Hong Kong Ordinances

MANDATORY PROVIDENT FUND SCHEMES ORDINANCE - SECT 5

Members of certain occupational retirement schemes to be exempted from this Ordinance

Consolidated version as amended by 4 of 1998.

(1) The Authority may, by certificate in writing, exempt the members, or a
class of members, of an occupational retirement scheme and their employer from
the operation of all, or any specified, provisions of this Ordinance and, in
so doing, may specify circumstances in which the exemption is or is not to
apply.

(2) The Authority may grant an exemption-

   (a)  either on its own initiative or on the application of the trustee of
        the occupational retirement scheme concerned or the employer whose
        employees are members of the scheme; and

   (b)  subject to such conditions as the Authority considers appropriate.

(3) If an exemption is granted in respect of an occupational 
retirement scheme, the provisions of this Ordinance, or the provisions of this
Ordinance specified in the exemption certificate, do not apply to the members
or relevant class of members of the scheme or to the employer of those members
in relation to the scheme.

(4) An exemption may be granted in respect of an occupational 
retirement scheme under this section whether the scheme is a defined
contribution scheme or a defined benefit scheme.

(5) The regulations may-

   (a)  prescribe the circumstances in which an exemption under this section
        may be granted; and

   (b)  prescribe requirements that are to be complied with as a condition for
        the granting of such an exemption; and

   (c)  empower the Authority to revoke such an exemption for failure to
        comply with any requirements imposed as a condition of granting the
        exemption. (Replaced 4 of 1998 s. 2)