Hong Kong Ordinances

OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SCHEDULE 1

DOCUMENTS REQUIRED FOR REGISTRATION

(a) either-
(i) that the occupational retirement scheme to which the application relates is governed by a trust; or
(ii) that such scheme is the subject of or regulated by an insurance arrangement; or
(iii) that such scheme is neither governed by a trust nor the subject of or regulated by an insurance arrangement;
(b) whether or not in his opinion the domicile of the scheme (including any trust established under or for the purposes of the scheme) is Hong Kong;
(c) that the terms of the scheme do not permit its assets to be used to indemnify any person who manages the scheme or any trustee thereof against any fraud, misfeasance or breach of trust;
(d) that the terms of the scheme-
(i) do not enable any person, without the consent of the scheme's member concerned, to alter to the member's detriment either his accrued rights under the scheme or his vested benefits, unless such alteration is consequential upon an amendment to the terms of the scheme consented to by not less than 90% of the members of the scheme; and
(ii) provide that where an alteration described in sub-subparagraph (i) occurs, any vested benefit which the member concerned is entitled to receive as at the date of such alteration under the terms of the scheme as if the condition precedent (if any) of such entitlement had been satisfied shall, if he so elects, become payable to him; (Amended 59 of 1993 s. 24)
(e) that the terms of the scheme have the effect provided for in section 18(1)(c) and (d); and (Amended 59 of 1993 s. 24)
(f) where the scheme is the subject of or regulated by an insurance arrangement, that the terms of that arrangement provide that the sum, if any, payable by the administrator of the scheme in the event of the termination of that arrangement may be paid by the administrator only to-
(i) another authorized insurer for the purposes of another insurance arrangement to which that scheme will be subject to or regulated by; or
(ii) a person who will hold that sum on trust as an asset of that scheme in accordance with the provisions of section 25. (Added 59 of 1993 s. 24)

(a) whether or not in his opinion proper accounts and records have been kept as regards the assets, liabilities and financial transactions of the scheme;
(b) whether or not in his opinion as at the end of the financial year the assets of the scheme were subject to any assignment, charge, pledge or other encumbrance except-
(i) the trust (if any) governing the scheme;
(ii) any charge or pledge created for the purposes of securing loans necessary for meeting the liabilities of the scheme; and
(iii) any option to acquire for valuable consideration any interest in the assets of the scheme granted in the normal course of business; and
(c) (i) (where the scheme is a defined contribution scheme)-
(A) whether or not in his opinion contributions have been made in accordance with the terms of the scheme; or
(B) the shortfall (if any) in his opinion between the scheme's assets and the scheme's aggregate vested liability as at the last day of the financial year; or
(ii) (where the scheme is a defined benefit scheme)-
(A) whether an actuarial review has been conducted as regards the scheme as at a date within the last 3 years; and
(B) (where such review has been conducted) whether or not in his opinion contributions have been made in accordance with the actuarial recommendations (if any) made by the actuary as regards the contributions to be made during the financial year, following the last actuarial review conducted as regards the scheme.

(a) stating that the pooling agreement of which he is the administrator applies to the occupational retirement scheme to which the application relates; and
(b) stating whether or not the requirement of section 25(2) (where the scheme is an existing scheme governed by a trust) has been complied with in relation to the scheme as if it was a registered scheme or (where the scheme is a proposed scheme which will be governed by a trust) will be complied with in relation to the scheme.

(a) either-
(i) that the occupational retirement scheme to which the application relates is governed by a trust; or
(ii) that such scheme is the subject of or regulated by an insurance arrangement;
(b) whether or not in his opinion the domicile of the scheme (including any trust established under or for the purposes of the scheme) is Hong Kong;
(c) that paragraphs (a) to (d) of section 2(4) apply in respect of the pooling agreement which (where the scheme to which the application relates is an existing scheme) applies or (where such scheme is a proposed scheme) will apply to the scheme to which the application relates;
(d) that the terms of the pooling agreement do not permit the assets of its participating schemes to be used to indemnify the administrator of the agreement against any fraud, misfeasance or breach of trust;
(e) that the terms of the scheme-
(i) do not enable any person, without the consent of the scheme's member concerned, to alter to the member's detriment either his accrued rights under the scheme or his vested benefits, unless such alteration is consequential upon an amendment to the terms of the scheme consented to by not less than 90% of the members of the scheme; and
(ii) provide that where an alteration described in sub-subparagraph (i) occurs, any vested benefit which the member concerned is entitled to receive as at the date of such alteration under the terms of the scheme as if the condition precedent (if any) of such entitlement had been satisfied shall, if he so elects, become payable to him; (Amended 59 of 1993 s. 24)
(f) that the terms of the scheme have the effect provided for in section 18(1)(c) and (d); and (Amended 59 of 1993 s. 24)
(g) where the scheme is the subject of or regulated by an insurance arrangement, that the terms of that arrangement provide that the sum, if any, payable by the administrator of the scheme in the event of the termination of that arrangement may be paid by the administrator only to-
(i) another authorized insurer for the purposes of another insurance arrangement to which that scheme will be subject to or regulated by; or
(ii) a person who will hold that sum on trust as an asset of that scheme in accordance with the provisions of section 25. (Added 59 of 1993 s. 24)

(a) whether or not in his opinion proper accounts and records have been kept as regards all assets, liabilities and financial transactions of the scheme;
(b) whether or not in his opinion as at the end of the financial year the assets of the scheme were subject to any assignment, charge, pledge or other encumbrance except-
(i) the trust (if any) governing the scheme;
(ii) any charge or pledge created for the purposes of securing loans necessary for meeting the liabilities of the scheme; and
(iii) any option to acquire for valuable consideration any interest in the assets of the scheme granted in the normal course of business;
(c) that the value of the assets attributable to, and the liabilities of, the scheme are readily determinable from the accounts and records kept in relation to the pooling agreement; and
(d) (i) (where the scheme is a defined contribution scheme)-
(A) whether or not in his opinion contributions have been made in accordance with the terms of the scheme; or
(B) the shortfall (if any) in his opinion between the scheme's assets and the scheme's aggregate vested liability as at the last day of the financial year; or
(ii) (where the scheme is a defined benefit scheme)-
(A) whether an actuarial review has been conducted as regards the scheme as at a date within the last 3 years; and
(B) (where such review has been conducted) whether or not in his opinion contributions have been made in accordance with the actuarial recommendations (if any) made by the actuary as regards the contributions to be made during the financial year, following the last actuarial review conducted as regards the scheme.

(a) a full certificate certifying that-
(i) he has given an initial actuarial valuation as regards the proposed scheme;
(ii) he has made recommendations to the relevant employer of the scheme on the financial implications of the scheme (specifying in particular what would, in his opinion, be the level of contributions required to cover liabilities, including contingent and prospective liabilities, under the scheme when implemented);
(iii) following the valuation he has received from that employer a copy of that employer's written undertaking to the proposed administrator of the scheme to contribute to the scheme's funds in accordance with the recommendations; and
(iv) provided the scheme is funded in accordance with his recommendations, he would expect that-
(A) the scheme's assets would be sufficient to meet the scheme's aggregate vested liability on the establishment of the scheme and remain sufficient to meet such liability throughout the period of 3 years from the date of the certificate; and
(B) on the expiration of a period, where necessary, specified in the certificate, the scheme's assets would be sufficient to meet the scheme's aggregate past service liability; or
(b) (in the case of a proposed scheme the proposed date of establishment of which is earlier than the 5th anniversary of the commencement of section 1) a qualified certificate certifying that-
(i) he has given an initial actuarial valuation as regards the proposed scheme;
(ii) he has made recommendations to the relevant employer of the scheme on the financial implications of the scheme (specifying in particular what would, in his opinion, be the level of contributions required to cover liabilities, including contingent and prospective liabilities, under the scheme when implemented);
(iii) following the valuation he has received from that employer a copy of that employer's written undertaking to the proposed administrator of the scheme to contribute to the scheme's funds in accordance with the recommendations; and
(iv) he does not expect that on the establishment of the scheme the scheme's assets would be sufficient to meet its aggregate vested liability but, providing that the scheme is funded in accordance with his recommendations,-
(A) he would expect that, on the date on which a period specified in the certificate would expire (which period shall be specified to expire on or before the 5th anniversary of the commencement of section 1), the scheme's assets would be sufficient to meet the scheme's aggregate vested liability;
(B) what he would expect to be the amount, if any, of the shortfall between the scheme's assets and the scheme's aggregate vested liability as at the date of the actuarial review covered by the first actuarial certificate to be supplied under section 31(1); and
(C) on the expiration of a period, where necessary, specified in the certificate, the scheme's assets would be sufficient to meet the scheme's aggregate past service liability.

(a) a full certificate certifying that-
(i) an actuarial review has been conducted as regards the scheme as of the date specified in the certificate
(ii) in the course of the review he has had regard to the financial condition of the scheme;
(iii) the review included a valuation of the scheme's liabilities (including contingent and prospective liabilities);
(iv) as at the date of the review the scheme's assets were sufficient to meet the scheme's aggregate vested liability;
(v) following the review he has made recommendations as regards funding of the scheme;
(vi) following the review he has received a copy of a written undertaking by the relevant employer of the scheme to the administrator of the scheme to contribute to the scheme's funds in accordance with those recommendations; and
(vii) provided the scheme is funded in accordance with those recommendations, he would expect that-
(A) the scheme's assets would continue to be sufficient to meet the scheme's aggregate vested liability throughout the period of 3 years from the date of the review; and
(B) on the expiration of a period, where necessary, specified in the certificate, the scheme's assets would be sufficient to meet the scheme's aggregate past service liability; or
(b) a qualified certificate certifying-
(i) that an actuarial review has been conducted as regards the scheme as of the date specified in the certificate;
(ii) that in the course of the review he has had regard to
the financial condition of the scheme;
(iii) that the review included a valuation of the scheme's liabilities (including contingent and prospective liabilities);
(iv) that-
(A) as at the date of the review the scheme's assets were not sufficient to meet the scheme's aggregate vested liability, and stating the amount of the shortfall as at such date; or
(B) although as at the date of the review the scheme's assets were sufficient to meet the scheme's aggregate vested liability, he would not expect that the scheme's assets would continue to be sufficient to meet the scheme's aggregate vested liability throughout the period of 3 years from the date of the review;
(v) that following the review he has made recommendations as regards funding of the scheme;
(vi) that following the review he has received a copy of a written undertaking by the relevant employer of the scheme to the administrator of the scheme to contribute to the scheme's funds in accordance with those recommendations; and
(vii) provided the scheme is funded in accordance with those recommendations,-
(A) what he would expect to be the amount of the shortfall between the scheme's assets and the scheme's and the scheme's aggregate vested liability as at the expiry of 12 months from the date of the review;
(B) that he would expect that, on the date on which a period specified in the certificate would expire (which period shall be specified to expire on a day which is earlier than the 5th anniversary of the commencement of section 1), the scheme's assets would be sufficient to meet the scheme's aggregate vested liability; and
(C) that on the expiration of a period, where necessary, specified in the certificate, the scheme's assets would be sufficient to meet the scheme's aggregate past service liability.

(a) A submission to the jurisdiction of the Court of First Instance in writing to the extent requisite to enable the Court of First Instance to exercise in relation to the scheme the jurisdiction conferred by section 74. The submission is to be made by or on behalf of the trustee or (in case there is no trustee) such other person and in such form as the Registrar may direct.
(b) A statement by a solicitor stating that the terms of the scheme have the effect provided for in section 18(1)(d).