The management fees (as a percentage of the net asset value (‘NAV’) per annum) of the constituent funds under each Hang Seng MPF scheme is briefly summarised as below for reference only. Please refer to the relevant ‘Principal 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%|
|Guaranteed Fund5, 6, 7, 9||1.275%|
|Global Bond Fund||0.79%|
|Core Accumulation Fund||0.75%|
|Age 65 Plus Fund||0.75%|
|North American Equity Fund||1.35%|
|European Equity Fund||1.35%|
|Asia Pacific Equity Fund||1.45%|
|Hang Seng Index Tracking Fund||Up to 0.755%|
|Hong Kong and Chinese Equity Fund||1.45%|
|Chinese Equity Fund||1.45%|
|1.||Other applicable fees, charges and expenses include but 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 relevant ‘Principal Brochure’.|
|2.||‘Management fees' includes fees paid to the trustee, custodian, administrator, investment manager (including fees based on fund performance, if any) and sponsor of the scheme for providing their services to the relevant fund. They are usually charged as a percentage of the net asset value (NAV) of a fund. In the case 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 MPF Ordinance) be charged as a percentage of the NAV of the fund. These management fees are also subject to a statutory daily limit equivalent to 0.75% per annum of the NAV of the fund which applies across both the funds and underlying approved pooled investment fund(s) and ITCIS(s). The management fees of all constituent funds are deducted from the asset of the fund.|
|3.||A preferential rate on the management fee is credited on monthly basis. The discount on the management fees will be refunded as ‘special bonus’ in the form of fund units allocation to the members’ accounts each month and credited into employer’s sub-accounts (if applicable) and member’s sub-accounts (if applicable). The ‘special bonus’ forms part of the account balance and is subject to relevant fees and charges applicable to Hang Seng Mandatory Provident Fund – SuperTrust Plus and ValueChoice. If a member terminates his/her account or transfers all assets out before the units allocation of that month, no ‘special bonus’ unit rebate 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 fund or (ii) members’ account by way of unit deduction. The MPF Conservative Fund of Hang Seng MPF schemes uses method (i) and, therefore, its unit prices, net asset value (NAV) and fund performance quoted have reflected the impact of fees and charges.|
|5.||The Guaranteed Fund under Hang Seng Mandatory Provident Fund – SuperTrust Plus 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 the ‘Guarantee features’ section under ‘Guaranteed Fund’ in Part II – Fund Structure of the ‘Principal Brochure’ of Hang Seng Mandatory Provident Fund – SuperTrust Plus for full details of the guarantee features and Guarantee Conditions, including the guarantee features in the context of payment of benefits in instalments.
> Withdrawal of mandatory and/or voluntary balances on:
– Termination of employment 8
– Reaching retirement age or normal retirement date
– Reaching early retirement date
– Total incapacity
– Terminal illness
– Permanent departure from the Hong Kong SAR
– Making a claim on small balance under section 162(1)(c) of the Mandatory Provident Fund Schemes (General) Regulation (‘General Regulation’)
> Transfer of balances to a recipient scheme on termination of employment 8
|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 he/she would be entitled had he/she withdrawn the benefits from the Guaranteed Fund on 31 December in that year on the ground of reaching retirement age or normal retirement date, as calculated in accordance with the provisions under the ‘Principal Brochure’ (the ‘31 December Amount’). However, where the 31 December Amount is less than the amount of benefits as at the member’s 65th birthday calculated in accordance with the provisions of the ‘Principal 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 his/her investment out of the Guaranteed Fund between his/her 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
X: the number of Guaranteed Units as at 31 December in the Relevant Year
Y: the number of Guaranteed 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, 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 net asset value in that month. Please refer to the ‘Guarantee features’ section under ‘Guaranteed Fund’ in Part II – Fund Structure of the ‘Principal Brochure’ of Hang Seng Mandatory Provident Fund – SuperTrust Plus for full details.
|8.||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.|
|9.||The percentage does not include the guarantee charge of 0.75% per annum of 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 relevant ‘Principal Brochure’.
Issued by Hang Seng Bank Limited
|Hang Seng MPF Hotline||MPF Specialists at Designated Branches|
|Existing MPF Customers||Service hours:Mon - Fri,9 am to 5 pm|
|- Employers: 2288 6822|
|- Members / Self-employed persons: 2213 2213|
|- HKSARG Employees: 2269 2269|
|Non-existing MPF Customers|
|- Enquiries / Apply for Hang Seng MPF: 2997 2838|