Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 56

Approved trustee to provide scheme members with annual benefit statements

(Past version on 01/12/2000).

(1) The approved trustee of the scheme must ensure that-

   (a)  within 3 months after each financial period of a registered scheme,
        each of the scheme members is provided with a benefit statement
        setting out the member's position with respect to the scheme as at the
        end of that period, whether or not the auditing of the
        financial statements of the scheme for that period has been completed
        then; and

   (b)  if there are subsequent audit adjustments made to the benefit
        statements affecting the members' balances, members are notified in
        writing within 30 days after the trustee becomes aware of those audit
        adjustments.

(2) If a financial period of a registered scheme is extended to more than 12
months, the approved trustee of the scheme must ensure that each member of
that scheme is provided with-

   (a)  a benefit statement for the first 12 months of the financial  period;
        and

   (b)  a further benefit statement prepared and issued as at the end of the
        extended period.

(3) A scheme member's benefit statement must-

   (a)  specify the name of the member, the name of the scheme and the name of
        the approved trustee of the scheme; and

   (b)  specify the total contributions that have been paid to the  scheme in
        respect of the member during the financial period and specify, in so
        far as it is within the knowledge of the trustee, any contribution
        periods for which contributions that were required to be paid in
        respect of the member have not been paid; and

   (c)  specify the value of accrued benefits of the member as at the
        beginning of the financial period and also the value of accrued
        benefits of the member as at the end of that period; and

   (d)  if the member is a self-employed person, specify the total
        contributions paid to the trustee by the scheme member during the
        financial period; and

   (e)  if the member is not a self-employed person, specify the total
        contributions paid to the trustee by the member's employer during the
        financial period; and

   (f)  give particulars of amounts transferred to or from the scheme during
        the financial period; and

   (fa) contain such information as may be specified by the Authority; and (1
        of 2008 s. 50)

   (g)  subject to subsection (4), be printed in both the Chinese language and
        the English language; and

   (h)  be prepared on an accrual basis, except that contributions and items
        relating to contributions not yet received by the approved trustee of
        the scheme may be included on a cash basis.

(4) The name of the member may be printed on the benefit statement in either
the Chinese language or the English language, unless the member, by written
notice, requires the trustee to print that name in both of those languages.

(5) If voluntary contributions to a registered scheme are paid by or in
respect of a scheme member, subsection (3) is not complied with unless, in
relation to the matters referred to in paragraphs (b) to (fa) of that
subsection, the statement provides separate information with respect to- (1 of
2008 s. 50)

(a) the mandatory contributions paid by or in respect of the member, and the
accrued benefits derived from those mandatory contributions; and

   (b)  the voluntary contributions paid by or in respect of the member, and
        the accrued benefits derived from those voluntary contributions.

(6) If a member of an employer sponsored scheme or a master trust scheme is an
employee of a participating employer, the trustee may arrange to give to the
member's employer the member's benefit statement. In that case, that employer
must ensure that the member's benefit statement is given to the member within
7 working days after the employer receives it.

(7) The approved trustee of a registered scheme is not required to comply with
this section in relation to a person who has ceased to be a scheme member
during the period of 3 months after the end of a financial  period of
the scheme and whose accrued benefits have been transferred to another
registered scheme in accordance with Part XII of this Regulation or have been
paid in accordance with section 15 of the Ordinance.