OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - CHAPTER 426 OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - LONG TITLE Long title VerDate:01/07/1997 Adaptation amendments retroactively made - see 25 of 1998 s. 2 An Ordinance to establish a registration system for certain occupational retirement schemes, to ensure that such schemes are properly regulated, to make certain matters relating to such schemes whose proper law is not the law of Hong Kong justiciable in the Court of First Instance, and to provide for related matters. (Enacted 1992. Amended 25 of 1998 s. 2) [The Ordinance other than section 3 } 15 October 1993 Section 3 } 16 October 1995 L.N. 407 of 1993] (Originally 88 of 1992) OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - LONG TITLE Long title VerDate:30/06/1997 To establish a registration system for certain occupational retirement schemes, to ensure that such schemes are properly regulated, to make certain matters relating to such schemes whose proper law is not the law of Hong Kong justiciable in the High Court, and to provide for related matters. (Enacted 1992) [The Ordinance other than section 3 : 15 October 1993 Section 3 : 16 October 1995 L.N. 407 of 1993] (Originally 88 of 1992) OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 1 Short title VerDate:30/06/1997 PART I PRELIMINARIES AND RESTRICTION ON OPERATION OF OCCUPATIONAL RETIREMENT SCHEMES (1) This Ordinance may be cited as the Occupational Retirement Schemes Ordinance. (2)-(4) (Omitted as spent) (Enacted 1992) OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 2 Interpretation VerDate:08/09/2004 (1) In this Ordinance, unless the context otherwise requires- "accrued rights" (累算權益) means, in relation to a member of an occupational retirement scheme, the rights for the time being conferring entitlement to the receipt by or in respect of him of benefits under the scheme, being the benefits arising as regards the member by reference to the scheme's past service liability to him, on the day concerned; "actuary" (精算師) means- (a) a Fellow of the Faculty of Actuaries of Scotland; (b) a Fellow of the Institute of Actuaries of England; (c) a Fellow of the Society of Actuaries of the United States of America; (d) a Fellow of the Institute of Actuaries of Australia; and (e) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a person described in paragraph (a), (b), (c) or (d); "administrator" (管理人) means- (a) in the case of a scheme or pooling agreement governed by a trust, the trustee concerned; (b) in the case of a scheme or pooling agreement which is the subject of or regulated by an insurance arrangement, the insurer concerned; (c) in any other case, the person who is principally responsible for the management of the scheme and its assets otherwise than as a person who is solely concerned with the investment or custody of the assets; "aggregate past service liability" (過去服務總負債) means, in relation to a particular day and a particular occupational retirement scheme, the aggregate of the values of the past service liability arising on that day under the scheme as regards every member thereof added together; "aggregate vested liability" (既有總負債) means, in relation to a particular day and a particular occupational retirement scheme, the aggregate of the values of the vested liabilities arising on that day under the scheme as regards every member thereof added together; "Appeal Board" (上訴委員會) means the Occupational Retirement Schemes Appeal Board constituted under section 62; "associate" (有關連人士) means, in relation to an employer- (a) the spouse or a parent, child, grandparent, grandchild, sister or brother of that employer; (b) a body corporate of which that employer is a director or a shareholder who is entitled, whether directly or indirectly, to exercise or control the exercise of 20% or more of the voting power at any general meeting of that body corporate; (c) any person who is a partner of that employer; (d) if that employer is a body corporate- (i) any director of that body corporate; (ii) any body corporate which is- (A) a subsidiary; (B) the holding company; or (C) another subsidiary of the holding company, of the employer; (iii) any director of any such subsidiary or holding company; and (iv) the spouse or a parent, child, grandparent, grandchild, sister or brother of a director referred to in subparagraphs (i) and (iii); or (e) such other persons as may be specified by the Registrar by rules made under section 73(1); "auditor" (核數師) means- (a) a Hong Kong accountant; or (b) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a Hong Kong accountant; "authorized insurer" (獲授權保險人) means a person who is an insurer within the meaning of the Insurance Companies Ordinance (Cap 41) and who is authorized under section 8 of that Ordinance, or is deemed under section 61(1) or (2) of that Ordinance to be so authorized, to carry on insurance business; "company" (公司) means a company within the meaning of the Companies Ordinance (Cap 32); "consultative committee" (諮詢委員會) means a committee constituted under section 34; "country" (國家) includes any state, province or any territorial entity or part which partly comprises the country; "the court" (法院) means the Court of First Instance within the meaning of the High Court Ordinance (Cap 4); (Amended 25 of 1998 s. 2) "declared return" (已公布收益) means, in relation to contributions to the funds of a defined contribution scheme, the interest or return on such contributions which stands credited from time to time to the individual account of a member of the scheme in calculating the amount to which he is entitled under the terms of the scheme and if the facts in any particular case so dictate and the rules of the scheme so permit "declared return" includes negative return; "defined benefit scheme" (界定利益計劃) means an occupational retirement scheme which is not a defined contribution scheme; "defined contribution scheme" (界定供款計劃) means an occupational retirement scheme which provides that the amount of a benefit under the scheme is to be an amount determined solely by reference to- (a) the contributions to the scheme's funds by or in respect of the member concerned and any declared return in respect of such contributions (where such return may be subject to a minimum guaranteed rate but is otherwise unascertainable before it is declared); and (b) where appropriate, the qualifying service and age of the employee; "designated person" (指定人士) in relation to an occupational retirement scheme means a person who has given an undertaking referred to in section 15(f), 38 or 39(3) as regards the scheme and has not been released under section 40; "director" (董事) includes- (a) any person who occupies the position of a director, by whatever name called; (b) any person in accordance with whose directions or instructions the directors of a corporation are accustomed to act; and (c) in the case of a body of persons which- (i) is incorporated or otherwise established in any manner whatsoever by or under the laws of a country, territory or place outside Hong Kong; or (ii) has its principal place of business in such a country, territory or place, any person who occupies a position analogous to that of a director of a company within the meaning of the Companies Ordinance (Cap 32); (Amended 31 of 1999 s. 3) "document" (文件) includes material used in connection with or produced by any equipment which- (a) automatically processes information; (b) automatically records or stores information; (c) can be used to cause information to be automatically recorded, stored or otherwise processed on other equipment; and (d) can be used to retrieve information, whether the information is recorded or stored in the equipment itself or in other equipment; "domicile" (本籍) means, in relation to an occupational retirement scheme or trust, the country, territory or place by whose system of law the scheme or trust is governed; (Amended 31 of 1999 s. 3) "exempted scheme" (獲豁免計劃) means an occupational retirement scheme for which the Registrar has issued an exemption certificate under section 7 and any withdrawal under section 12 has not come into effect; (Added 53 of 1995 s. 2) "exemption certificate" (豁免證明書) means a certificate issued under section 7(1); "existing" (現有) means existing immediately before the commencement of section 1; "full certificate" (足額證明書) means an actuarial certificate certifying in the manner described in paragraph 1(a) or 2(a) of Part 3 of Schedule 1 or Part 1 of Schedule 2; "function" (職能) includes power and duty, and performance of a function includes exercise of a power and discharge of a duty; "group scheme" (集團計劃) means an occupational retirement scheme formed by a grouping of companies in accordance with section 67; (Added 53 of 1995 s. 2) "holding company" (母公司) means, in relation to an employer- (a) (where the employer is a company) a company of which the employer is a subsidiary; (b) (where the employer is not a company but is a body of persons otherwise incorporated or established in Hong Kong or elsewhere) any other body of persons appearing to the Registrar to be analogous to a company of which the employer would be a subsidiary were the employer a company within the meaning of the Companies Ordinance (Cap 32); "Hong Kong accountant" (香港會計師) means a certified public accountant registered under the Professional Accountants Ordinance (Cap 50) who holds a valid practising certificate within the meaning of that Ordinance; (Amended 23 of 2004 s. 56) "Hong Kong domiciled scheme" (以香港為本籍的計劃) means an occupational retirement scheme the domicile of which is Hong Kong; "Hong Kong permanent identity card holder" (香港永久性居民身分證持有人) means a person holding a permanent identity card within the meaning of the Registration of Persons Ordinance (Cap 177); "insurance arrangement" (保險安排) means an agreement or arrangement- (a) made in respect of an occupational retirement scheme with an authorized insurer under which the insurer is responsible for managing the scheme; and (Amended 59 of 1993 s. 20) (b) which is of a class or description specified in rules made by the Registrar; "liquidator" (清盤人) means a liquidator appointed under section 49; "member" (成員) includes, in relation to an occupational retirement scheme, an individual who is entitled or prospectively entitled to benefits under the scheme by virtue of- (a) his employment by the relevant employer (whether past or present) of the scheme; or (b) an agreement made between the relevant employer of the first-mentioned scheme and the relevant employer of another occupational retirement scheme of which such individual was formerly a member, whether or not such individual is a party to the agreement, and where appropriate, "member" also includes the estate of a deceased member; "occupational retirement scheme" (職業退休計劃) means subject to subsection (6) any scheme, not being a contract of insurance under which benefits are payable only upon the death or disability of the insured, which- (a) is comprised in one or more instruments or agreements; and (b) has or is capable of having effect in relation to one or more descriptions or categories of employment so as to provide benefits, in the form of pensions, allowances, gratuities or other payments, payable on termination of service, death or retirement, to or in respect of persons gainfully employed (whether in Hong Kong or elsewhere) under a contract of service in any employment, and includes, where the context admits, a proposed such scheme; "offshore scheme" (離岸計劃) means an occupational retirement scheme the domicile of which is a country, territory or place outside Hong Kong; (Amended 31 of 1999 s. 3) "participating scheme" (參與計劃) means, in relation to a pooling agreement, an occupational retirement scheme to which the agreement applies; "partner" (合夥人) means a member of a partnership formed under the law of Hong Kong or the law of any country, territory or place outside Hong Kong; (Amended 31 of 1999 s. 3) "past service liability" (過去服務負債) means, in relation to a particular day and a particular member of an occupational retirement scheme- (a) (in case the scheme is a defined contribution scheme) the aggregate of the contributions paid or payable under the scheme by the relevant employer and (where appropriate) by the member, in respect of that member during the period beginning when his membership commenced and ending on that particular day, and the amount of any declared return on such contributions including any guaranteed return paid or payable pursuant to the scheme; or (b) (in case the scheme is a defined benefit scheme) the value on that particular day, as determined by an actuary, of the benefit entitlement under the scheme of, or in respect of, the member which, having regard to his qualifying service, could reasonably be expected to be received prospectively or contingently or, where appropriate, both; the actuary having made a reasonable allowance for the effects of mortality, what he considers to be prospective future salary increases, withdrawal from service rates and such other factors (if any) as he considers relevant, and in this definition "contributions" (供款) and "benefit entitlement" (利益享有 權) include, in relation to a member who was a member of another occupational retirement scheme before joining the first-mentioned scheme, such contributions or benefit entitlement which stood to his credit under the second-mentioned scheme as were transferred in accordance with the terms of the first-mentioned scheme and stood thereunder to his credit upon his joining the first-mentioned scheme and where such transfer occurs, "membership" (成員) in relation to that member includes such period of membership in the second-mentioned scheme as is counted towards membership of the first-mentioned scheme; "prescribed fee" (訂明費用) means a fee prescribed in rules made by the Registrar; "qualified certificate" (不足額證明書) means an actuarial certificate certifying in the manner described in paragraph 1(b) or 2(b) of Part 3 of Schedule 1 or Part 2 of Schedule 2; "qualifying service" (可享利益服務年資) means, in relation to a member of an occupational retirement scheme, the period of service by reference to which his benefits under the scheme are ascertained; "the register" (註冊紀錄冊) means the register kept in accordance with section 6; "registered scheme" (註冊計劃) means an occupational retirement scheme which is for the time being registered under section 18; "registered trust company" (註冊信託公司) means a company which is for the time being registered under Part VIII of the Trustee Ordinance (Cap 29); "Registrar" (處長) means the Mandatory Provident Fund Schemes Authority; (Replaced 4 of 1998 s. 4) "registration" (註冊) means registration under section 18; "relevant employer" (有關僱主) means, in relation to an occupational retirement scheme, the employer who provides the employment which entitles or enables the employee to be a member of the scheme; "restricted investment" (受限制投資項目) has the meaning assigned to it by section 27; "security" (證券) means any share, loan or other stock, debenture, fund, or any bond or notes of, or issued by (or on behalf of) any body (whether established or extant in Hong Kong or elsewhere and whether corporate or unincorporated) and includes- (a) any right, option or interest (whether described as a unit or otherwise) in or in respect of any of the foregoing; (b) any certificate of interest or participation in, or temporary or interim certificate for, receipt for, or warrant to subscribe to or purchase any of the foregoing; or (c) any instrument commonly known as a security; "solicitor" (律師) means a solicitor within the meaning of the Legal Practitioners Ordinance (Cap 159); "subsidiary" (附屬公司) means, in relation to an employer- (a) where the employer is a company and there is another company which, pursuant to section 2 of the Companies Ordinance (Cap 32), is for the purposes of that Ordinance deemed to be a subsidiary of the employer, the other company; (b) where an employer is not a company but is a body of persons otherwise incorporated or established in Hong Kong or elsewhere, any other body of persons, appearing to the Registrar to be analogous to a company which would be so deemed to be a subsidiary of the employer were the employer a company within the meaning of the Companies Ordinance (Cap 32); "vested benefit" (既有利益) means, in relation to a particular day and a particular member of an occupational retirement scheme- (a) in case the member is employed on that day by the relevant employer of the scheme, the benefit which under the scheme the member is on that day entitled to receive, either immediately or prospectively, and also the benefit (if any) which any other person is on such day entitled so to receive in respect of such member, assuming the member had voluntarily resigned and had thereby ceased to be so employed on that day; or (b) in case the member otherwise ceased to be employed by such employer before that day, the benefit which under the scheme the member is or was on such day entitled so to receive, and also the benefit (if any) which any other person is or was on that day entitled so to receive in respect of such member; "vested liability" (既有負債) means- (a) in relation to a particular day and a particular vested benefit entitlement under a defined benefit scheme, the value on that day, as determined by an actuary, of the vested benefit; or (b) in relation to a particular day and a particular vested benefit entitlement under a defined contribution scheme- (i) the contributions paid or payable under the scheme (including any amount paid or payable by reason of a guarantee given pursuant to the scheme) by the relevant employer of the scheme, and (where appropriate) by the relevant member in respect of that member assuming he ceased to be employed by that employer on that day; and (ii) the value of any declared return on such contributions, and in this definition "contributions" (供款) and "benefit entitlement" (利益享有 權) include, in relation to a member who was a member of another occupational retirement scheme before joining the first-mentioned scheme, such contributions or benefit entitlement which stood to his credit under the second-mentioned scheme as were transferred in accordance with the terms of the first-mentioned scheme and stood thereunder to his credit upon his joining the first-mentioned scheme. (2) In relation to an offshore scheme references in this Ordinance to a trust shall be construed as references to- (a) in case the law of the domicile of that scheme includes a system or principles of equity, any relation between persons which under that system or those principles constitutes, or is treated or regarded as being, a trust; (b) in any other case, any relation in which- (i) by virtue of the law of the domicile of that scheme a person holds property for the benefit of another person; and (ii) as against all other persons, under the law of the domicile of that scheme the person so holding the property is, or is treated or regarded as being, the owner of it for all or most purposes, and references in this Ordinance to a trustee shall be construed as references to that person. (3) A person shall not be deemed to be a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act by reason only that the directors of the corporation act on advice given by him in a professional capacity. (4) In this Ordinance, "pooling agreement" (匯集協議) means an agreement or arrangement- (Amended 59 of 1993 s. 20) (a) which is- (i) governed by a single trust; or (ii) the subject of or regulated by an insurance arrangement including a series of insurance arrangements which are of the same class or description; (Amended 59 of 1993 s. 20) (b) which applies to 2 or more individual occupational retirement schemes each of which is- (i) governed by such trust; or (ii) (where appropriate) the subject of or regulated by such insurance arrangement, by virtue of such application; (c) under which, in the case of an agreement or arrangement governed by such trust, the assets of its participating schemes are vested with the administrator of the agreement or arrangement, as the case may be; (Amended 59 of 1993 s. 20) (d) which is managed, in the case of an agreement or arrangement governed by such trust, by a registered trust company; (Replaced 59 of 1993 s. 20) (e) in relation to which, and its participating schemes, proper accounts and records are kept; and (Replaced 59 of 1993 s. 20) (f) under which the value of the assets attributable to, and the liabilities of, each of its participating schemes are readily determinable from such accounts and records. (Replaced 59 of 1993 s. 20) (5) The Registrar may accept an agreement as a pooling agreement for the purposes of this Ordinance if he receives- (a) a statement by a solicitor referred to in paragraph 2(c) of Part 2 of Schedule 1; and (b) a statement by an auditor referred to in paragraph 3 of Part 2 of Schedule 1. (6) (a) A contract of employment shall not be regarded as an occupational retirement scheme by reason solely that under the contract the employer concerned agrees to pay a gratuity to the employee concerned on the termination of the contract and the period of employment to which the contract relates does not exceed 4 years. (b) Where- (i) a contract described in paragraph (a) terminates; (ii) the employee concerned is subsequently employed, whether with or without a break in service, by the same employer under another contract; and (iii) the gratuity payable under the terminated contract is not paid in full within 6 months of such termination, or though such gratuity is so paid the whole or a substantial part of it is repaid by the employee to the employer, that other contract shall be regarded as an occupational retirement scheme. (7) For the avoidance of doubt, it is hereby declared that where a registered scheme is the subject of or regulated by an insurance arrangement, the assets of the scheme are, in so far as that arrangement is concerned, any claims (including contingent and prospective claims) which may be made against the authorized insurer concerned under that arrangement. (Added 59 of 1993 s. 20) (8) For the purposes of an application for an exemption certificate under section 16 of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 sub. leg.) ("the Regulation"), where- (a) an occupational retirement scheme was established; and (b) an application for its registration under section 15 or its exemption under section 7, as the case may be, was made, within the times required to qualify as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation, if subsequently- (i) as a result of a provision of this Ordinance, an application to register the scheme again was required; or (ii) any other change to the scheme took place that is not prohibited by this Ordinance but might create doubt that it continued to qualify as such a scheme, such an application or other change shall not affect the continuity of the scheme nor its qualification as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation. (Added 52 of 1999 s. 2) (9) Without limiting subsection (8), the following shall not affect the continuity of a scheme nor its qualification as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation- (a) application for subsequent registration of a scheme where the scheme has ceased to be registered under section 23(5); (b) conversion of a scheme from being the subject of, or regulated by, an insurance arrangement into a scheme governed by a trust. (Added 52 of 1999 s. 2) (10) Notwithstanding subsection (8), where- (a) an occupational retirement scheme referred to in that subsection is terminated; and (b) the benefits payable to each member of the scheme have been paid out to such member, for the purposes of the Regulation, such a scheme shall cease to qualify as a "relevant ORSO registered scheme" under section 2 of the Regulation, and no application shall be made for an exemption certificate under section 16 of the Regulation in respect of it. (Added 52 of 1999 s. 2) (Enacted 1992) "accrued rights" (累算權益) "actuary" (精算師) "administrator" (管理人) "aggregate past service liability" (過去服務總負債) "aggregate vested liability" (既有總負債) "Appeal Board" (上訴委員會) "associate" (有關連人士) "auditor" (核數師) "authorized insurer" (獲授權保險人) "company" (公司) "consultative committee" (諮詢委員會) "country" (國家) "the court" (法院) "declared return" (已公布收益) "defined benefit scheme" (界定利益計劃) "defined contribution scheme" (界定供款計劃) "designated person" (指定人士) "director" (董事) "document" (文件) "domicile" (本籍) "exempted scheme" (獲豁免計劃) "exemption certificate" (豁免證明書) "existing" (現有) "full certificate" (足額證明書) "function" (職能) "group scheme" (集團計劃) "holding company" (母公司) "Hong Kong accountant" (香港會計師) "Hong Kong domiciled scheme" (以香港為本籍的計劃) "Hong Kong permanent identity card holder" (香港永久性居民身分證持有人) "insurance arrangement" (保險安排) "liquidator" (清盤人) "member" (成員) "occupational retirement scheme" (職業退休計劃) "offshore scheme" (離岸計劃) "participating scheme" (參與計劃) "partner" (合夥人) "past service liability" (過去服務負債) "contributions" (供款) "benefit entitlement" (利益享有權) "membership" (成員) "prescribed fee" (訂明費用) "qualified certificate" (不足額證明書) "qualifying service" (可享利益服務年資) "the register" (註冊紀錄冊) "registered scheme" (註冊計劃) "registered trust company" (註冊信託公司) "Registrar" (處長) "registration" (註冊) "relevant employer" (有關僱主) "restricted investment" (受限制投資項目) "security" (證券) "solicitor" (律師) "subsidiary" (附屬公司) "vested benefit" (既有利益) "vested liability" (既有負債) "contributions" (供款) "benefit entitlement" (利益享有權) (4) In this Ordinance, "pooling agreement" (匯集協議) OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 2 Interpretation VerDate:10/01/2000 (1) In this Ordinance, unless the context otherwise requires- "accrued rights" (累算權益) means, in relation to a member of an occupational retirement scheme, the rights for the time being conferring entitlement to the receipt by or in respect of him of benefits under the scheme, being the benefits arising as regards the member by reference to the scheme's past service liability to him, on the day concerned; "actuary" (精算師) means- (a) a Fellow of the Faculty of Actuaries of Scotland; (b) a Fellow of the Institute of Actuaries of England; (c) a Fellow of the Society of Actuaries of the United States of America; (d) a Fellow of the Institute of Actuaries of Australia; and (e) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a person described in paragraph (a), (b), (c) or (d); "administrator" (管理人) means- (a) in the case of a scheme or pooling agreement governed by a trust, the trustee concerned; (b) in the case of a scheme or pooling agreement which is the subject of or regulated by an insurance arrangement, the insurer concerned; (c) in any other case, the person who is principally responsible for the management of the scheme and its assets otherwise than as a person who is solely concerned with the investment or custody of the assets; "aggregate past service liability" (過去服務總負債) means, in relation to a particular day and a particular occupational retirement scheme, the aggregate of the values of the past service liability arising on that day under the scheme as regards every member thereof added together; "aggregate vested liability" (既有總負債) means, in relation to a particular day and a particular occupational retirement scheme, the aggregate of the values of the vested liabilities arising on that day under the scheme as regards every member thereof added together; "Appeal Board" (上訴委員會) means the Occupational Retirement Schemes Appeal Board constituted under section 62; "associate" (有關連人士) means, in relation to an employer- (a) the spouse or a parent, child, grandparent, grandchild, sister or brother of that employer; (b) a body corporate of which that employer is a director or a shareholder who is entitled, whether directly or indirectly, to exercise or control the exercise of 20% or more of the voting power at any general meeting of that body corporate; (c) any person who is a partner of that employer; (d) if that employer is a body corporate- (i) any director of that body corporate; (ii) any body corporate which is- (A) a subsidiary; (B) the holding company; or (C) another subsidiary of the holding company, of the employer; (iii) any director of any such subsidiary or holding company; and (iv) the spouse or a parent, child, grandparent, grandchild, sister or brother of a director referred to in subparagraphs (i) and (iii); or (e) such other persons as may be specified by the Registrar by rules made under section 73(1); "auditor" (核數師) means- (a) a Hong Kong accountant; or (b) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a Hong Kong accountant; "authorized insurer" (獲授權保險人) means a person who is an insurer within the meaning of the Insurance Companies Ordinance (Cap 41) and who is authorized under section 8 of that Ordinance, or is deemed under section 61(1) or (2) of that Ordinance to be so authorized, to carry on insurance business; (Amended L.N. 315 of 1998) "company" (公司) means a company within the meaning of the Companies Ordinance (Cap 32); "consultative committee" (諮詢委員會) means a committee constituted under section 34; "country" (國家) includes any state, province or any territorial entity or part which partly comprises the country; "the court" (法院) means the Court of First Instance within the meaning of the High Court Ordinance (Cap 4); (Amended 25 of 1998 s. 2) "declared return" (已公布收益) means, in relation to contributions to the funds of a defined contribution scheme, the interest or return on such contributions which stands credited from time to time to the individual account of a member of the scheme in calculating the amount to which he is entitled under the terms of the scheme and if the facts in any particular case so dictate and the rules of the scheme so permit "declared return" includes negative return; "defined benefit scheme" (界定利益計劃) means an occupational retirement scheme which is not a defined contribution scheme; "defined contribution scheme" (界定供款計劃) means an occupational retirement scheme which provides that the amount of a benefit under the scheme is to be an amount determined solely by reference to- (a) the contributions to the scheme's funds by or in respect of the member concerned and any declared return in respect of such contributions (where such return may be subject to a minimum guaranteed rate but is otherwise unascertainable before it is declared); and (b) where appropriate, the qualifying service and age of the employee; "designated person" (指定人士) in relation to an occupational retirement scheme means a person who has given an undertaking referred to in section 15(f), 38 or 39(3) as regards the scheme and has not been released under section 40; "director" (董事) includes- (a) any person who occupies the position of a director, by whatever name called; (b) any person in accordance with whose directions or instructions the directors of a corporation are accustomed to act; and (c) in the case of a body of persons which- (i) is incorporated or otherwise established in any manner whatsoever by or under the laws of a country, territory or place outside Hong Kong; or (ii) has its principal place of business in such a country, territory or place, any person who occupies a position analogous to that of a director of a company within the meaning of the Companies Ordinance (Cap 32); (Amended 31 of 1999 s. 3) "document" (文件) includes material used in connection with or produced by any equipment which- (a) automatically processes information; (b) automatically records or stores information; (c) can be used to cause information to be automatically recorded, stored or otherwise processed on other equipment; and (d) can be used to retrieve information, whether the information is recorded or stored in the equipment itself or in other equipment; "domicile" (本籍) means, in relation to an occupational retirement scheme or trust, the country, territory or place by whose system of law the scheme or trust is governed; (Amended 31 of 1999 s. 3) "exempted scheme" (獲豁免計劃) means an occupational retirement scheme for which the Registrar has issued an exemption certificate under section 7 and any withdrawal under section 12 has not come into effect; (Added 53 of 1995 s. 2) "exemption certificate" (豁免證明書) means a certificate issued under section 7(1); "existing" (現有) means existing immediately before the commencement of section 1; "full certificate" (足額證明書) means an actuarial certificate certifying in the manner described in paragraph 1(a) or 2(a) of Part 3 of Schedule 1 or Part 1 of Schedule 2; "function" (職能) includes power and duty, and performance of a function includes exercise of a power and discharge of a duty; "group scheme" (集團計劃) means an occupational retirement scheme formed by a grouping of companies in accordance with section 67; (Added 53 of 1995 s. 2) "holding company" (母公司) means, in relation to an employer- (a) (where the employer is a company) a company of which the employer is a subsidiary; (b) (where the employer is not a company but is a body of persons otherwise incorporated or established in Hong Kong or elsewhere) any other body of persons appearing to the Registrar to be analogous to a company of which the employer would be a subsidiary were the employer a company within the meaning of the Companies Ordinance (Cap 32); "Hong Kong accountant" (香港會計師) means a professional accountant registered under the Professional Accountants Ordinance (Cap 50) who holds a valid practising certificate within the meaning of that Ordinance; "Hong Kong domiciled scheme" (以香港為本籍的計劃) means an occupational retirement scheme the domicile of which is Hong Kong; "Hong Kong permanent identity card holder" (香港永久性居民身分證持有人) means a person holding a permanent identity card within the meaning of the Registration of Persons Ordinance (Cap 177); "insurance arrangement" (保險安排) means an agreement or arrangement- (a) made in respect of an occupational retirement scheme with an authorized insurer under which the insurer is responsible for managing the scheme; and (Amended 59 of 1993 s. 20) (b) which is of a class or description specified in rules made by the Registrar; "liquidator" (清盤人) means a liquidator appointed under section 49; "member" (成員) includes, in relation to an occupational retirement scheme, an individual who is entitled or prospectively entitled to benefits under the scheme by virtue of- (a) his employment by the relevant employer (whether past or present) of the scheme; or (b) an agreement made between the relevant employer of the first-mentioned scheme and the relevant employer of another occupational retirement scheme of which such individual was formerly a member, whether or not such individual is a party to the agreement, and where appropriate, "member" also includes the estate of a deceased member; "occupational retirement scheme" (職業退休計劃) means subject to subsection (6) any scheme, not being a contract of insurance under which benefits are payable only upon the death or disability of the insured, which- (a) is comprised in one or more instruments or agreements; and (b) has or is capable of having effect in relation to one or more descriptions or categories of employment so as to provide benefits, in the form of pensions, allowances, gratuities or other payments, payable on termination of service, death or retirement, to or in respect of persons gainfully employed (whether in Hong Kong or elsewhere) under a contract of service in any employment, and includes, where the context admits, a proposed such scheme; "offshore scheme" (離岸計劃) means an occupational retirement scheme the domicile of which is a country, territory or place outside Hong Kong; (Amended 31 of 1999 s. 3) "participating scheme" (參與計劃) means, in relation to a pooling agreement, an occupational retirement scheme to which the agreement applies; "partner" (合夥人) means a member of a partnership formed under the law of Hong Kong or the law of any country, territory or place outside Hong Kong; (Amended 31 of 1999 s. 3) "past service liability" (過去服務負債) means, in relation to a particular day and a particular member of an occupational retirement scheme- (a) (in case the scheme is a defined contribution scheme) the aggregate of the contributions paid or payable under the scheme by the relevant employer and (where appropriate) by the member, in respect of that member during the period beginning when his membership commenced and ending on that particular day, and the amount of any declared return on such contributions including any guaranteed return paid or payable pursuant to the scheme; or (b) (in case the scheme is a defined benefit scheme) the value on that particular day, as determined by an actuary, of the benefit entitlement under the scheme of, or in respect of, the member which, having regard to his qualifying service, could reasonably be expected to be received prospectively or contingently or, where appropriate, both; the actuary having made a reasonable allowance for the effects of mortality, what he considers to be prospective future salary increases, withdrawal from service rates and such other factors (if any) as he considers relevant, and in this definition "contributions" (供款) and "benefit entitlement" (利益享有 權) include, in relation to a member who was a member of another occupational retirement scheme before joining the first-mentioned scheme, such contributions or benefit entitlement which stood to his credit under the second-mentioned scheme as were transferred in accordance with the terms of the first-mentioned scheme and stood thereunder to his credit upon his joining the first-mentioned scheme and where such transfer occurs, "membership" (成員) in relation to that member includes such period of membership in the second-mentioned scheme as is counted towards membership of the first-mentioned scheme; "prescribed fee" (訂明費用) means a fee prescribed in rules made by the Registrar; "qualified certificate" (不足額證明書) means an actuarial certificate certifying in the manner described in paragraph 1(b) or 2(b) of Part 3 of Schedule 1 or Part 2 of Schedule 2; "qualifying service" (可享利益服務年資) means, in relation to a member of an occupational retirement scheme, the period of service by reference to which his benefits under the scheme are ascertained; "the register" (註冊紀錄冊) means the register kept in accordance with section 6; "registered scheme" (註冊計劃) means an occupational retirement scheme which is for the time being registered under section 18; "registered trust company" (註冊信託公司) means a company which is for the time being registered under Part VIII of the Trustee Ordinance (Cap 29); "Registrar" (處長) means the Mandatory Provident Fund Schemes Authority; (Replaced 4 of 1998 s. 4) "registration" (註冊) means registration under section 18; "relevant employer" (有關僱主) means, in relation to an occupational retirement scheme, the employer who provides the employment which entitles or enables the employee to be a member of the scheme; "restricted investment" (受限制投資項目) has the meaning assigned to it by section 27; "security" (證券) means any share, loan or other stock, debenture, fund, or any bond or notes of, or issued by (or on behalf of) any body (whether established or extant in Hong Kong or elsewhere and whether corporate or unincorporated) and includes- (a) any right, option or interest (whether described as a unit or otherwise) in or in respect of any of the foregoing; (b) any certificate of interest or participation in, or temporary or interim certificate for, receipt for, or warrant to subscribe to or purchase any of the foregoing; or (c) any instrument commonly known as a security; "solicitor" (律師) means a solicitor within the meaning of the Legal Practitioners Ordinance (Cap 159); "subsidiary" (附屬公司) means, in relation to an employer- (a) where the employer is a company and there is another company which, pursuant to section 2 of the Companies Ordinance (Cap 32), is for the purposes of that Ordinance deemed to be a subsidiary of the employer, the other company; (b) where an employer is not a company but is a body of persons otherwise incorporated or established in Hong Kong or elsewhere, any other body of persons, appearing to the Registrar to be analogous to a company which would be so deemed to be a subsidiary of the employer were the employer a company within the meaning of the Companies Ordinance (Cap 32); "vested benefit" (既有利益) means, in relation to a particular day and a particular member of an occupational retirement scheme- (a) in case the member is employed on that day by the relevant employer of the scheme, the benefit which under the scheme the member is on that day entitled to receive, either immediately or prospectively, and also the benefit (if any) which any other person is on such day entitled so to receive in respect of such member, assuming the member had voluntarily resigned and had thereby ceased to be so employed on that day; or (b) in case the member otherwise ceased to be employed by such employer before that day, the benefit which under the scheme the member is or was on such day entitled so to receive, and also the benefit (if any) which any other person is or was on that day entitled so to receive in respect of such member; "vested liability" (既有負債) means- (a) in relation to a particular day and a particular vested benefit entitlement under a defined benefit scheme, the value on that day, as determined by an actuary, of the vested benefit; or (b) in relation to a particular day and a particular vested benefit entitlement under a defined contribution scheme- (i) the contributions paid or payable under the scheme (including any amount paid or payable by reason of a guarantee given pursuant to the scheme) by the relevant employer of the scheme, and (where appropriate) by the relevant member in respect of that member assuming he ceased to be employed by that employer on that day; and (ii) the value of any declared return on such contributions, and in this definition "contributions" (供款) and "benefit entitlement" (利益享有 權) include, in relation to a member who was a member of another occupational retirement scheme before joining the first-mentioned scheme, such contributions or benefit entitlement which stood to his credit under the second-mentioned scheme as were transferred in accordance with the terms of the first-mentioned scheme and stood thereunder to his credit upon his joining the first-mentioned scheme. (2) In relation to an offshore scheme references in this Ordinance to a trust shall be construed as references to- (a) in case the law of the domicile of that scheme includes a system or principles of equity, any relation between persons which under that system or those principles constitutes, or is treated or regarded as being, a trust; (b) in any other case, any relation in which- (i) by virtue of the law of the domicile of that scheme a person holds property for the benefit of another person; and (ii) as against all other persons, under the law of the domicile of that scheme the person so holding the property is, or is treated or regarded as being, the owner of it for all or most purposes, and references in this Ordinance to a trustee shall be construed as references to that person. (3) A person shall not be deemed to be a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act by reason only that the directors of the corporation act on advice given by him in a professional capacity. (4) In this Ordinance, "pooling agreement" (匯集協議) means an agreement or arrangement- (Amended 59 of 1993 s. 20) (a) which is- (i) governed by a single trust; or (ii) the subject of or regulated by an insurance arrangement including a series of insurance arrangements which are of the same class or description; (Amended 59 of 1993 s. 20) (b) which applies to 2 or more individual occupational retirement schemes each of which is- (i) governed by such trust; or (ii) (where appropriate) the subject of or regulated by such insurance arrangement, by virtue of such application; (c) under which, in the case of an agreement or arrangement governed by such trust, the assets of its participating schemes are vested with the administrator of the agreement or arrangement, as the case may be; (Amended 59 of 1993 s. 20) (d) which is managed, in the case of an agreement or arrangement governed by such trust, by a registered trust company; (Replaced 59 of 1993 s. 20) (e) in relation to which, and its participating schemes, proper accounts and records are kept; and (Replaced 59 of 1993 s. 20) (f) under which the value of the assets attributable to, and the liabilities of, each of its participating schemes are readily determinable from such accounts and records. (Replaced 59 of 1993 s. 20) (5) The Registrar may accept an agreement as a pooling agreement for the purposes of this Ordinance if he receives- (a) a statement by a solicitor referred to in paragraph 2(c) of Part 2 of Schedule 1; and (b) a statement by an auditor referred to in paragraph 3 of Part 2 of Schedule 1. (6) (a) A contract of employment shall not be regarded as an occupational retirement scheme by reason solely that under the contract the employer concerned agrees to pay a gratuity to the employee concerned on the termination of the contract and the period of employment to which the contract relates does not exceed 4 years. (b) Where- (i) a contract described in paragraph (a) terminates; (ii) the employee concerned is subsequently employed, whether with or without a break in service, by the same employer under another contract; and (iii) the gratuity payable under the terminated contract is not paid in full within 6 months of such termination, or though such gratuity is so paid the whole or a substantial part of it is repaid by the employee to the employer, that other contract shall be regarded as an occupational retirement scheme. (7) For the avoidance of doubt, it is hereby declared that where a registered scheme is the subject of or regulated by an insurance arrangement, the assets of the scheme are, in so far as that arrangement is concerned, any claims (including contingent and prospective claims) which may be made against the authorized insurer concerned under that arrangement. (Added 59 of 1993 s. 20) (8) For the purposes of an application for an exemption certificate under section 16 of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 sub. leg.) ("the Regulation"), where- (a) an occupational retirement scheme was established; and (b) an application for its registration under section 15 or its exemption under section 7, as the case may be, was made, within the times required to qualify as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation, if subsequently- (i) as a result of a provision of this Ordinance, an application to register the scheme again was required; or (ii) any other change to the scheme took place that is not prohibited by this Ordinance but might create doubt that it continued to qualify as such a scheme, such an application or other change shall not affect the continuity of the scheme nor its qualification as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation. (Added 52 of 1999 s. 2) (9) Without limiting subsection (8), the following shall not affect the continuity of a scheme nor its qualification as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation- (a) application for subsequent registration of a scheme where the scheme has ceased to be registered under section 23(5); (b) conversion of a scheme from being the subject of, or regulated by, an insurance arrangement into a scheme governed by a trust. (Added 52 of 1999 s. 2) (10) Notwithstanding subsection (8), where- (a) an occupational retirement scheme referred to in that subsection is terminated; and (b) the benefits payable to each member of the scheme have been paid out to such member, for the purposes of the Regulation, such a scheme shall cease to qualify as a "relevant ORSO registered scheme" under section 2 of the Regulation, and no application shall be made for an exemption certificate under section 16 of the Regulation in respect of it. (Added 52 of 1999 s. 2) (Enacted 1992) "accrued rights" (累算權益) "actuary" (精算師) "administrator" (管理人) "aggregate past service liability" (過去服務總負債) "aggregate vested liability" (既有總負債) "Appeal Board" (上訴委員會) "associate" (有關連人士) "auditor" (核數師) "authorized insurer" (獲授權保險人) "company" (公司) "consultative committee" (諮詢委員會) "country" (國家) "the court" (法院) "declared return" (已公布收益) "defined benefit scheme" (界定利益計劃) "defined contribution scheme" (界定供款計劃) "designated person" (指定人士) "director" (董事) "document" (文件) "domicile" (本籍) "exempted scheme" (獲豁免計劃) "exemption certificate" (豁免證明書) "existing" (現有) "full certificate" (足額證明書) "function" (職能) "group scheme" (集團計劃) "holding company" (母公司) "Hong Kong accountant" (香港會計師) "Hong Kong domiciled scheme" (以香港為本籍的計劃) "Hong Kong permanent identity card holder" (香港永久性居民身分證持有人) "insurance arrangement" (保險安排) "liquidator" (清盤人) "member" (成員) "occupational retirement scheme" (職業退休計劃) "offshore scheme" (離岸計劃) "participating scheme" (參與計劃) "partner" (合夥人) "past service liability" (過去服務負債) "contributions" (供款) "benefit entitlement" (利益享有權) "membership" (成員) "prescribed fee" (訂明費用) "qualified certificate" (不足額證明書) "qualifying service" (可享利益服務年資) "the register" (註冊紀錄冊) "registered scheme" (註冊計劃) "registered trust company" (註冊信託公司) "Registrar" (處長) "registration" (註冊) "relevant employer" (有關僱主) "restricted investment" (受限制投資項目) "security" (證券) "solicitor" (律師) "subsidiary" (附屬公司) "vested benefit" (既有利益) "vested liability" (既有負債) "contributions" (供款) "benefit entitlement" (利益享有權) (4) In this Ordinance, "pooling agreement" (匯集協議) OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 2 Interpretation VerDate:23/07/1999 (1) In this Ordinance, unless the context otherwise requires- "accrued rights" (累算權益) means, in relation to a member of an occupational retirement scheme, the rights for the time being conferring entitlement to the receipt by or in respect of him of benefits under the scheme, being the benefits arising as regards the member by reference to the scheme's past service liability to him, on the day concerned; "actuary" (精算師) means- (a) a Fellow of the Faculty of Actuaries of Scotland; (b) a Fellow of the Institute of Actuaries of England; (c) a Fellow of the Society of Actuaries of the United States of America; (d) a Fellow of the Institute of Actuaries of Australia; and (e) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a person described in paragraph (a), (b), (c) or (d); "administrator" (管理人) means- (a) in the case of a scheme or pooling agreement governed by a trust, the trustee concerned; (b) in the case of a scheme or pooling agreement which is the subject of or regulated by an insurance arrangement, the insurer concerned; (c) in any other case, the person who is principally responsible for the management of the scheme and its assets otherwise than as a person who is solely concerned with the investment or custody of the assets; "aggregate past service liability" (過去服務總負債) means, in relation to a particular day and a particular occupational retirement scheme, the aggregate of the values of the past service liability arising on that day under the scheme as regards every member thereof added together; "aggregate vested liability" (既有總負債) means, in relation to a particular day and a particular occupational retirement scheme, the aggregate of the values of the vested liabilities arising on that day under the scheme as regards every member thereof added together; "Appeal Board" (上訴委員會) means the Occupational Retirement Schemes Appeal Board constituted under section 62; "associate" (有關連人士) means, in relation to an employer- (a) the spouse or a parent, child, grandparent, grandchild, sister or brother of that employer; (b) a body corporate of which that employer is a director or a shareholder who is entitled, whether directly or indirectly, to exercise or control the exercise of 20% or more of the voting power at any general meeting of that body corporate; (c) any person who is a partner of that employer; (d) if that employer is a body corporate- (i) any director of that body corporate; (ii) any body corporate which is- (A) a subsidiary; (B) the holding company; or (C) another subsidiary of the holding company, of the employer; (iii) any director of any such subsidiary or holding company; and (iv) the spouse or a parent, child, grandparent, grandchild, sister or brother of a director referred to in subparagraphs (i) and (iii); or (e) such other persons as may be specified by the Registrar by rules made under section 73(1); "auditor" (核數師) means- (a) a Hong Kong accountant; or (b) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a Hong Kong accountant; "authorized insurer" (獲授權保險人) means a person who is an insurer within the meaning of the Insurance Companies Ordinance (Cap 41) and who is authorized under section 8 of that Ordinance, or is deemed under section 61(1) or (2) of that Ordinance to be so authorized, to carry on insurance business; (Amended L.N. 315 of 1998) "company" (公司) means a company within the meaning of the Companies Ordinance (Cap 32); "consultative committee" (諮詢委員會) means a committee constituted under section 34; "country" (國家) includes any state, province or any territorial entity or part which partly comprises the country; "the court" (法院) means the Court of First Instance within the meaning of the High Court Ordinance (Cap 4); (Amended 25 of 1998 s. 2) "declared return" (已公布收益) means, in relation to contributions to the funds of a defined contribution scheme, the interest or return on such contributions which stands credited from time to time to the individual account of a member of the scheme in calculating the amount to which he is entitled under the terms of the scheme and if the facts in any particular case so dictate and the rules of the scheme so permit "declared return" includes negative return; "defined benefit scheme" (界定利益計劃) means an occupational retirement scheme which is not a defined contribution scheme; "defined contribution scheme" (界定供款計劃) means an occupational retirement scheme which provides that the amount of a benefit under the scheme is to be an amount determined solely by reference to- (a) the contributions to the scheme's funds by or in respect of the member concerned and any declared return in respect of such contributions (where such return may be subject to a minimum guaranteed rate but is otherwise unascertainable before it is declared); and (b) where appropriate, the qualifying service and age of the employee; "designated person" (指定人士) in relation to an occupational retirement scheme means a person who has given an undertaking referred to in section 15(f), 38 or 39(3) as regards the scheme and has not been released under section 40; "director" (董事) includes- (a) any person who occupies the position of a director, by whatever name called; (b) any person in accordance with whose directions or instructions the directors of a corporation are accustomed to act; and (c) in the case of a body of persons which- (i) is incorporated or otherwise established in any manner whatsoever by or under the laws of a country, territory or place outside Hong Kong; or (ii) has its principal place of business in such a country, territory or place, any person who occupies a position analogous to that of a director of a company within the meaning of the Companies Ordinance (Cap 32); (Amended 31 of 1999 s. 3) "document" (文件) includes material used in connection with or produced by any equipment which- (a) automatically processes information; (b) automatically records or stores information; (c) can be used to cause information to be automatically recorded, stored or otherwise processed on other equipment; and (d) can be used to retrieve information, whether the information is recorded or stored in the equipment itself or in other equipment; "domicile" (本籍) means, in relation to an occupational retirement scheme or trust, the country, territory or place by whose system of law the scheme or trust is governed; (Amended 31 of 1999 s. 3) "exempted scheme" (獲豁免計劃) means an occupational retirement scheme for which the Registrar has issued an exemption certificate under section 7 and any withdrawal under section 12 has not come into effect; (Added 53 of 1995 s. 2) "exemption certificate" (豁免證明書) means a certificate issued under section 7(1); "existing" (現有) means existing immediately before the commencement of section 1; "full certificate" (足額證明書) means an actuarial certificate certifying in the manner described in paragraph 1(a) or 2(a) of Part 3 of Schedule 1 or Part 1 of Schedule 2; "function" (職能) includes power and duty, and performance of a function includes exercise of a power and discharge of a duty; "group scheme" (集團計劃) means an occupational retirement scheme formed by a grouping of companies in accordance with section 67; (Added 53 of 1995 s. 2) "holding company" (母公司) means, in relation to an employer- (a) (where the employer is a company) a company of which the employer is a subsidiary; (b) (where the employer is not a company but is a body of persons otherwise incorporated or established in Hong Kong or elsewhere) any other body of persons appearing to the Registrar to be analogous to a company of which the employer would be a subsidiary were the employer a company within the meaning of the Companies Ordinance (Cap 32); "Hong Kong accountant" (香港會計師) means a professional accountant registered under the Professional Accountants Ordinance (Cap 50) who holds a valid practising certificate within the meaning of that Ordinance; "Hong Kong domiciled scheme" (以香港為本籍的計劃) means an occupational retirement scheme the domicile of which is Hong Kong; "Hong Kong permanent identity card holder" (香港永久性居民身分證持有人) means a person holding a permanent identity card within the meaning of the Registration of Persons Ordinance (Cap 177); "insurance arrangement" (保險安排) means an agreement or arrangement- (a) made in respect of an occupational retirement scheme with an authorized insurer under which the insurer is responsible for managing the scheme; and (Amended 59 of 1993 s. 20) (b) which is of a class or description specified in rules made by the Registrar; "liquidator" (清盤人) means a liquidator appointed under section 49; "member" (成員) includes, in relation to an occupational retirement scheme, an individual who is entitled or prospectively entitled to benefits under the scheme by virtue of- (a) his employment by the relevant employer (whether past or present) of the scheme; or (b) an agreement made between the relevant employer of the first-mentioned scheme and the relevant employer of another occupational retirement scheme of which such individual was formerly a member, whether or not such individual is a party to the agreement, and where appropriate, "member" also includes the estate of a deceased member; "occupational retirement scheme" (職業退休計劃) means subject to subsection (6) any scheme, not being a contract of insurance under which benefits are payable only upon the death or disability of the insured, which- (a) is comprised in one or more instruments or agreements; and (b) has or is capable of having effect in relation to one or more descriptions or categories of employment so as to provide benefits, in the form of pensions, allowances, gratuities or other payments, payable on termination of service, death or retirement, to or in respect of persons gainfully employed (whether in Hong Kong or elsewhere) under a contract of service in any employment, and includes, where the context admits, a proposed such scheme; "offshore scheme" (離岸計劃) means an occupational retirement scheme the domicile of which is a country, territory or place outside Hong Kong; (Amended 31 of 1999 s. 3) "participating scheme" (參與計劃) means, in relation to a pooling agreement, an occupational retirement scheme to which the agreement applies; "partner" (合夥人) means a member of a partnership formed under the law of Hong Kong or the law of any country, territory or place outside Hong Kong; (Amended 31 of 1999 s. 3) "past service liability" (過去服務負債) means, in relation to a particular day and a particular member of an occupational retirement scheme- (a) (in case the scheme is a defined contribution scheme) the aggregate of the contributions paid or payable under the scheme by the relevant employer and (where appropriate) by the member, in respect of that member during the period beginning when his membership commenced and ending on that particular day, and the amount of any declared return on such contributions including any guaranteed return paid or payable pursuant to the scheme; or (b) (in case the scheme is a defined benefit scheme) the value on that particular day, as determined by an actuary, of the benefit entitlement under the scheme of, or in respect of, the member which, having regard to his qualifying service, could reasonably be expected to be received prospectively or contingently or, where appropriate, both; the actuary having made a reasonable allowance for the effects of mortality, what he considers to be prospective future salary increases, withdrawal from service rates and such other factors (if any) as he considers relevant, and in this definition "contributions" (供款) and "benefit entitlement" (利益享有 權) include, in relation to a member who was a member of another occupational retirement scheme before joining the first-mentioned scheme, such contributions or benefit entitlement which stood to his credit under the second-mentioned scheme as were transferred in accordance with the terms of the first-mentioned scheme and stood thereunder to his credit upon his joining the first-mentioned scheme and where such transfer occurs, "membership" (成員) in relation to that member includes such period of membership in the second-mentioned scheme as is counted towards membership of the first-mentioned scheme; "prescribed fee" (訂明費用) means a fee prescribed in rules made by the Registrar; "qualified certificate" (不足額證明書) means an actuarial certificate certifying in the manner described in paragraph 1(b) or 2(b) of Part 3 of Schedule 1 or Part 2 of Schedule 2; "qualifying service" (可享利益服務年資) means, in relation to a member of an occupational retirement scheme, the period of service by reference to which his benefits under the scheme are ascertained; "the register" (註冊紀錄冊) means the register kept in accordance with section 6; "registered scheme" (註冊計劃) means an occupational retirement scheme which is for the time being registered under section 18; "registered trust company" (註冊信託公司) means a company which is for the time being registered under Part VIII of the Trustee Ordinance (Cap 29); "the Registrar" (處長) means the public officer appointed to be the Registrar under section 5; "registration" (註冊) means registration under section 18; "relevant employer" (有關僱主) means, in relation to an occupational retirement scheme, the employer who provides the employment which entitles or enables the employee to be a member of the scheme; "restricted investment" (受限制投資項目) has the meaning assigned to it by section 27; "security" (證券) means any share, loan or other stock, debenture, fund, or any bond or notes of, or issued by (or on behalf of) any body (whether established or extant in Hong Kong or elsewhere and whether corporate or unincorporated) and includes- (a) any right, option or interest (whether described as a unit or otherwise) in or in respect of any of the foregoing; (b) any certificate of interest or participation in, or temporary or interim certificate for, receipt for, or warrant to subscribe to or purchase any of the foregoing; or (c) any instrument commonly known as a security; "solicitor" (律師) means a solicitor within the meaning of the Legal Practitioners Ordinance (Cap 159); "subsidiary" (附屬公司) means, in relation to an employer- (a) where the employer is a company and there is another company which, pursuant to section 2 of the Companies Ordinance (Cap 32), is for the purposes of that Ordinance deemed to be a subsidiary of the employer, the other company; (b) where an employer is not a company but is a body of persons otherwise incorporated or established in Hong Kong or elsewhere, any other body of persons, appearing to the Registrar to be analogous to a company which would be so deemed to be a subsidiary of the employer were the employer a company within the meaning of the Companies Ordinance (Cap 32); "vested benefit" (既有利益) means, in relation to a particular day and a particular member of an occupational retirement scheme- (a) in case the member is employed on that day by the relevant employer of the scheme, the benefit which under the scheme the member is on that day entitled to receive, either immediately or prospectively, and also the benefit (if any) which any other person is on such day entitled so to receive in respect of such member, assuming the member had voluntarily resigned and had thereby ceased to be so employed on that day; or (b) in case the member otherwise ceased to be employed by such employer before that day, the benefit which under the scheme the member is or was on such day entitled so to receive, and also the benefit (if any) which any other person is or was on that day entitled so to receive in respect of such member; "vested liability" (既有負債) means- (a) in relation to a particular day and a particular vested benefit entitlement under a defined benefit scheme, the value on that day, as determined by an actuary, of the vested benefit; or (b) in relation to a particular day and a particular vested benefit entitlement under a defined contribution scheme- (i) the contributions paid or payable under the scheme (including any amount paid or payable by reason of a guarantee given pursuant to the scheme) by the relevant employer of the scheme, and (where appropriate) by the relevant member in respect of that member assuming he ceased to be employed by that employer on that day; and (ii) the value of any declared return on such contributions, and in this definition "contributions" (供款) and "benefit entitlement" (利益享有 權) include, in relation to a member who was a member of another occupational retirement scheme before joining the first-mentioned scheme, such contributions or benefit entitlement which stood to his credit under the second-mentioned scheme as were transferred in accordance with the terms of the first-mentioned scheme and stood thereunder to his credit upon his joining the first-mentioned scheme. (2) In relation to an offshore scheme references in this Ordinance to a trust shall be construed as references to- (a) in case the law of the domicile of that scheme includes a system or principles of equity, any relation between persons which under that system or those principles constitutes, or is treated or regarded as being, a trust; (b) in any other case, any relation in which- (i) by virtue of the law of the domicile of that scheme a person holds property for the benefit of another person; and (ii) as against all other persons, under the law of the domicile of that scheme the person so holding the property is, or is treated or regarded as being, the owner of it for all or most purposes, and references in this Ordinance to a trustee shall be construed as references to that person. (3) A person shall not be deemed to be a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act by reason only that the directors of the corporation act on advice given by him in a professional capacity. (4) In this Ordinance, "pooling agreement" (匯集協議) means an agreement or arrangement- (Amended 59 of 1993 s. 20) (a) which is- (i) governed by a single trust; or (ii) the subject of or regulated by an insurance arrangement including a series of insurance arrangements which are of the same class or description; (Amended 59 of 1993 s. 20) (b) which applies to 2 or more individual occupational retirement schemes each of which is- (i) governed by such trust; or (ii) (where appropriate) the subject of or regulated by such insurance arrangement, by virtue of such application; (c) under which, in the case of an agreement or arrangement governed by such trust, the assets of its participating schemes are vested with the administrator of the agreement or arrangement, as the case may be; (Amended 59 of 1993 s. 20) (d) which is managed, in the case of an agreement or arrangement governed by such trust, by a registered trust company; (Replaced 59 of 1993 s. 20) (e) in relation to which, and its participating schemes, proper accounts and records are kept; and (Replaced 59 of 1993 s. 20) (f) under which the value of the assets attributable to, and the liabilities of, each of its participating schemes are readily determinable from such accounts and records. (Replaced 59 of 1993 s. 20) (5) The Registrar may accept an agreement as a pooling agreement for the purposes of this Ordinance if he receives- (a) a statement by a solicitor referred to in paragraph 2(c) of Part 2 of Schedule 1; and (b) a statement by an auditor referred to in paragraph 3 of Part 2 of Schedule 1. (6) (a) A contract of employment shall not be regarded as an occupational retirement scheme by reason solely that under the contract the employer concerned agrees to pay a gratuity to the employee concerned on the termination of the contract and the period of employment to which the contract relates does not exceed 4 years. (b) Where- (i) a contract described in paragraph (a) terminates; (ii) the employee concerned is subsequently employed, whether with or without a break in service, by the same employer under another contract; and (iii) the gratuity payable under the terminated contract is not paid in full within 6 months of such termination, or though such gratuity is so paid the whole or a substantial part of it is repaid by the employee to the employer, that other contract shall be regarded as an occupational retirement scheme. (7) For the avoidance of doubt, it is hereby declared that where a registered scheme is the subject of or regulated by an insurance arrangement, the assets of the scheme are, in so far as that arrangement is concerned, any claims (including contingent and prospective claims) which may be made against the authorized insurer concerned under that arrangement. (Added 59 of 1993 s. 20) (8) For the purposes of an application for an exemption certificate under section 16 of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 sub. leg.) ("the Regulation"), where- (a) an occupational retirement scheme was established; and (b) an application for its registration under section 15 or its exemption under section 7, as the case may be, was made, within the times required to qualify as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation, if subsequently- (i) as a result of a provision of this Ordinance, an application to register the scheme again was required; or (ii) any other change to the scheme took place that is not prohibited by this Ordinance but might create doubt that it continued to qualify as such a scheme, such an application or other change shall not affect the continuity of the scheme nor its qualification as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation. (Added 52 of 1999 s. 2) (9) Without limiting subsection (8), the following shall not affect the continuity of a scheme nor its qualification as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation- (a) application for subsequent registration of a scheme where the scheme has ceased to be registered under section 23(5); (b) conversion of a scheme from being the subject of, or regulated by, an insurance arrangement into a scheme governed by a trust. (Added 52 of 1999 s. 2) (10) Notwithstanding subsection (8), where- (a) an occupational retirement scheme referred to in that subsection is terminated; and (b) the benefits payable to each member of the scheme have been paid out to such member, for the purposes of the Regulation, such a scheme shall cease to qualify as a "relevant ORSO registered scheme" under section 2 of the Regulation, and no application shall be made for an exemption certificate under section 16 of the Regulation in respect of it. (Added 52 of 1999 s. 2) (Enacted 1992) "accrued rights" (累算權益) "actuary" (精算師) "administrator" (管理人) "aggregate past service liability" (過去服務總負債) "aggregate vested liability" (既有總負債) "Appeal Board" (上訴委員會) "associate" (有關連人士) "auditor" (核數師) "authorized insurer" (獲授權保險人) "company" (公司) "consultative committee" (諮詢委員會) "country" (國家) "the court" (法院) "declared return" (已公布收益) "defined benefit scheme" (界定利益計劃) "defined contribution scheme" (界定供款計劃) "designated person" (指定人士) "director" (董事) "document" (文件) "domicile" (本籍) "exempted scheme" (獲豁免計劃) "exemption certificate" (豁免證明書) "existing" (現有) "full certificate" (足額證明書) "function" (職能) "group scheme" (集團計劃) "holding company" (母公司) "Hong Kong accountant" (香港會計師) "Hong Kong domiciled scheme" (以香港為本籍的計劃) "Hong Kong permanent identity card holder" (香港永久性居民身分證持有人) "insurance arrangement" (保險安排) "liquidator" (清盤人) "member" (成員) "occupational retirement scheme" (職業退休計劃) "offshore scheme" (離岸計劃) "participating scheme" (參與計劃) "partner" (合夥人) "past service liability" (過去服務負債) "contributions" (供款) and "benefit entitlement" (利益享有權) "membership" (成員) "prescribed fee" (訂明費用) "qualified certificate" (不足額證明書) "qualifying service" (可享利益服務年資) "the register" (註冊紀錄冊) "registered scheme" (註冊計劃) "registered trust company" (註冊信託公司) "the Registrar" (處長) "registration" (註冊) "relevant employer" (有關僱主) "restricted investment" (受限制投資項目) "security" (證券) "solicitor" (律師) "subsidiary" (附屬公司) "vested benefit" (既有利益) "vested liability" (既有負債) "contributions" (供款) and "benefit entitlement" (利益享有權) "pooling agreement" (匯集協議) OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 2 Interpretation VerDate:05/11/1998 Adaptation amendments retroactively made - see 31 of 1999 s. 3 (1) In this Ordinance, unless the context otherwise requires- "accrued rights" (累算權益) means, in relation to a member of an occupational retirement scheme, the rights for the time being conferring entitlement to the receipt by or in respect of him of benefits under the scheme, being the benefits arising as regards the member by reference to the scheme's past service liability to him, on the day concerned; "actuary" (精算師) means- (a) a Fellow of the Faculty of Actuaries of Scotland; (b) a Fellow of the Institute of Actuaries of England; (c) a Fellow of the Society of Actuaries of the United States of America; (d) a Fellow of the Institute of Actuaries of Australia; and (e) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a person described in paragraph (a), (b), (c) or (d); "administrator" (管理人) means- (a) in the case of a scheme or pooling agreement governed by a trust, the trustee concerned; (b) in the case of a scheme or pooling agreement which is the subject of or regulated by an insurance arrangement, the insurer concerned; (c) in any other case, the person who is principally responsible for the management of the scheme and its assets otherwise than as a person who is solely concerned with the investment or custody of the assets; "aggregate past service liability" (過去服務總負債) means, in relation to a particular day and a particular occupational retirement scheme, the aggregate of the values of the past service liability arising on that day under the scheme as regards every member thereof added together; "aggregate vested liability" (既有總負債) means, in relation to a particular day and a particular occupational retirement scheme, the aggregate of the values of the vested liabilities arising on that day under the scheme as regards every member thereof added together; "Appeal Board" (上訴委員會) means the Occupational Retirement Schemes Appeal Board constituted under section 62; "associate" (有關連人士) means, in relation to an employer- (a) the spouse or a parent, child, grandparent, grandchild, sister or brother of that employer; (b) a body corporate of which that employer is a director or a shareholder who is entitled, whether directly or indirectly, to exercise or control the exercise of 20% or more of the voting power at any general meeting of that body corporate; (c) any person who is a partner of that employer; (d) if that employer is a body corporate- (i) any director of that body corporate; (ii) any body corporate which is- (A) a subsidiary; (B) the holding company; or (C) another subsidiary of the holding company, of the employer; (iii) any director of any such subsidiary or holding company; and (iv) the spouse or a parent, child, grandparent, grandchild, sister or brother of a director referred to in subparagraphs (i) and (iii); or (e) such other persons as may be specified by the Registrar by rules made under section 73(1); "auditor" (核數師) means- (a) a Hong Kong accountant; or (b) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a Hong Kong accountant; "authorized insurer" (獲授權保險人) means a person who is an insurer within the meaning of the Insurance Companies Ordinance (Cap 41) and who is authorized under section 8 of that Ordinance, or is deemed under section 61(1) or (2) of that Ordinance to be so authorized, to carry on insurance business; (Amended L.N. 315 of 1998) "company" (公司) means a company within the meaning of the Companies Ordinance (Cap 32); "consultative committee" (諮詢委員會) means a committee constituted under section 34; "country" (國家) includes any state, province or any territorial entity or part which partly comprises the country; "the court" (法院) means the Court of First Instance within the meaning of the High Court Ordinance (Cap 4); (Amended 25 of 1998 s. 2) "declared return" (已公布收益) means, in relation to contributions to the funds of a defined contribution scheme, the interest or return on such contributions which stands credited from time to time to the individual account of a member of the scheme in calculating the amount to which he is entitled under the terms of the scheme and if the facts in any particular case so dictate and the rules of the scheme so permit "declared return" includes negative return; "defined benefit scheme" (界定利益計劃) means an occupational retirement scheme which is not a defined contribution scheme; "defined contribution scheme" (界定供款計劃) means an occupational retirement scheme which provides that the amount of a benefit under the scheme is to be an amount determined solely by reference to- (a) the contributions to the scheme's funds by or in respect of the member concerned and any declared return in respect of such contributions (where such return may be subject to a minimum guaranteed rate but is otherwise unascertainable before it is declared); and (b) where appropriate, the qualifying service and age of the employee; "designated person" (指定人士) in relation to an occupational retirement scheme means a person who has given an undertaking referred to in section 15(f), 38 or 39(3) as regards the scheme and has not been released under section 40; "director" (董事) includes- (a) any person who occupies the position of a director, by whatever name called; (b) any person in accordance with whose directions or instructions the directors of a corporation are accustomed to act; and (c) in the case of a body of persons which- (i) is incorporated or otherwise established in any manner whatsoever by or under the laws of a country, territory or place outside Hong Kong; or (ii) has its principal place of business in such a country, territory or place, any person who occupies a position analogous to that of a director of a company within the meaning of the Companies Ordinance (Cap 32); (Amended 31 of 1999 s. 3) "document" (文件) includes material used in connection with or produced by any equipment which- (a) automatically processes information; (b) automatically records or stores information; (c) can be used to cause information to be automatically recorded, stored or otherwise processed on other equipment; and (d) can be used to retrieve information, whether the information is recorded or stored in the equipment itself or in other equipment; "domicile" (本籍) means, in relation to an occupational retirement scheme or trust, the country, territory or place by whose system of law the scheme or trust is governed; (Amended 31 of 1999 s. 3) "exempted scheme" (獲豁免計劃) means an occupational retirement scheme for which the Registrar has issued an exemption certificate under section 7 and any withdrawal under section 12 has not come into effect; (Added 53 of 1995 s. 2) "exemption certificate" (豁免證明書) means a certificate issued under section 7(1); "existing" (現有) means existing immediately before the commencement of section 1; "full certificate" (足額證明書) means an actuarial certificate certifying in the manner described in paragraph 1(a) or 2(a) of Part 3 of Schedule 1 or Part 1 of Schedule 2; "function" (職能) includes power and duty, and performance of a function includes exercise of a power and discharge of a duty; "group scheme" (集團計劃) means an occupational retirement scheme formed by a grouping of companies in accordance with section 67; (Added 53 of 1995 s. 2) "holding company" (母公司) means, in relation to an employer- (a) (where the employer is a company) a company of which the employer is a subsidiary; (b) (where the employer is not a company but is a body of persons otherwise incorporated or established in Hong Kong or elsewhere) any other body of persons appearing to the Registrar to be analogous to a company of which the employer would be a subsidiary were the employer a company within the meaning of the Companies Ordinance (Cap 32); "Hong Kong accountant" (香港會計師) means a professional accountant registered under the Professional Accountants Ordinance (Cap 50) who holds a valid practising certificate within the meaning of that Ordinance; "Hong Kong domiciled scheme" (以香港為本籍的計劃) means an occupational retirement scheme the domicile of which is Hong Kong; "Hong Kong permanent identity card holder" (香港永久性居民身分證持有人) means a person holding a permanent identity card within the meaning of the Registration of Persons Ordinance (Cap 177); "insurance arrangement" (保險安排) means an agreement or arrangement- (a) made in respect of an occupational retirement scheme with an authorized insurer under which the insurer is responsible for managing the scheme; and (Amended 59 of 1993 s. 20) (b) which is of a class or description specified in rules made by the Registrar; "liquidator" (清盤人) means a liquidator appointed under section 49; "member" (成員) includes, in relation to an occupational retirement scheme, an individual who is entitled or prospectively entitled to benefits under the scheme by virtue of- (a) his employment by the relevant employer (whether past or present) of the scheme; or (b) an agreement made between the relevant employer of the first-mentioned scheme and the relevant employer of another occupational retirement scheme of which such individual was formerly a member, whether or not such individual is a party to the agreement, and where appropriate, "member" also includes the estate of a deceased member; "occupational retirement scheme" (職業退休計劃) means subject to subsection (6) any scheme, not being a contract of insurance under which benefits are payable only upon the death or disability of the insured, which- (a) is comprised in one or more instruments or agreements; and (b) has or is capable of having effect in relation to one or more descriptions or categories of employment so as to provide benefits, in the form of pensions, allowances, gratuities or other payments, payable on termination of service, death or retirement, to or in respect of persons gainfully employed (whether in Hong Kong or elsewhere) under a contract of service in any employment, and includes, where the context admits, a proposed such scheme; "offshore scheme" (離岸計劃) means an occupational retirement scheme the domicile of which is a country, territory or place outside Hong Kong; (Amended 31 of 1999 s. 3) "participating scheme" (參與計劃) means, in relation to a pooling agreement, an occupational retirement scheme to which the agreement applies; "partner" (合夥人) means a member of a partnership formed under the law of Hong Kong or the law of any country, territory or place outside Hong Kong; (Amended 31 of 1999 s. 3) "past service liability" (過去服務負債) means, in relation to a particular day and a particular member of an occupational retirement scheme- (a) (in case the scheme is a defined contribution scheme) the aggregate of the contributions paid or payable under the scheme by the relevant employer and (where appropriate) by the member, in respect of that member during the period beginning when his membership commenced and ending on that particular day, and the amount of any declared return on such contributions including any guaranteed return paid or payable pursuant to the scheme; or (b) (in case the scheme is a defined benefit scheme) the value on that particular day, as determined by an actuary, of the benefit entitlement under the scheme of, or in respect of, the member which, having regard to his qualifying service, could reasonably be expected to be received prospectively or contingently or, where appropriate, both; the actuary having made a reasonable allowance for the effects of mortality, what he considers to be prospective future salary increases, withdrawal from service rates and such other factors (if any) as he considers relevant, and in this definition "contributions" (供款) and "benefit entitlement" (利益享有 權) include, in relation to a member who was a member of another occupational retirement scheme before joining the first-mentioned scheme, such contributions or benefit entitlement which stood to his credit under the second-mentioned scheme as were transferred in accordance with the terms of the first-mentioned scheme and stood thereunder to his credit upon his joining the first-mentioned scheme and where such transfer occurs, "membership" (成員) in relation to that member includes such period of membership in the second-mentioned scheme as is counted towards membership of the first-mentioned scheme; "prescribed fee" (訂明費用) means a fee prescribed in rules made by the Registrar; "qualified certificate" (不足額證明書) means an actuarial certificate certifying in the manner described in paragraph 1(b) or 2(b) of Part 3 of Schedule 1 or Part 2 of Schedule 2; "qualifying service" (可享利益服務年資) means, in relation to a member of an occupational retirement scheme, the period of service by reference to which his benefits under the scheme are ascertained; "the register" (註冊紀錄冊) means the register kept in accordance with section 6; "registered scheme" (註冊計劃) means an occupational retirement scheme which is for the time being registered under section 18; "registered trust company" (註冊信託公司) means a company which is for the time being registered under Part VIII of the Trustee Ordinance (Cap 29); "the Registrar" (處長) means the public officer appointed to be the Registrar under section 5; "registration" (註冊) means registration under section 18; "relevant employer" (有關僱主) means, in relation to an occupational retirement scheme, the employer who provides the employment which entitles or enables the employee to be a member of the scheme; "restricted investment" (受限制投資項目) has the meaning assigned to it by section 27; "security" (證券) means any share, loan or other stock, debenture, fund, or any bond or notes of, or issued by (or on behalf of) any body (whether established or extant in Hong Kong or elsewhere and whether corporate or unincorporated) and includes- (a) any right, option or interest (whether described as a unit or otherwise) in or in respect of any of the foregoing; (b) any certificate of interest or participation in, or temporary or interim certificate for, receipt for, or warrant to subscribe to or purchase any of the foregoing; or (c) any instrument commonly known as a security; "solicitor" (律師) means a solicitor within the meaning of the Legal Practitioners Ordinance (Cap 159); "subsidiary" (附屬公司) means, in relation to an employer- (a) where the employer is a company and there is another company which, pursuant to section 2 of the Companies Ordinance (Cap 32), is for the purposes of that Ordinance deemed to be a subsidiary of the employer, the other company; (b) where an employer is not a company but is a body of persons otherwise incorporated or established in Hong Kong or elsewhere, any other body of persons, appearing to the Registrar to be analogous to a company which would be so deemed to be a subsidiary of the employer were the employer a company within the meaning of the Companies Ordinance (Cap 32); "vested benefit" (既有利益) means, in relation to a particular day and a particular member of an occupational retirement scheme- (a) in case the member is employed on that day by the relevant employer of the scheme, the benefit which under the scheme the member is on that day entitled to receive, either immediately or prospectively, and also the benefit (if any) which any other person is on such day entitled so to receive in respect of such member, assuming the member had voluntarily resigned and had thereby ceased to be so employed on that day; or (b) in case the member otherwise ceased to be employed by such employer before that day, the benefit which under the scheme the member is or was on such day entitled so to receive, and also the benefit (if any) which any other person is or was on that day entitled so to receive in respect of such member; "vested liability" (既有負債) means- (a) in relation to a particular day and a particular vested benefit entitlement under a defined benefit scheme, the value on that day, as determined by an actuary, of the vested benefit; or (b) in relation to a particular day and a particular vested benefit entitlement under a defined contribution scheme- (i) the contributions paid or payable under the scheme (including any amount paid or payable by reason of a guarantee given pursuant to the scheme) by the relevant employer of the scheme, and (where appropriate) by the relevant member in respect of that member assuming he ceased to be employed by that employer on that day; and (ii) the value of any declared return on such contributions, and in this definition "contributions" (供款) and "benefit entitlement" (利益享有 權) include, in relation to a member who was a member of another occupational retirement scheme before joining the first-mentioned scheme, such contributions or benefit entitlement which stood to his credit under the second-mentioned scheme as were transferred in accordance with the terms of the first-mentioned scheme and stood thereunder to his credit upon his joining the first-mentioned scheme. (2) In relation to an offshore scheme references in this Ordinance to a trust shall be construed as references to- (a) in case the law of the domicile of that scheme includes a system or principles of equity, any relation between persons which under that system or those principles constitutes, or is treated or regarded as being, a trust; (b) in any other case, any relation in which- (i) by virtue of the law of the domicile of that scheme a person holds property for the benefit of another person; and (ii) as against all other persons, under the law of the domicile of that scheme the person so holding the property is, or is treated or regarded as being, the owner of it for all or most purposes, and references in this Ordinance to a trustee shall be construed as references to that person. (3) A person shall not be deemed to be a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act by reason only that the directors of the corporation act on advice given by him in a professional capacity. (4) In this Ordinance, "pooling agreement" (匯集協議) means an agreement or arrangement- (Amended 59 of 1993 s. 20) (a) which is- (i) governed by a single trust; or (ii) the subject of or regulated by an insurance arrangement including a series of insurance arrangements which are of the same class or description; (Amended 59 of 1993 s. 20) (b) which applies to 2 or more individual occupational retirement schemes each of which is- (i) governed by such trust; or (ii) (where appropriate) the subject of or regulated by such insurance arrangement, by virtue of such application; (c) under which, in the case of an agreement or arrangement governed by such trust, the assets of its participating schemes are vested with the administrator of the agreement or arrangement, as the case may be; (Amended 59 of 1993 s. 20) (d) which is managed, in the case of an agreement or arrangement governed by such trust, by a registered trust company; (Replaced 59 of 1993 s. 20) (e) in relation to which, and its participating schemes, proper accounts and records are kept; and (Replaced 59 of 1993 s. 20) (f) under which the value of the assets attributable to, and the liabilities of, each of its participating schemes are readily determinable from such accounts and records. (Replaced 59 of 1993 s. 20) (5) The Registrar may accept an agreement as a pooling agreement for the purposes of this Ordinance if he receives- (a) a statement by a solicitor referred to in paragraph 2(c) of Part 2 of Schedule 1; and (b) a statement by an auditor referred to in paragraph 3 of Part 2 of Schedule 1. (6) (a) A contract of employment shall not be regarded as an occupational retirement scheme by reason solely that under the contract the employer concerned agrees to pay a gratuity to the employee concerned on the termination of the contract and the period of employment to which the contract relates does not exceed 4 years. (b) Where- (i) a contract described in paragraph (a) terminates; (ii) the employee concerned is subsequently employed, whether with or without a break in service, by the same employer under another contract; and (iii) the gratuity payable under the terminated contract is not paid in full within 6 months of such termination, or though such gratuity is so paid the whole or a substantial part of it is repaid by the employee to the employer, that other contract shall be regarded as an occupational retirement scheme. (7) For the avoidance of doubt, it is hereby declared that where a registered scheme is the subject of or regulated by an insurance arrangement, the assets of the scheme are, in so far as that arrangement is concerned, any claims (including contingent and prospective claims) which may be made against the authorized insurer concerned under that arrangement. (Added 59 of 1993 s. 20) (Enacted 1992) "accrued rights" (累算權益) "actuary" (精算師) "administrator" (管理人) "aggregate past service liability" (過去服務總負債) "aggregate vested liability" (既有總負債) "Appeal Board" (上訴委員會) "associate" (有關連人士) "auditor" (核數師) "authorized insurer" (獲授權保險人) "company" (公司) "consultative committee" (諮詢委員會) "country" (國家) "the court" (法院) "declared return" (已公布收益) "defined benefit scheme" (界定利益計劃) "defined contribution scheme" (界定供款計劃) "designated person" (指定人士) "director" (董事) "document" (文件) "domicile" (本籍) "exempted scheme" (獲豁免計劃) "exemption certificate" (豁免證明書) "existing" (現有) "full certificate" (足額證明書) "function" (職能) "group scheme" (集團計劃) "holding company" (母公司) "Hong Kong accountant" (香港會計師) "Hong Kong domiciled scheme" (以香港為本籍的計劃) "Hong Kong permanent identity card holder" (香港永久性居民身分證持有人) "insurance arrangement" (保險安排) "liquidator" (清盤人) "member" (成員) "occupational retirement scheme" (職業退休計劃) "offshore scheme" (離岸計劃) "participating scheme" (參與計劃) "partner" (合夥人) "past service liability" (過去服務負債) "contributions" (供款) and "benefit entitlement" (利益享有權) "membership" (成員) "prescribed fee" (訂明費用) "qualified certificate" (不足額證明書) "qualifying service" (可享利益服務年資) "the register" (註冊紀錄冊) "registered scheme" (註冊計劃) "registered trust company" (註冊信託公司) "the Registrar" (處長) "registration" (註冊) "relevant employer" (有關僱主) "restricted investment" (受限制投資項目) "security" (證券) "solicitor" (律師) "subsidiary" (附屬公司) "vested benefit" (既有利益) "vested liability" (既有負債) "contributions" (供款) and "benefit entitlement" (利益享有權) "pooling agreement" (匯集協議) OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 2 Interpretation VerDate:01/07/1997 Adaptation amendments retroactively made - see 25 of 1998 s. 2; 31 of 1999 s. 3 (1) In this Ordinance, unless the context otherwise requires- "accrued rights" (累算權益) means, in relation to a member of an occupational retirement scheme, the rights for the time being conferring entitlement to the receipt by or in respect of him of benefits under the scheme, being the benefits arising as regards the member by reference to the scheme's past service liability to him, on the day concerned; "actuary" (精算師) means- (a) a Fellow of the Faculty of Actuaries of Scotland; (b) a Fellow of the Institute of Actuaries of England; (c) a Fellow of the Society of Actuaries of the United States of America; (d) a Fellow of the Institute of Actuaries of Australia; and (e) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a person described in paragraph (a), (b), (c) or (d); "administrator" (管理人) means- (a) in the case of a scheme or pooling agreement governed by a trust, the trustee concerned; (b) in the case of a scheme or pooling agreement which is the subject of or regulated by an insurance arrangement, the insurer concerned; (c) in any other case, the person who is principally responsible for the management of the scheme and its assets otherwise than as a person who is solely concerned with the investment or custody of the assets; "aggregate past service liability" (過去服務總負債) means, in relation to a particular day and a particular occupational retirement scheme, the aggregate of the values of the past service liability arising on that day under the scheme as regards every member thereof added together; "aggregate vested liability" (既有總負債) means, in relation to a particular day and a particular occupational retirement scheme, the aggregate of the values of the vested liabilities arising on that day under the scheme as regards every member thereof added together; "Appeal Board" (上訴委員會) means the Occupational Retirement Schemes Appeal Board constituted under section 62; "associate" (有關連人士) means, in relation to an employer- (a) the spouse or a parent, child, grandparent, grandchild, sister or brother of that employer; (b) a body corporate of which that employer is a director or a shareholder who is entitled, whether directly or indirectly, to exercise or control the exercise of 20% or more of the voting power at any general meeting of that body corporate; (c) any person who is a partner of that employer; (d) if that employer is a body corporate- (i) any director of that body corporate; (ii) any body corporate which is- (A) a subsidiary; (B) the holding company; or (C) another subsidiary of the holding company, of the employer; (iii) any director of any such subsidiary or holding company; and (iv) the spouse or a parent, child, grandparent, grandchild, sister or brother of a director referred to in subparagraphs (i) and (iii); or (e) such other persons as may be specified by the Registrar by rules made under section 73(1); "auditor" (核數師) means- (a) a Hong Kong accountant; or (b) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a Hong Kong accountant; "authorized insurer" (獲認可承保人) means a person who is an insurer within the meaning of the Insurance Companies Ordinance (Cap 41) and who is authorized under section 8 of that Ordinance, or is deemed under section 61(1) or (2) of that Ordinance to be so authorized, to carry on insurance business; "company" (公司) means a company within the meaning of the Companies Ordinance (Cap 32); "consultative committee" (諮詢委員會) means a committee constituted under section 34; "country" (國家) includes any state, province or any territorial entity or part which partly comprises the country; "the court" (法院) means the Court of First Instance within the meaning of the High Court Ordinance (Cap 4); (Amended 25 of 1998 s. 2) "declared return" (已公布收益) means, in relation to contributions to the funds of a defined contribution scheme, the interest or return on such contributions which stands credited from time to time to the individual account of a member of the scheme in calculating the amount to which he is entitled under the terms of the scheme and if the facts in any particular case so dictate and the rules of the scheme so permit "declared return" includes negative return; "defined benefit scheme" (界定利益計劃) means an occupational retirement scheme which is not a defined contribution scheme; "defined contribution scheme" (界定供款計劃) means an occupational retirement scheme which provides that the amount of a benefit under the scheme is to be an amount determined solely by reference to- (a) the contributions to the scheme's funds by or in respect of the member concerned and any declared return in respect of such contributions (where such return may be subject to a minimum guaranteed rate but is otherwise unascertainable before it is declared); and (b) where appropriate, the qualifying service and age of the employee; "designated person" (指定人士) in relation to an occupational retirement scheme means a person who has given an undertaking referred to in section 15(f), 38 or 39(3) as regards the scheme and has not been released under section 40; "director" (董事) includes- (a) any person who occupies the position of a director, by whatever name called; (b) any person in accordance with whose directions or instructions the directors of a corporation are accustomed to act; and (c) in the case of a body of persons which- (i) is incorporated or otherwise established in any manner whatsoever by or under the laws of a country, territory or place outside Hong Kong; or (ii) has its principal place of business in such a country, territory or place, any person who occupies a position analogous to that of a director of a company within the meaning of the Companies Ordinance (Cap 32); (Amended 31 of 1999 s. 3) "document" (文件) includes material used in connection with or produced by any equipment which- (a) automatically processes information; (b) automatically records or stores information; (c) can be used to cause information to be automatically recorded, stored or otherwise processed on other equipment; and (d) can be used to retrieve information, whether the information is recorded or stored in the equipment itself or in other equipment; "domicile" (本籍) means, in relation to an occupational retirement scheme or trust, the country, territory or place by whose system of law the scheme or trust is governed; (Amended 31 of 1999 s. 3) "exempted scheme" (獲豁免計劃) means an occupational retirement scheme for which the Registrar has issued an exemption certificate under section 7 and any withdrawal under section 12 has not come into effect; (Added 53 of 1995 s. 2) "exemption certificate" (豁免證明書) means a certificate issued under section 7(1); "existing" (現有) means existing immediately before the commencement of section 1; "full certificate" (足額證明書) means an actuarial certificate certifying in the manner described in paragraph 1(a) or 2(a) of Part 3 of Schedule 1 or Part 1 of Schedule 2; "function" (職能) includes power and duty, and performance of a function includes exercise of a power and discharge of a duty; "group scheme" (集團計劃) means an occupational retirement scheme formed by a grouping of companies in accordance with section 67; (Added 53 of 1995 s. 2) "holding company" (母公司) means, in relation to an employer- (a) (where the employer is a company) a company of which the employer is a subsidiary; (b) (where the employer is not a company but is a body of persons otherwise incorporated or established in Hong Kong or elsewhere) any other body of persons appearing to the Registrar to be analogous to a company of which the employer would be a subsidiary were the employer a company within the meaning of the Companies Ordinance (Cap 32); "Hong Kong accountant" (香港會計師) means a professional accountant registered under the Professional Accountants Ordinance (Cap 50) who holds a valid practising certificate within the meaning of that Ordinance; "Hong Kong domiciled scheme" (以香港為本籍的計劃) means an occupational retirement scheme the domicile of which is Hong Kong; "Hong Kong permanent identity card holder" (香港永久性居民身分證持有人) means a person holding a permanent identity card within the meaning of the Registration of Persons Ordinance (Cap 177); "insurance arrangement" (保險安排) means an agreement or arrangement- (a) made in respect of an occupational retirement scheme with an authorized insurer under which the insurer is responsible for managing the scheme; and (Amended 59 of 1993 s. 20) (b) which is of a class or description specified in rules made by the Registrar; "liquidator" (清盤人) means a liquidator appointed under section 49; "member" (成員) includes, in relation to an occupational retirement scheme, an individual who is entitled or prospectively entitled to benefits under the scheme by virtue of- (a) his employment by the relevant employer (whether past or present) of the scheme; or (b) an agreement made between the relevant employer of the first-mentioned scheme and the relevant employer of another occupational retirement scheme of which such individual was formerly a member, whether or not such individual is a party to the agreement, and where appropriate, "member" also includes the estate of a deceased member; "occupational retirement scheme" (職業退休計劃) means subject to subsection (6) any scheme, not being a contract of insurance under which benefits are payable only upon the death or disability of the insured, which- (a) is comprised in one or more instruments or agreements; and (b) has or is capable of having effect in relation to one or more descriptions or categories of employment so as to provide benefits, in the form of pensions, allowances, gratuities or other payments, payable on termination of service, death or retirement, to or in respect of persons gainfully employed (whether in Hong Kong or elsewhere) under a contract of service in any employment, and includes, where the context admits, a proposed such scheme; "offshore scheme" (離岸計劃) means an occupational retirement scheme the domicile of which is a country, territory or place outside Hong Kong; (Amended 31 of 1999 s. 3) "participating scheme" (參與計劃) means, in relation to a pooling agreement, an occupational retirement scheme to which the agreement applies; "partner" (合夥人) means a member of a partnership formed under the law of Hong Kong or the law of any country, territory or place outside Hong Kong; (Amended 31 of 1999 s. 3) "past service liability" (過去服務負債) means, in relation to a particular day and a particular member of an occupational retirement scheme- (a) (in case the scheme is a defined contribution scheme) the aggregate of the contributions paid or payable under the scheme by the relevant employer and (where appropriate) by the member, in respect of that member during the period beginning when his membership commenced and ending on that particular day, and the amount of any declared return on such contributions including any guaranteed return paid or payable pursuant to the scheme; or (b) (in case the scheme is a defined benefit scheme) the value on that particular day, as determined by an actuary, of the benefit entitlement under the scheme of, or in respect of, the member which, having regard to his qualifying service, could reasonably be expected to be received prospectively or contingently or, where appropriate, both; the actuary having made a reasonable allowance for the effects of mortality, what he considers to be prospective future salary increases, withdrawal from service rates and such other factors (if any) as he considers relevant, and in this definition "contributions" (供款) and "benefit entitlement" (利益享有 權) include, in relation to a member who was a member of another occupational retirement scheme before joining the first-mentioned scheme, such contributions or benefit entitlement which stood to his credit under the second-mentioned scheme as were transferred in accordance with the terms of the first-mentioned scheme and stood thereunder to his credit upon his joining the first-mentioned scheme and where such transfer occurs, "membership" (成員) in relation to that member includes such period of membership in the second-mentioned scheme as is counted towards membership of the first-mentioned scheme; "prescribed fee" (訂明費用) means a fee prescribed in rules made by the Registrar; "qualified certificate" (不足額證明書) means an actuarial certificate certifying in the manner described in paragraph 1(b) or 2(b) of Part 3 of Schedule 1 or Part 2 of Schedule 2; "qualifying service" (可享利益服務年資) means, in relation to a member of an occupational retirement scheme, the period of service by reference to which his benefits under the scheme are ascertained; "the register" (註冊紀錄冊) means the register kept in accordance with section 6; "registered scheme" (註冊計劃) means an occupational retirement scheme which is for the time being registered under section 18; "registered trust company" (註冊信託公司) means a company which is for the time being registered under Part VIII of the Trustee Ordinance (Cap 29); "the Registrar" (處長) means the public officer appointed to be the Registrar under section 5; "registration" (註冊) means registration under section 18; "relevant employer" (有關僱主) means, in relation to an occupational retirement scheme, the employer who provides the employment which entitles or enables the employee to be a member of the scheme; "restricted investment" (受限制投資項目) has the meaning assigned to it by section 27; "security" (證券) means any share, loan or other stock, debenture, fund, or any bond or notes of, or issued by (or on behalf of) any body (whether established or extant in Hong Kong or elsewhere and whether corporate or unincorporated) and includes- (a) any right, option or interest (whether described as a unit or otherwise) in or in respect of any of the foregoing; (b) any certificate of interest or participation in, or temporary or interim certificate for, receipt for, or warrant to subscribe to or purchase any of the foregoing; or (c) any instrument commonly known as a security; "solicitor" (律師) means a solicitor within the meaning of the Legal Practitioners Ordinance (Cap 159); "subsidiary" (附屬公司) means, in relation to an employer- (a) where the employer is a company and there is another company which, pursuant to section 2 of the Companies Ordinance (Cap 32), is for the purposes of that Ordinance deemed to be a subsidiary of the employer, the other company; (b) where an employer is not a company but is a body of persons otherwise incorporated or established in Hong Kong or elsewhere, any other body of persons, appearing to the Registrar to be analogous to a company which would be so deemed to be a subsidiary of the employer were the employer a company within the meaning of the Companies Ordinance (Cap 32); "vested benefit" (既有利益) means, in relation to a particular day and a particular member of an occupational retirement scheme- (a) in case the member is employed on that day by the relevant employer of the scheme, the benefit which under the scheme the member is on that day entitled to receive, either immediately or prospectively, and also the benefit (if any) which any other person is on such day entitled so to receive in respect of such member, assuming the member had voluntarily resigned and had thereby ceased to be so employed on that day; or (b) in case the member otherwise ceased to be employed by such employer before that day, the benefit which under the scheme the member is or was on such day entitled so to receive, and also the benefit (if any) which any other person is or was on that day entitled so to receive in respect of such member; "vested liability" (既有負債) means- (a) in relation to a particular day and a particular vested benefit entitlement under a defined benefit scheme, the value on that day, as determined by an actuary, of the vested benefit; or (b) in relation to a particular day and a particular vested benefit entitlement under a defined contribution scheme- (i) the contributions paid or payable under the scheme (including any amount paid or payable by reason of a guarantee given pursuant to the scheme) by the relevant employer of the scheme, and (where appropriate) by the relevant member in respect of that member assuming he ceased to be employed by that employer on that day; and (ii) the value of any declared return on such contributions, and in this definition "contributions" (供款) and "benefit entitlement" (利益享有 權) include, in relation to a member who was a member of another occupational retirement scheme before joining the first-mentioned scheme, such contributions or benefit entitlement which stood to his credit under the second-mentioned scheme as were transferred in accordance with the terms of the first-mentioned scheme and stood thereunder to his credit upon his joining the first-mentioned scheme. (2) In relation to an offshore scheme references in this Ordinance to a trust shall be construed as references to- (a) in case the law of the domicile of that scheme includes a system or principles of equity, any relation between persons which under that system or those principles constitutes, or is treated or regarded as being, a trust; (b) in any other case, any relation in which- (i) by virtue of the law of the domicile of that scheme a person holds property for the benefit of another person; and (ii) as against all other persons, under the law of the domicile of that scheme the person so holding the property is, or is treated or regarded as being, the owner of it for all or most purposes, and references in this Ordinance to a trustee shall be construed as references to that person. (3) A person shall not be deemed to be a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act by reason only that the directors of the corporation act on advice given by him in a professional capacity. (4) In this Ordinance, "pooling agreement" (匯集協議) means an agreement or arrangement- (Amended 59 of 1993 s. 20) (a) which is- (i) governed by a single trust; or (ii) the subject of or regulated by an insurance arrangement including a series of insurance arrangements which are of the same class or description; (Amended 59 of 1993 s. 20) (b) which applies to 2 or more individual occupational retirement schemes each of which is- (i) governed by such trust; or (ii) (where appropriate) the subject of or regulated by such insurance arrangement, by virtue of such application; (c) under which, in the case of an agreement or arrangement governed by such trust, the assets of its participating schemes are vested with the administrator of the agreement or arrangement, as the case may be; (Amended 59 of 1993 s. 20) (d) which is managed, in the case of an agreement or arrangement governed by such trust, by a registered trust company; (Replaced 59 of 1993 s. 20) (e) in relation to which, and its participating schemes, proper accounts and records are kept; and (Replaced 59 of 1993 s. 20) (f) under which the value of the assets attributable to, and the liabilities of, each of its participating schemes are readily determinable from such accounts and records. (Replaced 59 of 1993 s. 20) (5) The Registrar may accept an agreement as a pooling agreement for the purposes of this Ordinance if he receives- (a) a statement by a solicitor referred to in paragraph 2(c) of Part 2 of Schedule 1; and (b) a statement by an auditor referred to in paragraph 3 of Part 2 of Schedule 1. (6) (a) A contract of employment shall not be regarded as an occupational retirement scheme by reason solely that under the contract the employer concerned agrees to pay a gratuity to the employee concerned on the termination of the contract and the period of employment to which the contract relates does not exceed 4 years. (b) Where- (i) a contract described in paragraph (a) terminates; (ii) the employee concerned is subsequently employed, whether with or without a break in service, by the same employer under another contract; and (iii) the gratuity payable under the terminated contract is not paid in full within 6 months of such termination, or though such gratuity is so paid the whole or a substantial part of it is repaid by the employee to the employer, that other contract shall be regarded as an occupational retirement scheme. (7) For the avoidance of doubt, it is hereby declared that where a registered scheme is the subject of or regulated by an insurance arrangement, the assets of the scheme are, in so far as that arrangement is concerned, any claims (including contingent and prospective claims) which may be made against the authorized insurer concerned under that arrangement. (Added 59 of 1993 s. 20) (Enacted 1992) "accrued rights" (累算權益) "actuary" (精算師) "administrator" (管理人) "aggregate past service liability" (過去服務總負債) "aggregate vested liability" (既有總負債) "Appeal Board" (上訴委員會) "associate" (有關連人士) "auditor" (核數師) "authorized insurer" (獲認可承保人) "company" (公司) "consultative committee" (諮詢委員會) "country" (國家) "the court" (法院) "declared return" (已公布收益) "defined benefit scheme" (界定利益計劃) "defined contribution scheme" (界定供款計劃) "designated person" (指定人士) "director" (董事) "document" (文件) "domicile" (本籍) "exempted scheme" (獲豁免計劃) "exemption certificate" (豁免證明書) "existing" (現有) "full certificate" (足額證明書) "function" (職能) "group scheme" (集團計劃) "holding company" (母公司) "Hong Kong accountant" (香港會計師) "Hong Kong domiciled scheme" (以香港為本籍的計劃) "Hong Kong permanent identity card holder" (香港永久性居民身分證持有人) "insurance arrangement" (保險安排) "liquidator" (清盤人) "member" (成員) "occupational retirement scheme" (職業退休計劃) "offshore scheme" (離岸計劃) "participating scheme" (參與計劃) "partner" (合夥人) "past service liability" (過去服務負債) "contributions" (供款) and "benefit entitlement" (利益享有權) "membership" (成員) "prescribed fee" (訂明費用) "qualified certificate" (不足額證明書) "qualifying service" (可享利益服務年資) "the register" (註冊紀錄冊) "registered scheme" (註冊計劃) "registered trust company" (註冊信託公司) "the Registrar" (處長) "registration" (註冊) "relevant employer" (有關僱主) "restricted investment" (受限制投資項目) "security" (證券) "solicitor" (律師) "subsidiary" (附屬公司) "vested benefit" (既有利益) "vested liability" (既有負債) "contributions" (供款) and "benefit entitlement" (利益享有權) "pooling agreement" (匯集協議) OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 2 Interpretation VerDate:30/06/1997 (1) In this Ordinance, unless the context otherwise requires- "accrued rights" (累算權益) means, in relation to a member of an occupational retirement scheme, the rights for the time being conferring entitlement to the receipt by or in respect of him of benefits under the scheme, being the benefits arising as regards the member by reference to the scheme's past service liability to him, on the day concerned; "actuary" (精算師) means- (a) a Fellow of the Faculty of Actuaries of Scotland; (b) a Fellow of the Institute of Actuaries of England; (c) a Fellow of the Society of Actuaries of the United States of America; (d) a Fellow of the Institute of Actuaries of Australia; and (e) any person who holds such qualification as the Registrar may accept as being of a standard comparable to that of a person described in paragraph (a), (b), (c) or (d); "administrator" (管理人) means- (a) in the case of a scheme or pooling agreement