Hong Kong Ordinances

OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 24

General funding requirements and duties

(1) Subject to the provisions of this Ordinance, the assets of a
registered scheme shall be sufficient to meet its aggregate vested  liability
and such a scheme shall be funded in accordance with the terms of the scheme
and (where the scheme is a defined benefit scheme) recommendations, if any,
contained in an actuarial certificate supplied under section 15 and certifying
in the manner described in paragraph 1 or 2 of Part 3 of Schedule 1 or an
actuarial certificate supplied under section 31 and certifying in the manner
described in Part 1 or 2 of Schedule 2.

(2) Where an existing scheme becomes a registered scheme, it shall be the duty
of the relevant employer of the scheme to provide in accordance with
subsection (3) the resources necessary to enable the scheme to meet both its
aggregate vested liability and its aggregate past  service liability on the
respective days on which the periods referred to in subsection (3) expire.

(3) The resources referred to in subsection (2) shall be provided-

   (a)  in so far as they relate to the relevant registered scheme's
        aggregate vested liability, not later than-

        (i)    the expiration of the period of 5 years after the commencement
               of section 1; or

        (ii)   such shorter period as may be agreed on by the relevant 
               employer and administrator of the scheme; or

        (iii)  such longer period as the Registrar may allow in accordance
               with rules made for the purposes of this paragraph;

   (b)  in so far as they relate to such scheme's aggregate past 
        service liability, not later than the expiration of such period as may
        be agreed on between such employer and such administrator.

(4) Notwithstanding any provision of the terms of an occupational 
retirement scheme, such terms shall be construed and have effect as though
they were made subject to this section. (Enacted 1992)