the Constituent Funds.
| Name of Constituent Fund | Management fees2, 3(As a percentage of NAV per annum) | |
|---|---|---|
| MPF Conservative Fund4 | 0.75% | |
| Global Bond Fund | 0.79% | |
| Guaranteed Fund5, 6, 7, 8 | 1.275% | |
| Age 65 Plus Fund | 0.75% | |
| Core Accumulation Fund | 0.75% | |
| Stable Fund | 1.25% | |
| Balanced Fund | 1.35% | |
| Growth Fund | 1.45% | |
| Global Equity Fund |
0.79% |
|
| North American Equity Fund |
1.30% |
|
| European Equity Fund |
1.30% |
|
| Asia Pacific Equity Fund |
1.45% |
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| Hong Kong and Chinese Equity Fund |
1.45% |
|
| Chinese Equity Fund |
1.45% |
|
| ValueChoice Balanced Fund |
0.79% |
|
| ValueChoice North America Equity Tracker Fund | 0.79% | |
| ValueChoice Europe Equity Tracker Fund | 0.79% | |
| ValueChoice Asia Pacific Equity Tracker Fund |
0.79% | |
| Hang Seng China Enterprises Index Tracking Fund |
Up to 0.79% |
|
| Hang Seng Index Tracking Fund |
Up to 0.73% |
|
| 1. | Other applicable fees, charges and expenses include but are not limited to joining fee, annual fee, contribution charge, offer spread, bid spread, withdrawal charge and other expenses. For further details, please refer to the MPF Scheme Brochure. |
| 2. | Management fees include fees paid to the Trustee, Custodian, Administrator, Investment Manager (including fees based on fund performance, if any), Investment Agent and Sponsor of the scheme for providing their services to the relevant Constituent Fund. They are usually charged as a percentage of the net asset value ('NAV') of the relevant Constituent Fund. The management fees of all Constituent Funds are deducted from the asset of the Constituent Fund. In the case of each of the Core Accumulation Fund and the Age 65 Plus Fund, management fees payable to the parties named above (excluding the Custodian), or their delegates, can only (subject to certain exceptions in the Mandatory Provident Fund Schemes Ordinance) be charged as a percentage of the NAV of the Constituent Fund. These management fees are also subject to a statutory daily limit equivalent to 0.75% per annum of the NAV of the Constituent Fund which applies across both the Constituent Fund and underlying approved pooled investment fund(s) and index-tracking collective investment scheme(s). |
| 3. | Preferential rate on the management fee may be applied to certain Members. Such preferential rate will be effected by way of ‘special bonus units’ credited to the Member’s employer and/or member’s contribution related sub-accounts on a monthly basis. The ‘special bonus units’ form part of the account balance and are subject to relevant fees and charges applicable to the Hang Seng Mandatory Provident Fund - SuperTrust Plus. If a Member terminates the Member’s account or transfers all assets out before the ‘special bonus units’ are being credited for a particular month, no ‘special bonus units’ will be granted for that month. The Trustee may offer other rebate/incentive arrangement to certain Participating Employers and/or Members. |
| 4. | Fees and charges of an MPF Conservative Fund can be deducted from either: (i) the assets of the MPF Conservative Fund; or (ii) Members' account by way of unit deduction. The MPF Conservative Fund under the Hang Seng Mandatory Provident Fund – SuperTrust Plus uses method (i) and therefore, its unit prices, NAV and fund performance quoted have reflected the impact of fees and charges. Under section 37 of the Mandatory Provident Fund Schemes (General) Regulation (Cap. 485A of the laws of Hong Kong) and any subsequent amendments ('General Regulation'), fees and charges of the MPF Conservative Fund may only be deducted in the following circumstances: (a) if the amount of income derived from the investment of funds of the MPF Conservative Fund in a particular month exceeds the amount of interest that would be earned if those funds had been placed on deposit in a Hong Kong dollar savings account at the prescribed savings rate, an amount not exceeding the excess may be deducted from the MPF Conservative Fund for that month; or (b) if for a particular month, no amount is deducted under (a) or the amount that is deducted is less than the actual fees and charges for the month, the deficiency may be deducted from the amount of any excess that may remain in any of the following 12 months after deducting the fees and charges applicable to that following month. |
| 5. | The Guaranteed Fund invests solely in an approved pooled investment fund in the form of an insurance policy provided by HSBC Life (International) Limited. The guarantee is also given by HSBC Life (International) Limited. Your investments in the Guaranteed Fund, if any, are therefore subject to the credit risks of HSBC Life (International) Limited. The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) ‘Guarantee features’ of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’. |
| 6. | Guarantee Conditions: • Withdrawal of balances with respect to one of the following: o termination of employment**; o reaching retirement age or normal retirement date; o death; o reaching early retirement date; o total incapacity; o terminal illness; o permanent departure from the Hong Kong SAR; or o making a claim on small balance under section 162(1)(c) of the General Regulation. • Transfer of balances to a recipient scheme (including the existing scheme) on termination of employment** ** This condition does not apply to balances in a personal account (as defined in the General Regulation) or a TVC account invested in the Guaranteed Fund. However, the other Guarantee Conditions will still be applicable to the accrued benefits held in the personal account or TVC account. |
| 7. | The account balance of a Member in the Guaranteed Fund will be crystallised (the ‘Crystallised Amount’) on 31 December in the year in which the Member reaches age 65. The Crystallised Amount will be the greater of the Actual Balance and the Guaranteed Balance to which the Member would be entitled had the Member withdrawn the accrued benefits from the Guaranteed Fund on 31 December in that year on the ground of reaching retirement age or normal retirement date. This is calculated in accordance with the MPF Scheme Brochure (the ‘31 December Amount’). However, where the 31 December Amount is less than the amount of accrued benefits as at the Member’s 65th birthday calculated in accordance with the MPF Scheme Brochure (the ‘65th Birthday Amount’), the 65th Birthday Amount will be deemed to be the Crystallised Amount. Where the Member switches or withdraws part of the investment out of the Guaranteed Fund between the Member’s 65th birthday and 31 December in that year, the Crystallised Amount will be the higher of the 31 December Amount and the pro-rated 65th Birthday Amount calculated in the following manner: (X/Y) times Z where: X: the number of units held in the Guaranteed Fund in respect of the Member ('GF Units') as at 31 December in the relevant year Y: the number of GF Units as at 65th birthday of the Member Z: the greater of the Guaranteed Balance and the Actual Balance as at 65th birthday of the Member The Crystallised Amount will then become the Actual Balance from 1 January in the following year. No further Guarantee will apply to the Crystallised Amount and any new contributions or transfer-in assets that are to invest in the Guaranteed Fund thereafter (the ‘Relevant Amount’). However, while all fees and charges including the Guarantee charge will continue to apply to the Relevant Amount, the Guarantee charge will be rebated to the Member on a monthly basis in arrears, calculated by using the daily NAV in that month. Please refer to Appendix 1 for the illustrative examples of the MPF Scheme Brochure for how the Guarantee operates in the context of payments in instalments. |
| 8. | The percentage does not include the guarantee charge of 0.75% per annum of the NAV. |
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.
Issued by Hang Seng Bank Limited
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