Hong Kong Regulations

OCCUPATIONAL RETIREMENT SCHEMES (RECOVERY OF ARREARS) RULES - SECT 10

Contribution surcharge

(1) Where a relevant employer has failed to pay the arrears as required in the
Registrar's first payment notice within the period specified for payment in
that first payment notice, the Registrar may-

   (a)  in his second payment notice, require the relevant employer to pay a
        contribution surcharge at a rate of 15 per cent per annum on the
        amount of the arrears, accruing from the day following the due date
        until the last day of the period specified for payment in that second
        payment notice;

   (b)  in his third or any subsequent payment notice, require the relevant
        employer to pay a contribution surcharge at a rate of 20 per cent per
        annum on the amount of the arrears, accruing from the day following
        the due date until the last day of the period specified for payment in
        that third or subsequent payment notice.

(2) Contribution surcharge collected shall be distributed among the affected
members as if they were investment returns earned on the contributions
concerned.