Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION,MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 78

Separate accounts for each scheme member

(Past version on 19/07/2002).
(Past version on 15/02/2002).
(Past version on 03/08/1999).

(1) An approved trustee of a registered scheme must ensure that, as part of
its accounting records, a separate account is established and maintained for
each scheme member specifying the member's accrued benefits.

(2) The trustee must ensure that a scheme member's accrued benefits specified
in the member's account reflect the difference between-

   (a)  the aggregate amount of all the items listed in subsection (3); and

   (b)  the aggregate amount of all the items listed in subsection (4).

(3) The items referred to in subsection (2)(a) are as follows-

   (a)  in the case of a scheme member who is a relevant employee, all
        contributions paid by the member's employer to the scheme in respect
        of the member;

   (b)  all contributions paid to the scheme by the member;

   (c)  any amount transferred to the account in accordance with Part XII;

   (d)  any investment income of the scheme that is attributable to the
        member's accrued benefits;

   (e)  any amount by which the value of the scheme investments attributable
        to the member's accrued benefits has appreciated;

   (f)  any other sums payable to the account under the Ordinance.

(4) The items referred to in subsection (2)(b) are as follows-

   (a)  accrued benefits that have been paid to or in respect of the member;

   (b)  fees for administrative expenses deducted or deductible by the trustee
        from the account under this Regulation unless those expenses are
        waived by the trustee;

   (c)  any amounts transferred from the account in accordance with Part XII;

   (d)  any other amounts payable under the Ordinance from the account;

   (e)  any amount by which the value of the scheme investments attributable
        to the member's accrued benefits has depreciated.

(5) The trustee must ensure that each member's account is kept in such a
manner that the market value of the accrued benefits of a member can be
ascertained at least once each month.

(6) In the case of a scheme member who is a relevant employee of a
participating employer, the trustee must arrange for the member's
contribution account to be divided into the following sub-accounts-

   (a)  a sub-account specifying-

        (i)    the contributions paid under section 7A(1)(a) or (2)(a) of the
               Ordinance in respect of the member by the member's
               current employer as mandatory contributions;

        (ii)   any contribution surcharges paid by the member's employer on
               arrears if the relevant income of the employee is less than the
               minimum level of relevant income per month and there is not a
               sub-account as referred to in paragraph (b);

        (iii)  the member's minimum MPF benefits (if any), to which section  5
               (1) of Schedule 2 to the
               Mandatory Provident Fund Schemes (Exemption)  Regulation (
               Cap 485 sub. leg.) applies, transferred to the scheme which are
               attributable to the current employer's contributions;

        (iv)   the income or profits arising from any investments of the
               contributions, surcharges and benefits mentioned in any of
               subparagraphs

        (i)    , (ii) and (iii), but taking into account any losses in respect
               thereof; (2 of 2002 s. 21)

   (b)  a sub-account specifying-

        (i)    the member's contributions paid under section 7A(1)(b) or

(2)(b) of the Ordinance by the member's current employer on behalf of the
member as mandatory contributions;

        (ii)   any contribution surcharges paid by the member's employer on
               arrears if- (A) the relevant income of the employee is not less
               than the minimum level of relevant income per month; (B) the
               contributions have been made under subparagraph (i) in respect
               of the member; or (C) the minimum MPF benefits have been
               transferred under subparagraph (iii) in respect of the member;

        (iii)  the member's minimum MPF benefits (if any), to which section  5
               (1) of Schedule 2 to the
               Mandatory Provident Fund Schemes (Exemption)  Regulation (
               Cap 485 sub. leg.) applies, transferred to the scheme which are
               attributable to the employee's contributions of the
               current employment;

        (iv)   the income or profits arising from any investments of the
               contributions, surcharges and benefits mentioned in any of
               subparagraphs

        (i)    , (ii) and (iii), but taking into account any losses in respect
               thereof; (2 of 2002 s. 21)

   (c)  a sub-account specifying-

        (i)    all mandatory contributions paid by or in respect of the member
               while employed by a former employer or while self-employed and
               transferred to the member's contribution account in accordance
               with Part XII, any contribution surcharges in respect of
               mandatory contributions paid by the member's employer while the
               member is employed by a former employer, and any contribution
               surcharges paid in respect of mandatory contributions paid by
               the member while self-employed;

        (ii)   the member's minimum MPF benefits (if any), to which section  5
               (1) of Schedule 2 to the
               Mandatory Provident Fund Schemes (Exemption)  Regulation (
               Cap 485 sub. leg. B) applies, transferred to the scheme which
               are attributable to his former employments;

        (iii)  the income or profits arising from any investments of the
               contributions, surcharges and benefits mentioned in any of
               subparagraphs

        (i)    and (ii), but taking into account any losses in respect
               thereof; (2 of 2002 s. 21)

        (iv)   the special contributions (if any) paid in respect of the
               member and the income or profits arising from any investments
               of those contributions, but taking into account any losses in
               respect thereof; (30 of 2008 s. 8)

   (d)  a sub-account specifying-

        (i)    the voluntary contributions (if any) paid in respect of the
               member by the member's current employer;

        (ii)   the amount (other than minimum MPF benefits to which section  5
               (1) of Schedule 2 to the
               Mandatory Provident Fund Schemes (Exemption)  Regulation (
               Cap 485 sub. leg. B) applies), if any, transferred to the 
               scheme in respect of the member from an ORSO exempted scheme or
               an ORSO  registered scheme which are attributable to the
               current employer's contributions;

        (iii)  the income or profits arising from any investments of the
               contributions and amount mentioned in any of subparagraphs (i)
               and (ii), but taking into account any losses in respect
               thereof; (2 of 2002 s. 21)

   (e)  a sub-account specifying-

        (i)    the voluntary contributions (if any) paid by the member while
               employed by the member's current employer;

        (ii)   the amount (other than minimum MPF benefits to which section  5
               (1) of Schedule 2 to the
               Mandatory Provident Fund Schemes (Exemption)  Regulation (
               Cap 485 sub. leg. B) applies), if any, transferred to the 
               scheme in respect of the member from an ORSO exempted scheme or
               an ORSO  registered scheme which are attributable to the
               employee's contributions of the current employment;

        (iii)  the income or profits arising from any investments of the
               contributions and amount mentioned in any of subparagraphs (i)
               and (ii), but taking into account any losses in respect
               thereof; (2 of 2002 s. 21)

   (f)  a sub-account specifying-

        (i)    all voluntary contributions paid by or in respect of the member
               while employed by a former employer or while self-employed and
               transferred to the member's contribution account;

        (ii)   the amount (other than minimum MPF benefits to which section  5
               (1) of Schedule 2 to the
               Mandatory Provident Fund Schemes (Exemption)  Regulation (
               Cap 485 sub. leg. B) applies), if any, transferred to the 
               scheme in respect of the member from an ORSO exempted scheme or
               an ORSO  registered scheme which are attributable to the
               member's former  employments;

        (iii)  the income or profits arising from any investments of the
               contributions and amount mentioned in any of subparagraphs (i)
               and (ii), but taking into account any losses in respect
               thereof. (2 of 2002 s. 21)

(6A) Where section 12A(6A) and (6B) of the Ordinance is applicable in the case
of an employer and an employee, then, for the purposes of that case-

        (a)	any reference to "current employer" in subsection (6)(a), (b), 


   (d)  or (e) shall include the previous employer mentioned in section
        12A(6A) of the Ordinance;

        (b)	any reference to "current employment" in subsection (6)(b) or 


   (e)  shall include employment with the previous employer mentioned in
        section 12A(6A) of the Ordinance;

        (c)	any reference to "former employments" in subsection (6)(c) or 


   (f)  shall not include employment with the previous employer mentioned in
        section 12A(6A) of the Ordinance;

        (d)	any reference to "former employer" in subsection (6)(c) or (f) 
shall not include the previous employer mentioned in section 12A(6A) of the
Ordinance. (29 of 2002 s. 14)

(7) In the case of a scheme member who is a self-employed person, the trustee
must arrange for the member's contribution account to be divided into the
following sub-accounts-

   (a)  a sub-account specifying the member's mandatory contributions paid by
        the member while self-employed, any contribution surcharges paid by
        the member on arrears, and the income or profits arising from any
        investments of those contributions and surcharges, but taking into
        account any losses in respect thereof; (2 of 2002 s. 21)

   (b)  a sub-account specifying-

        (i)    all mandatory contributions paid by or in respect of the member
               and transferred to the member's contribution account in
               accordance with Part XII, any contribution surcharges in
               respect of mandatory contributions paid by the member's
               employer while the member is employed by a former employer, and
               any contribution surcharges paid in respect of mandatory
               contributions paid by the member while self-employed;

        (ii)   the member's minimum MPF benefits (if any), to which section  5
               (1) of Schedule 2 to the
               Mandatory Provident Fund Schemes (Exemption)  Regulation (
               Cap 485 sub. leg.) applies, transferred to the scheme;

        (iii)  the income or profits arising from any investments of the
               contributions, surcharges and benefits mentioned in any of
               subparagraphs

        (i)    and (ii), but taking into account any losses in respect
               thereof; (2 of 2002 s. 21)

        (iv)   the special contributions (if any) paid in respect of the
               member and the income or profits arising from any investments
               of those contributions, but taking into account any losses in
               respect thereof; (30 of 2008 s. 8)

   (c)  a sub-account specifying the voluntary contributions (if any) paid by
        the member while self-employed and the income or profits arising from
        any investments of those contributions, but taking into account any
        losses in respect thereof; (2 of 2002 s. 21)

   (d)  a sub-account specifying-

        (i)    all voluntary contributions paid by or in respect of the member
               and transferred to the member's contribution account;

        (ii)   the amount (other than minimum MPF benefits to which section  5
               (1) of Schedule 2 to the
               Mandatory Provident Fund Schemes (Exemption)  Regulation (
               Cap 485 sub. leg.) applies), if any, transferred to the scheme
               in respect of the member from an ORSO exempted scheme or an
               ORSO  registered scheme;

        (iii)  the member's income or profits arising from any investments of
               the contributions and amount mentioned in any of subparagraphs
               (i) and

        (ii)   , but taking into account any losses in respect thereof. (2 of
               2002 s. 21)

(8) In the case of a scheme member who holds a preserved account in
the scheme, the trustee must arrange for the member's preserved account to be
divided into the following sub-accounts-

   (a)  a sub-account specifying-

        (i)    all mandatory contributions paid by or in respect of the member
               and transferred to the member's preserved account in accordance
               with Part XII, any contribution surcharges in respect of
               mandatory contributions paid by the member's employer while the
               member is employed by a former  employer, and any contribution
               surcharges paid in respect of mandatory contributions paid by
               the member while self-employed;

        (ii)   the member's minimum MPF benefits (if any), to which section  5
               (1) of Schedule 2 to the
               Mandatory Provident Fund Schemes (Exemption)  Regulation (
               Cap 485 sub. leg.) applies, transferred to the scheme;

        (iii)  the income or profits arising from any investments of the
               contributions, surcharges and benefits mentioned in any of
               subparagraphs

        (i)    and (ii), but taking into account any losses in respect
               thereof; (2 of 2002 s. 21)

        (iv)   the special contributions (if any) paid in respect of the
               member and the income or profits arising from any investments
               of those contributions, but taking into account any losses in
               respect thereof; (30 of 2008 s. 8)

   (b)  a sub-account specifying-

        (i)    all voluntary contributions paid by or in respect of the member
               and transferred to the member's preserved account;

        (ii)   the amount (other than minimum MPF benefits to which section  5
               (1) of Schedule 2 to the
               Mandatory Provident Fund Schemes (Exemption)  Regulation (
               Cap 485 sub. leg.) applies), if any, transferred to the scheme
               in respect of the member from an ORSO exempted scheme or an
               ORSO  registered scheme;

        (iii)  the member's income or profits arising from any investments of
               the contributions and amount mentioned in any of subparagraphs
               (i) and

        (ii)   , but taking into account any losses in respect thereof. (2 of
               2002 s. 21)

(9) The trustee must ensure that each member's account is kept in such a
manner that the amounts relating to a scheme member's account are recorded in
the appropriate sub-accounts of that account.

(10) For the avoidance of doubt, it is hereby declared that this section does
not operate to require the trustee to divide a member's sub-account into any
further sub-accounts. (2 of 2002 s. 21)