Note 1: “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.
The management fees of all constituent funds are deducted from the asset of the 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 fund and underlying approved pooled investment fund(s) and ITCIS(s).
Note 2: 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. 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.
Note 3: 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 the Hang Seng Mandatory Provident Fund – SuperTrust Plus uses method (i) and, therefore, its unit prices, net asset value and fund performance quoted have reflected the impact of fees and charges.
Note 4: The percentage does not include the guarantee charge of 0.75% p.a. of NAV.