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Manulife Global Select (MPF) Scheme
Member Operation Manual
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TABLE OF CONTENTS
• PREFACE
• SECTION 1: INTRODUCTION 1.1 Our Product 1.2 Welcome to Manulife
• SECTION 2: MPF CONTRIBUTIONS
• 2.1 Employee Member 2.1.1 Mandatory Contributions 2.1.2 Relevant Income 2.1.3 Calculation of Mandatory Contributions 2.1.4 Your First Mandatory Contribution 2.1.5 Voluntary Contributions 2.1.6 Contribution Due Date 2.1.7 Checking Your Contribution Status 2.1.8 Salary Tax Deduction Benefit 2.1.9 Offsetting of Long Service Payments / Severance Payments
• 2.2 Self-Employed Scheme Member 2.2.1 Your Relevant Income and Contribution 2.2.2 Making Contribution Payment 2.2.3 Handling Suffer of Loss 2.2.4 Tax Deduction Benefit
• 2.3 Non-employment Linked Contribution Accounts 2.3.1 Flexi Retirement Contribution (FRC) 2.3.2 Tax Deductible Voluntary Contributions (TVC) 2.3.3 Comparison between FRC & TVC
• SECTION 3: MANAGING YOUR MPF ACCOUNT
• 3.1 Know Your Benefit 3.1.1 Member Benefit Statement 3.1.2 Fund Updates 3.1.3 Investment Seminar 3.1.4 Electronic Services
• 3.2 Fund Choice Management 3.2.1 A Wide Array of Funds for Your Choice 3.2.2 Monitoring Fund Performance 3.2.3 How to Perform Fund Switching 3.2.4 Fund Switching Confirmation Notice
• SECTION 4: WITHDRAWAL AND TRANSFER OF ACCRUED BENEFITS
• 4.1 Withdrawal of Accrued Benefits 4.1.1 Grounds for Withdrawal 4.1.2 Withdrawal Options
• 4.2 Transfer of Accrued Benefits 4.2.1 Transfer of Accrued Benefits upon Cessation of Employment / Self- employment 4.2.2 Transfer of Accrued Benefits during Employment 4.2.3 Transfer of Accrued Benefits for Tax Deductible Voluntary Contributions
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• SECTION 5: PERSONAL ACCOUNT
• 5.1 Consolidating your MPF Accrued Benefits
• 5.2 Setting Up A Personal Account with Manulife
• SECTION 6: ADMINISTRATIVE FORMS
• SECTION 7: MANULIFE AT YOUR SERVICE
• 7.1 Member Smart Call (852) 2108 1313
• 7.2 Member Hotline (852) 2108 1388
• 7.3 Manulife Customer Website
• 7.4 Manulife MPF/Pension Mobile App
• 7.5 Customer Service Center
• 7.6 Office of Employee Benefits Department
• 7.7 Quality Intermediary Service
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PREFACE
On behalf of Manulife Provident Funds Trust Company Limited, we would like to thank you for joining our MPF scheme. With the commencement of the MPF system in the Hong Kong SAR in December 2000, it is important for you to understand and know your privileges and interests under the MPF system. To this end, Manulife has therefore prepared this manual to provide reference for you to manage your MPF account. We hope you will find this manual useful. Should you have any query, please call our Member Hotline on (852) 2108 1388 for assistance. Employee Benefits - Provident Funds Services Manulife (International) Limited (Incorporated in Bermuda with limited liability) May 2020
This manual is compiled by Manulife taking into account the requirements of the
Mandatory Provident Fund Schemes Ordinance (MPFSO), Regulations and Guidelines.
The terms therein may have been defined under the MPFSO. Manulife reserves the right to
amend and update its content from time to time to reflect the most updated regulatory
requirements as well as our administration arrangements that you need to know as a
member.
The content of this manual does not serve to provide any legal advice in relation to MPF
matters . Manulife will not be held liable for the responsibilities arising from the mis-
interpretation of the content of this manual. To safeguard your rights and interests, you are
advised to seek independent professional or legal advice, or refer to the MPFSO for
details.
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SECTION 1: INTRODUCTION
1.1 Our Product
Manulife offers a master trust scheme, Manulife Global Select (MPF) Scheme (“the Scheme”), whereby employers and their employees, self-employed persons and other eligible persons may participate. For details about the scheme structure and other features, please refer to the MPF Scheme Brochure of the Scheme. With the enactment of the legislative amendments to the Inland Revenue Ordinance, MPF schemes will be required to comply with Common Reporting Standard (“CRS”) for Automatic Exchange of Financial Account Information (“AEOI”) effective January 1, 2020 (“effective date”). For new members joining the MPF scheme on or after the effective date, a valid self-certifications for CRS purpose will become a mandatory part of the onboarding process. For existing members who joined the MPF scheme before the effective date, during remediation, if any foreign indicia are found on a member’s record, Manulife has to obtain a self-certification from the member for record and reporting purpose (if applicable). 1.2 Welcome to Manulife When you have successfully enrolled as a member of the Scheme, you will receive: 1.2.1 For Employee Member
• Notice of Participation
1.2.2 For Self-Employed Scheme Member
• Notice of Participation;
• Direct Debit Authorization Form if you have not applied for autopay service 1.2.3 For Personal Account Member
• Notice of Participation if you are a new scheme member 1.2.4 For Flexi Retirement Contribution Account Member
• Notice of Participation 1.2.5 For Tax Deductible Voluntary Contributions Account Member
• Notice of Participation The Notice of Participation, as proof of your participation in the Scheme, states the following information of your member account for your record and future communication with us:
a) Notice Issue Date b) Name of Trustee c) Address of Trustee d) Name of Scheme e) Member Name
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f) Member Account No. – This is the unique number for identifying a specific member account.
Example: 9000019 - 123 Sub-Scheme No./ Member No.
Employer’s Identification No.
g) Date of Inception – This is the date from which the member account under the Scheme starts accepting contributions/ transferred-in benefits
h) Contribution Investment Instruction (Future Contributions) - your future contributions and/or transferred-in benefits (except transfer of benefits within the Scheme) will all be invested according to this fund allocation percentage, unless we receive subsequent request for changes from you
To enjoy Manulife’s wide array of services on web, you are advised to visit our website www.manulife.com.hk. Please go to Section 7 for details about Manulife Customer Website. You can also download the "Member Online Service Guide" for a summary of our services at a glance.
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SECTION 2: MPF CONTRIBUTIONS 2.1 Employee Member
2.1.1 Mandatory Contributions In addition to your Mandatory Contribution of 5% of your relevant income, your employer is also required to contribute 5% of your relevant income to your MPF account, subject to the statutory minimum and maximum relevant income levels.
2.1.2 Relevant Income
Relevant income means all monetary payments paid or payable by an employer (directly or indirectly) to an employee in consideration of his employment under that contract, including wages, salary, leave pay, fees, commissions, bonuses, gratuities, perquisites or allowances, but excluding severance payments or long service payments under the Employment Ordinance (Chapter 57, Laws of Hong Kong).
2.1.3 Calculation of Mandatory Contributions
Minimum Relevant Income Level
If your relevant income is less than the minimum level shown in table 1 below, your employer must still pay mandatory contribution equivalent to 5% of your relevant income. However, you are not required to make mandatory contribution. If you elect to make a contribution, this can be made as a voluntary contribution.
Maximum Relevant Income Level
If your relevant income is more than the maximum level shown in table 1 below, the mandatory contributions by both you and your employer are limited to 5% of the corresponding maximum income level as shown. However, if either party contributes any amount in excess of the said 5%, it can be made as voluntary contributions.
Table 1. Minimum / Maximum Levels of Relevant Income for Various Payroll
Frequencies
Payroll Frequency
Minimum Level of
Relevant Income
Maximum Level of
Relevant Income
Daily
(or more frequent than on
a monthly basis)
$280.00 (x no. of days in the contribution period)
$1,000 (x no. of days in the contribution period)
Monthly $7,100.00 $30,000
The above Minimum / Maximum Levels of Relevant Income is are subject to regular review by the Mandatory Provident Fund Schemes Authority (“MPFA”), and the corresponding legislative amendment.
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Table 2 below sets out a few examples showing the amount of Mandatory and Voluntary Contributions by you and your employer based on various relevant income levels.
Table 2. Illustration of Contribution Calculation Based on Minimum and Maximum
Relevant Income Level
Assumption: The payroll frequency is monthly and contribution period commences on or after 1st June 2014.
Monthly
Relevant
Income
Mandatory Contributions Voluntary Contributions
Employer Employee Total Employer Employee
$6,000.00 $300.00 $0# $300.00
Optional $7,100.00 $355.00 $355.00 $710.00
$40,000.00 $1,500.00* $1,500.00* $3,000.00
#Employee does not need to make any mandatory contribution as his/her relevant income is below $7,100 (with such minimum relevant income level effective 1 Nov 2013). *Both the employer and employee mandatory contributions are capped at HK$1,500 (due
to the ceiling of relevant income of HK$30,000 despite 5% of HK$40,000 is over HK$1,500)
2.1.4 Your First Mandatory Contribution
If you are a non-casual employee, your employer is required to make contributions for you starting from the first day of employment. However, you are only required to make contributions from the first day of the complete payroll period immediately following your first 30 days of employment.
For a casual employee, both you and your employer are required to make contributions from the first day of employment.
2.1.5 Voluntary Contributions
You can authorize your employer to deduct voluntary contributions from your relevant income. Your employer will then arrange the deduction and remittance of such voluntary contributions for you.
2.1.6 Contribution Due Date
Your employer should submit the required contributions to Manulife no later than 10 days after the last day of a) a calendar month within which the relevant contribution period ends; or b) the month during which the permitted period ends; whichever is the later. The Permitted Period is 60 days or 10 days from the date of employment for Non-Casual Employee and Casual Employee respectively.
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If the contribution day falls on a Saturday, a public holiday, or a gale/black rainstorm warning day, the contribution day is extended to the next following day which is not a Saturday, a public holiday, or a gale/black rainstorm warning day.
2.1.7 Checking Your Contribution Status
Your employer is required by law to provide a pay-record to you within 7 working days after the mandatory contributions are made. Information on the pay-record includes your relevant income, the amount and date of mandatory and voluntary contributions (if any) made to Manulife.
You can also check the latest contributions made by your employer through our website at www.manulife.com.hk or download our MPF/Pension Mobile App to review your contribution history for the past 24 months.
2.1.8 Salary Tax Deduction Benefit
Employees will be entitled to a salary tax deduction for the mandatory contributions made to the scheme up to a permitted maximum level. The maximum deduction amount for each year of assessment as shown in Table 3 below.
Table 3
Year of assessment Maximum deduction
(HK$)
2008/09 to 2011/12 12,000
2012/13 14,500
2013/14 15,000
2014/15 17,500
2015/16 onwards 18,000
Source: GovHK government website You may also refer to Section 2.3.2 regarding the tax benefits applicable to Tax Deductible Voluntary Contributions.
2.1.9 Offsetting of Long Service Payments (LSP) / Severance Payments (SP)
Your employer should settle the LSP/SP with you. However, your employer can offset the amount of LSP/SP against the accrued benefits attributable to the employer contributions to which you are entitled. If the amount of employer contributions to which you are entitled exceeds the amount of LSP/SP, the remaining balance after offsetting under the employer contributions will be retained in your account. The amount withdrawn from the vested accrued benefits for offsetting LSP / SP is in the following sequence: a. the vested portion of the employer's contribution in the ORSO Scheme with Manulife b. the vested portion of the employer's MPF voluntary sub-account c. the employer's MPF mandatory sub-account
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2.2 Self-Employed Scheme Member
2.2.1 Your Relevant Income And Contributions
2.2.1.1 Relevant Income
Self-employed person may use his/her assessable profits calculated in accordance with the Inland Revenue Ordinance as the relevant income for calculating mandatory contributions. The following is a guide to help you determine the relevant income, depending on the supporting documents you have.
2.2.1.2 Calculation of Mandatory Contributions You are required to contribute 5% of your relevant income as mandatory contributions. The relevant income based on which mandatory contributions be made is prescribed under the MPFSO as set out in the following table. Such maximum and minimum levels are subject to regular review by the MPFA, and the corresponding legislative amendment.
Table 4
Relevant Income Level
Maximum level of Relevant Income
$30,000 per month ($360,000 per year)
Minimum level of Relevant Income
$7,100 per month ($85,200 per year)
Start
Will you make contribution based on the maximum level of relevant
income
Yes
Can you provide the most recent Notice of Assessment as proof of relevant income? (the issue date should be less than 2 years from the date on which the notice is
presented)
Submit a relevant income declaration and specify the amount according to one of the following where applicable: (i) the basic allowance within the meaning of Section 28 of the IRO (Cap.112); or (ii) the amount equal to your assessable profits as calculated under the Part IV or the IRO (Cap.112)
No need to provide any declaration or proof
Submit a copy of “Notice of Assessment” ONLY (the relevant income is the assessable profits on the Notice of Assessment)
Yes
No No
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2.2.1.3. Declaration of Relevant Income
You should report your relevant income to Manulife at least 30 days before the end of each financial period of the MPF scheme. The financial year of your Manulife MPF Scheme is from 1st April to 31st March of the following year. Below is an illustration:
2.2.1.4. Voluntary Contributions
You can make voluntary contributions to your MPF scheme at your own discretion. Please specify the desired voluntary contributions on the "Confirmation of Relevant Income" package you receive in January each year. We will arrange to collect your new voluntary contribution for the upcoming scheme year according to your specified amount.
2.2.2 Making Contribution Payment
2.2.2.1 Contribution Due Date
Table 5
Contribution Frequency
If Paying Monthly If Paying Annually
Contribution period: � The contribution period covers the first day to the last day of the month
� Each year from 1st April to 31st March of the following year
� If you join the scheme on a day other than 1st April, the first contribution period is from the date you join to the scheme financial year end day
Contribution due date: The end date of the contribution period
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2.2.2.2 Payment Methods
You can choose to pay your contributions using Autopay, Cheque or PPS. The following table describes the relevant details for each method. Table 6
Payment
Methods
Points to Note
Autopay a) Pre-requisite set up procedure: Complete the Direct Debit Authorization (“DDA”) form & return it to Manulife. It normally takes 3-6 weeks to complete a DDA set up.
b) You will receive a letter in April each year (in March each year if you pay yearly) from Manulife informing you of the date and amount of contribution to be debited from your bank account monthly (or annual contribution if you pay yearly).
c) The amount of contribution will be debited from your account accordingly.
Cheque ^ a) You will receive a payment advice from Manulife monthly or yearly b) Refer to the amount of contribution on the payment advice and:
• issue a crossed cheque payable to 'Manulife Provident Funds Trust
Company Limited';
• write the member account number on the back of the cheque;
• send the cheque and payment slip to P.O.Box 12246, General Post Office, Hong Kong
c) Please note that post-dated and electronic cheques are not accepted
PPS ^ a) You will receive a payment advice from Manulife monthly or yearly b) Refer to the amount of contribution on the payment advice and make
payment through a touch-tone phone or via internet Bill Payment by phone: 18031 Bill payment via internet: www.ppshk.com Merchant Code: 9351 PPS Information Hotline: 900 00 222 329
c) No need to return the payment slip
^ For payment by cheque or by PPS:
If you pay monthly, the monthly payment advice will be issued to you on the 8th of each month.
Please settle the contribution before the due date.
If you pay yearly, the annual payment advice will be issued to you on the 1st of March,
approaching the end of the contribution period. Please settle the contribution before the due
date by the end of March.
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2.2.2.3 Change of Payment Method In case you need to change your autopay bank account number or method of payment, please: 1. Complete and return a "Change of Payment Method / Autopay Bank Account" form to Manulife. 2. Continue the prevailing payment method until the new method or autopay account is effected. For autopay, it usually takes about 3 to 6 weeks to set up the direct debit authorization with your bank. Until you receive the confirmation from Manulife informing that the autopay is in effect, please pay your contributions according to your current payment method.
2.2.3 Handling Suffer of Loss 2.2.3.1 Suspension of Contributions
The table below lists out the conditions when you are eligible to claim 'Suffer of Loss', the documents that are required to apply for suspension of payment of contributions, the impact on your mandatory and voluntary contributions, and the need to report your relevant income at the end of the scheme year.
Table 7
When can I claim that my business has sustained a loss?
Eligibility If a net loss is resulted from all your businesses, including your share of the results of all your partnership businesses
Documents Required � You should send a statement showing the computation of the amount of net loss in respect of your business. The loss should only be based on results of your latest complete financial period concerned, i.e. from 1st of April to the 31st of March of the following year.
� No loss can be brought forward to offset any profits in relation to other financial periods of the business.
Application for Suspension of Contribution
� You may apply for suspension of payment of mandatory contributions.
� Upon application approval, the mandatory contributions will be suspended (No refund on prior contributions).
Reporting of relevant income
After suspending contributions, you are still required to report the relevant income to Manulife at least 30 days before the end of each scheme year i.e. 31st of March. Simply follow the instructions on our notice which will be sent in January of each year and submit the evidence of relevant income accordingly.
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2.2.3.2 Resuming Mandatory Contributions
Once you receive a Notice of Assessment showing profits, you should send a copy of it to Manulife immediately, indicating your name and member account number. If the amount of profits is equal to or more than HK$85,200 per annum, you should make mandatory contributions in the same manner as before. In other words, you should pay contributions on or before the contribution due date after you have submitted the copy of the notice of assessment reflecting the profits. The amount of mandatory contributions made should be based on the amount of relevant income before you suspended contributions. 2.2.3.3 Resuming Voluntary Contributions
If you want to resume your voluntary contributions, please specify it clearly when submitting the copy of your Notice of Assessment.
2.2.4 Tax Deduction Benefit
Same as relevant employee members, self-employed persons will be entitled to a tax deduction for the mandatory contributions made to the scheme up to a permitted maximum level. Please refer to Table 3 above for details. You may also refer to Section 2.3.2 regarding the tax benefits applicable to Tax Deductible Voluntary Contributions.
2.3 Non-employment Linked Contribution Accounts
The MPF system aims at providing retirement protection for Hong Kong's workforce. Why not make use of the MPF platform and invest with a tool that you are familiarized with! As your employee benefit service provider, we are pleased to offer a solution for your medium to long-term and long term saving objectives - Flexi Retirement Contribution
(FRC) and Tax Deductible Voluntary Contributions (TVC), respectively. Both facilities allow you to make additional contributions of your own choice without involving the employer, you can also enjoy: � Hassle-free investment – they are arranged in the same manner as other MPF
contributions under our scheme. Members simply need to choose from the same array of funds that are available in our MPF scheme and decide their investment choice for contributions.
� Total control - Members can decide to make the fixed monthly contribution or an additional contribution by lump sum basis. Contributions can be made directly to the FRC/ TVC account without going through the employer.
� Investment expertise - Our investment managers will help members manage their
investments in the sub-scheme in a professional manner. With the traits of dollar-cost averaging, regular investments may help members minimize the short-term effects of volatile markets.
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� Convenience - Members can access the account information, check contribution record anytime, anywhere via our e-Service platform on internet and the Manulife MPF/Pension mobile App.
� Earn bonus units - Eligible members may be rewarded with bonus units for some
specified funds if their FRC/ TVC balance reaches a certain level (subject to terms and conditions). Please refer to the latest promotional leaflet for more details of the bonus unit rebate.
2.3.1 Flexi Retirement Contribution (FRC)
We offer Special Voluntary Contributions, in the name of “Flexi Retirement Contribution”, which allows you to achieve your medium to long-term saving objectives at the MPF platform through voluntary means. You may also withdraw your accrued benefits to cater for any short-term financial needs you may have. Key characteristics include:
� Any relevant employee as defined under the MPFSO (aged 18 or over and below the retirement age of 65 including non-existing member of our Manulife MPF scheme) are eligible* to join and make FRC.
� Members can make contributions of as little as HK$500 per month. They may also withdraw the accumulated benefits to meet any short-term financial needs they may have#.
* The Trustee reserves the right not to accept any Flexi Retirement Contribution. # The member can make withdrawal 4 times at most in a financial year. The amount of benefits withdrawn under each request shall not be less than HK$5,000 and the remaining account balance shall not be less than HK$5,000 after withdrawal. For details of the withdrawal conditions, please refer to the MPF Scheme Brochure.
For making FRC, please complete and return the “Application for Participation in Manulife Global Select (MPF) Scheme (Flexi Retirement Contribution Member)” to open a FRC account.
Want to fortify your retirement reserves and enjoy the tax concession simultaneously?
You may consider contributing to a TVC account.
2.3.2 Tax Deductible Voluntary Contributions (TVC) TVC account is an individual account totally independent of your employment. Any current holders of an employee contribution account, a self-employed person contribution account or a personal account of an MPF scheme, and current members of an MPF exempted ORSO scheme are eligible to join* and make TVC. * The Trustee reserves the right not to accept any Tax Deductible Voluntary Contributions TVC is your choice for long-term retirement saving with tax concession by making additional MPF contributions under the existing MPF system. The actual amount of tax saving varies and depends on your net taxable income and the applicable tax rate. Features of TVC account:
� A new and specific account under an MPF scheme for accumulating extra voluntary
contributions
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� Enjoy maximum tax-deductible amount* (currently HK$60,000) under salaries tax and personal assessment starting from the 2019/2020 applicable assessment year which is the aggregate limit for both TVC and qualifying deferred annuity premium * The maximum tax-deductible amount is subject to regular review by the Mandatory Provident Fund Schemes Authority (“MPFA”), and the corresponding legislative amendment.
� Accrued benefits under a TVC account are subject to all existing MPF mandatory contribution vesting and preservation requirements
� Withdrawal upon retirement at age 65 or on other statutory grounds under the MPF
legislation (please refer to Section 4.1 for details)
For our customer who prefers to have self-service experience, we have also developed a new innovative online platform. Our online platform, BuySimple.hk, does not only effectively enable customers to learn more about TVC and get an estimation of tax savings, but also allows TVC application and payment in a digital way. To enroll for TVC, you may make the application via Manulife e-platform (www.BuySimple.hk) or complete and return the “Application for Participation in Manulife Global Select (MPF) Scheme (Tax Deductible Voluntary Contributions)”.
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2.3.3 Comparison between Different Types of Voluntary Contributions
To facilitate you in making a choice suitable for your unique needs in retirement planning, the key features of FRC, TVC and EEVC under Manulife Global Select (MPF) Scheme have been summarized in the below table for comparison purpose:
FRC TVC Employee VC
Tax Concession Nil
The maximum tax-deductible amount is HK$60,000 starting from the 2019/2020 assessment year. This is the aggregate limit for both TVC and qualifying deferred annuity premium.
Nil
Eligibility
An relevant employee under the existing MPF system
Current holders of an employee contribution account, a self-employed person contribution account or a personal account of an MPF scheme, or current members of an MPF exempted ORSO scheme
Current holders of an employee contribution account of Manulife Global Select (MPF) Scheme
Choice of scheme
Based on members’ own choice Based on employers’ own choice
Transferability Generally not transferrable
Can only transfer all accrued benefits between TVC accounts of MPF schemes
Generally transferable upon termination of employment or through Employee Choice Arrangement (ECA)*
Withdrawal
Up to 4 times per scheme year is permitted. For details, please refer to the MPF Scheme Brochure
Subject to preservation requirement. Withdrawal can only be made upon retirement at age 65 or on other statutory grounds under the MPF legislation
Generally can only be withdrawn upon termination of employment*
Contribution Level
The minimum amount of monthly contribution is HK$500. The minimum amount of lump sum contribution is HK$5,000
The minimum amount of monthly contribution is HK$300. The minimum amount of lump sum contribution is HK$3,000
Subject to the agreement between employer and employee*
Contribution Mode On regular and/or lump sum basis Generally on regular basis and made to the trustee via employer*
* Subject to the rules of the Manulife Global Select (MPF) Scheme.
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SECTION 3: MANAGING YOUR MPF ACCOUNT
3.1 Know Your Benefit
At Manulife, we pride ourselves on our service for customers. Please refer to Section 7 for the various channels through which we deliver quality services to our member. 3.1.1 Member Benefit Statement
Under the Mandatory Provident Fund Schemes (General) Regulation, trustees are required to provide members with annual benefit statements within 3 months after the end of each scheme year. In the statement, you will find information including the fund balance of each of your investment sub-accounts, your current investment allocation percentages and record of contributions received. You should keep the statement for future reference. Manulife strives to provide you an easy and efficient way in managing your MPF account. With the registered use of e-Statement and e-Notice,
• you can view and download the Member Benefit Statement and the relevant documents (“e-Statements”) on our customer website anytime.
• eAlert notifications will be sent to you once an updated e-Statement or e-Notice is available so that you can grasp the latest information.
• to facilitate your record keeping, e-Statements (depending on document type) are retained online for up to 27 months.
You may update your e-Statement setting online via your eMPF account anytime, to opt for e-Statement and e-Notice Service. If you have not yet opted for e-Statement and e-Notice Service, this statement will be mailed to your correspondence address according to our latest record. Whenever you change your contact information, including address, phone number or email address, you can update it online by log in to www.manulife.com.hk, click on "Account Setting" and go to "Update Contact Information" to update your personal profile. You can also inform us by filling in the "Change of Contact Details Form". 3.1.2 Fund Fact Sheet
We publish Fund Fact Sheet detailing: � General investment climate � Asset allocation for various funds � Cumulative performance � Fund managers' comments A copy of the Fund Fact Sheet is sent together with your annual benefit statement. You may also view the latest issue which is updated quarterly, on our customer website.
3.1.3 Investment Seminar
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To gain more insights from our investment managers, don't miss our investment seminars for members. This is an ideal opportunity for you to find out about the latest market trends and raise your questions to the professionals. Please check the latest seminar schedule on our customer website.
3.1.4 Electronic Services Our various options of electronic services, Smart Call (852) 2108 1313 (Interactive Voice Response System), our website www.manulife.com.hk and MPF/Pension Mobile App provide useful channels for you to monitor your member account with the following information: � Fund balance � Current investment allocation (Available on website and Smart Call) � Last contribution date and amount you have contributed � Most current fund unit prices and interest rate � MPF Fund Price Alert service (Available on website and Mobile App) � Illustrated account details in simple graphics (Available on website and Mobile App) � Access to Member Benefit Statement and other e-Statements(Available on website
only) 3.2 Fund Choice Management
3.2.1 A Wide Array of Funds for Your Choice
We offer the Default Investment Strategy (“DIS”) and a total of 29 constituent funds for members’ choice under the Scheme.
� Default Investment Strategy
The DIS is a ready-made investment arrangement that uses two constituent funds, namely the Manulife MPF Core Accumulation Fund (“CAF”) and the Manulife MPF Age 65 Plus Fund (“A65F”), to manage your investment exposure by automatically reducing the risk as you approach retirement age. For more details of the DIS including its automatic de-risking features, key risks and fee level, please refer to the MPF Scheme Brochure. In general, for members who do not make a fund choice for their MPF account, their future contributions and accrued benefits transferred from another MPF scheme will be invested in the DIS.
� Investment Choice by Fund(s) Members may also choose from a total of 29 constituent funds when making investment choice for their account. The above two constituent funds under the DIS are available as individual investment choice for members. Please note that the above de-risking will not apply where you have chosen the CAF and A65F as individual fund choices (rather than as part of DIS). For details of each of the constituent funds, please refer to the MPF Scheme Brochure of the Scheme or the related information which is available on our website. 3.2.2 Monitoring Fund Performance
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The latest fund price of all unitized constituent funds and the interest rate declared for the Manulife MPF Interest Fund under the scheme is published on Manulife’s website and in two leading local newspapers, namely the Hong Kong Economic Times and the Standard.
You can also obtain the latest updates on MPF fund performance by reviewing the Monthly Fund Summary, and the Fund Fact Sheet that is updated quarterly. Both are available via our website.
Manulife also provides the MPF Fund Price Alert service. You may login to your account and specify the target fund price for the funds on your watch list. Once reached, an alert message will be sent to you via your registered e-mail address.
3.2.3 How to Perform Fund Switching?
Manulife strives to provide you a flexible and convenient way in managing your MPF investment. You can either change your investment mandate for the future contributions or adjust your existing investment portfolio by placing the following instructions:
i. Change Investment Instruction (for future contributions)
ii. Fund Switching Instruction (for past accumulations)
a) Fund-to-Fund Switch b) One- time Rebalancing (only available via website)
You can place your investment instruction(s) according to your needs by one of the below channels;
Channel
Instruction
Website
www.manulife.com.hk
Smart Call Service on (852) 2108 1313
Admin Form*
i. For future contributions
Contribution Investment Instruction � � �
ii. For past accumulations
Fund-to-Fund Switch � � �
One-time Rebalancing � � � * The "Manulife Global Select (MPF) Scheme Contribution Investment Instruction / Fund Switching Instruction" form can be found on our website, or you may call our hotline to obtain one.
Before submitting any fund switching request, you should note the followings: � Decide whether you would like to have the instruction for future contributions or past
accumulations. If you intend to do both, please note that you are required to give separate instructions for online requests.
� Review your fund portfolio through the Smart Call Service on (852) 2108 1313, our website at www.manulife.com.hk or our Mobile App.
� The allocation or transfer percentage in any one fund must be in whole number and not less than 5% of your portfolio.
3.2.4 Fund-Switching Confirmation Notice
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After the fund-switching instructions are completed, "Confirmation of Investment Instructions" for change of fund choice in respect of future contributions; or "Confirmation of Transfer of Fund Accumulations" for transfer of past accumulations will be made available for your reference. You should examine and report to Manulife at once should there be any error found therein. If your requests are submitted via our member website, the above said confirmations can be found online. If your requests are submitted via IVR or in writing using our prescribed forms, we will mail the confirmations to you accordingly.
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SECTION 4: WITHDRAWAL AND TRANSFER OF ACCRUED BENEFITS 4.1 Withdrawal of Accrued Benefits
4.1.1 Grounds for Withdrawal
The MPF System is introduced to help members of the workforce save for their retirement. However there are also circumstances under which accrued benefits may be paid before the attainment of retirement age. Below are the various grounds on which you may withdraw your benefits: � Retirement
This applies if a person has reached age 65. However, you may opt to continue investing your accrued benefits in the Scheme if you wish to do so. Each year, we will remind you of your option to either cash out your accrued benefits or leave them in the Scheme. You can follow the instructions in the reminder and inform us of your choice.
� Early Retirement
This applies if a person has reached age 60 and has ceased all employment or self-employment with no intention of becoming employed or self-employed again.
� Permanent Departure from Hong Kong
This applies to a person who: � departed / will depart from Hong Kong to reside elsewhere with no intention of
returning for employment or to resettle in Hong Kong as a permanent resident; � has not previously claimed payment for any accrued benefit in any registered
scheme on the ground of permanent departure from Hong Kong on an earlier departure date.
� Total Incapacity
This applies if a person is permanently unfit to perform the kind of work under his contract of employment and this is certified by a registered medical practitioner or a registered Chinese medicine practitioner.
� Death
Claims of payment should be made by the personal representative shown on the Letter of Probate or Letter of Administration.
� Small Balance Account
� Claimant's accrued benefits must not exceed HK$5,000. � As at the date of the claim, at least 12 months have elapsed since the contribution
day in respect of the latest contribution period for which a mandatory contribution is required to be made to any registered scheme.
� No accrued benefits kept in any other registered scheme. � Claimant does not intend to become employed or self-employed.
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� Terminal Illness #
This applies if a person is suffering from terminal illness with life expectancy likely reduced to 12 months or less as certified by a registered medical practitioner or a registered Chinese medicine practitioner.
# For claims made on the ground of terminal illness, Personal Account, Self-employed
Person or terminated Employee Members can claim for both mandatory and voluntary
contributions. For Employee Members, the portion of voluntary contributions can only
be claimed upon their cessation of employment.
For details about the eligibility for benefit withdrawal and the required documents, please refer to the applicable claim forms prescribed by the MPFSO or provided by Manulife. 4.1.2 Withdrawal Options Members may withdraw accrued benefits on one of the above grounds as specified under 4.1.1 in a lump sum. Effective February 1, 2016, members who lodge claims on the ground of retirement or early retirement are offered one more option as to withdraw accrued benefits either by instalments or in a lump sum. In general, within 30 days after the date on which the claim is lodged, and provided that complete documents and forms are furnished, Manulife will send a benefit payment cheque with a Benefit Payment Statement, which contains information such as the total amount paid and the details of any expenses relating to the payment made, to the member (or personal representative of the deceased in case of death claim).
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4.2 Transfer of Accrued Benefits Important Note: If you wish to transfer your accrued benefits from one MPF scheme to another, please be aware of how the transferred-in benefits will be invested. In general, the transferred-in benefits will be invested according to the default investment strategy (“DIS”) if you have not given any investment instructions for the transferred-in benefits of the account to the new trustee. Please approach your new trustee to seek clarification, where necessary. 4.2.1 Transfer of Accrued Benefits upon Cessation of Employment /
Self-employment
When you terminate employment with your employer or cease to be self-employed, you may refer to the following options for treatment of your accrued benefits:
*Advantages of keeping your accrued benefits in a Manulife personal account: � You can retain your existing investment portfolio in a personal account of the same
scheme, and therefore minimize the risk for fund surrender amid the volatile market. � You can continue to enjoy the existing privileged customer services by Manulife. #Please note that if there are outstanding contributions / surcharges in respect of your account, information regarding the outstanding amount and the respective covered period(s) will be set out in the transfer statement for your reference.
Option A* Retain in a Personal Account
under Manulife’s Scheme
Option B Transfer to your
New Employer’s Scheme
Option C Transfer to another Scheme
of your Choice
Complete the form “Scheme Member’s Request for Fund Transfer Form” and send it by post to:
Option A: Manulife Employee Benefits Provident Funds Services,
Manulife (International) Limited, 21/F., Tower A,
Manulife Financial Centre, 223 - 231 Wai Yip Street, Kwun Tong,
Kowloon, Hong Kong
Option B: Your New
Employer
Who will in turn send the form to the new trustee to notify Manulife to effect
the transfer
This will effect the transfer of your accrued benefits to
Manulife Personal Account
Option C: The Trustee
of your Selected Scheme
Who will in turn notify Manulife
to effect the transfer
You will receive a transfer statement# and/or transfer confirmation showing the
details of your accrued benefits transfer.
Within 30 days upon receipt of all completed documents, Manulife will transfer the accrued benefits according to your
instruction.
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Any subsequent payment made to your account regarding the outstanding sum by your former employer will be automatically handled in accordance with your previous request. The details will also be explained in a separate transfer statement for your reference.
If you do not submit the "Scheme Member’s Request for Fund Transfer Form"
within 3 months after Manulife is being notified of your termination of employment
from your former employer or your last date of employment (whichever is later), Manulife will act in accordance with the Mandatory Provident Fund Schemes (General) Regulations and transfer the accrued benefits to a Manulife Personal Account (which will be newly set up if you do not have an existing personal account under the Scheme). You will receive another Member Account number pertaining to your newly set up personal account. A transfer statement and a transfer confirmation will be sent to you upon completion of the transfer of accrued benefits. In accordance with the MPFSO, your contribution investment instruction for future contributions or transferred-in benefits will be invested according to the DIS if no contribution investment instruction regarding the personal account is received from you. On the other hand, the accrued benefits transferred into the personal account will continue to be invested in the same funds as that for the terminated contribution account. 4.2.2 Transfer of Accrued Benefits during Employment
(Employee Choice Arrangement with effect from Nov 1, 2012)
When you are under employment, you may elect to transfer part of your accrued benefits from your contribution account by Employee Choice Arrangement once per calendar
year*. The table below shows the sub-accounts keeping the mandatory contributions in a contribution account and the transferability of the accrued benefits from each of these sub-accounts during an employee’s current employment:
Sub-accounts in an employee’s
contribution account
Transferability after ECA
Employer mandatory contributions under current employment (ERMC)
Not transferable (Must be retained in scheme chosen by
employer)
Employee mandatory contributions under current employment (EEMC)
Transferable in a lump sum to an MPF personal account once per calendar
year*
Mandatory contributions from former employment(s) or self-employment
(if any) (FRMC)
Transferable in a lump sum to an MPF personal account or contribution account
anytime
Note: The governing rules of the scheme provided by Manulife only allow transfer of accrued benefits derived from mandatory contributions during employment. Transfer of accrued benefits from voluntary contributions during employment is not allowed. *For the permitted number of transfer per calendar year, and the transferability of voluntary contribution from other schemes to Manulife’s scheme, please refer to the governing rules of the original scheme concerned.
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To make a transfer by Employee Choice Arrangement, you can simply fill in the “Employee Choice Arrangement – Transfer Election Form” and return it to Manulife or the trustee of your selected scheme. Please read the “Guide to Transfer Benefits under Employee Choice Arrangement” before you fill in the form.
4.2.3 Transfer of Accrued Benefits for Tax Deductible Voluntary Contributions
(“TVC”) (with effect from Apr 1, 2019)
Transfer of TVC among MPF schemes can be made by election for ALL balance to your chosen TVC account at any time. To make a TVC transfer to Manulife, you can simply fill in the "Scheme Member's
Request for Transfer of TVC" (Form MPF(S)-P(T))” and return it to us for process. If you are not an existing TVC member of Manulife Global Select (MPF) Scheme, please submit a Application for Participation in Manulife Global Select (MPF) Scheme (Tax Deductible Voluntary Contributions) together with the Form MPF(S)-P(T).
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SECTION 5: PERSONAL ACCOUNT A "Personal Account" is an account in which accrued benefits in respect of any transfer made by ECA, former employment or former self-employment of a scheme member are held. Upon cessation of employment / self-employment, you may choose from one of the below options for treatment of your accrued benefits. Option A: Retain in a Personal Account of a Manulife's current scheme Option B: Transfer to your new employer's new scheme if you are subsequently being
employed Option C: Transfer to another scheme of your choice Option A allows you to retain your accrued benefits with Manulife under a Personal Account in current scheme. (see section 4.2.1) If you hold a Contribution Account in another scheme, you may also choose to consolidate your accrued benefit by transferring part of your accrued benefits from your Contribution Account to a Personal Account by Employee Choice Arrangement (see section 4.2.2). 5.1 Consolidate Your MPF Accrued Benefits
Combining Personal Accounts to create larger accumulations and longer MPF relationship with us may benefit you to a privileged rate on the management fees for specified funds. It will be credited to the personal account monthly. Please refer to the latest promotional leaflet for more details of the Privileged Rates Program. This will mean extra gains for your MPF accumulations. So, it makes good sense to consolidate your MPF accrued benefits from current or previous employment to your Manulife Personal Account. Members may simply fill in the “Scheme Member’s Request for Account Consolidation
Form” (Form MPF(S) – P(C)) and send it to Manulife. We will then arrange with your previous service provider(s) to transfer accrued benefits in your other personal account(s) to Manulife. 5.2 Setting Up A Personal Account with Manulife
Simply complete a Personal Account Application Form together with a “Scheme Member’s Request for Fund Transfer Form” and/or “Employee Choice Arrangement (“ECA”) – Transfer Election Form” and return to us. Upon receipt of the completed forms, Manulife will arrange for the transfer and send a Transfer Confirmation to you once the transfer benefits are received and allocated. You will also receive a member account number pertaining to your personal account once it is set up. To obtain a Personal Account Application package and for any queries about setting up of a personal account with Manulife, you are welcome to contact your MPF intermediary or call our Member Hotline on (852) 2108 1388.
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SECTION 6: ADMINISTRATIVE FORMS
Our administrative forms are provided for you to update your records and manage your account. You can download the forms by log in to www.manulife.com.hk to obtain the forms. You can also obtain these forms by using our fax-on-demand facilities via our Smart Call Service on (852) 2108 1313 or simply contact your MPF intermediary or call our Member Hotline on (852) 2108 1388 for assistance. For prompt processing, we highly recommend you make your request for “Change of Contact Information” or “Fund Choice Management” through our online services.
SECTION 7: MANULIFE AT YOUR SERVICE
You are always welcome to contact us via the following channels: 7.1 Manulife Smart Call (852) 2108-1313
Through our Smart Call Service (interactive voice response system), you can check your up-to-date fund balance as well as fund prices and arrange fund-switching as desired.
Service hours 24 hours everyday including Sundays and Public Holidays
7.2 Member Hotline (852) 2108 1388 Our professional customer service staff are at pleasure to answer inquiries and provide any necessary assistance.
Service hours Monday ~ Friday: 9:00 a.m. to 6:00 p.m. Service is not available on non-working days (Saturday, Sunday and Public Holidays)
You can also refer below Manulife Member Hotline Call Menu to obtain the details of our services and connect with your desired location in easier way.
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7.3 Manulife Customer Website
Our online service on internet makes time and space boundless and it supports you in performing the following functions:
� Update contact information, change username or PIN � View account balance with graphical illustration of account details � Make investment instruction and perform fund switching � Set fund price alert instruction � Check last contribution details � View Transaction Log � View other information, such as your Manulife Advisor, Forms, Manuals and
Frequently Asked Questions � Opt for e-Statement and e-Notice Service to receive our documents by
electronic means New users can simply register online and request a PIN instantly via SMS on registered mobile number or e-mail.
7.4 Manulife MPF/Pension Mobile App
As a member of Manulife MPF and/or Pension scheme, you can view the latest information on your account, anytime, anywhere via this App!
Key features:
• Check your account balance by fund(s) and account movement with investment gain/loss
• Review your contribution history for the past 24 months • Setup fund price alert instruction(s) for specific fund(s) and push notification will
be sent when the target unit price(s) has been reached • Touch Login Service* is now available that allows you access your account with a
single tap!
* Touch Login Service is only available on Apple devices with Touch ID and operates on iOS 10.0 or above.
Support Version: iOS 10.0 or above / Android 6.0 and 7.0
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7.5 Customer Service Centre
Kwun Tong -
21/F., Tower A, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong
Causeway Bay
23/F Lee Garden One 33 Hysan Avenue, Causeway Bay Hong Kong
Service Hours: Monday to Friday 9:00am to 6:00pm Closed on Saturday, Sunday and Public Holidays 7.6 Office of Employee Benefits Department
21/F., Tower A, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong
7.7 Quality Intermediary Service
Should you need a more in-depth understanding of our MPF scheme, our registered MPF intermediaries are always ready and willing to provide support to you. They are all well trained professionals offering exemplary standard of service.
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