Special Voluntary Contributions
Smart Easy Personal Contributions of China Life MPF Master Trust Scheme (the “Scheme”) is a kind of MPF special voluntary contributions, and is independent of mandatory as well as employer / employee voluntary contributions. Through the Smart Easy Personal Contributions, you can make use of the MPF platform to formulate your financial plan of retirement life flexibly.
Make your Own Choices on Contribution Amount and Cycle
| Cycle | Monthly fixed amount | Lump Sum |
|---|---|---|
| Contribution Amount | As low as HK$300 per month | Minimum HK$500 per contribution |
| Designated Contribution Methods | Bank Direct Debit | Cheque |
Flexible Withdrawal of Accrued Benefits
- Withdraw up to a maximum of 4 times in each scheme year at no extra charge#
- Minimum of HK$1,000 per withdrawal
- Remaining account balance at any time will not be less than HK$1,000
Choose Your Desired MPF Scheme
- You do not have to follow your mandatory contribution account nor make contribution arrangement through employer
Diversified Fund Choice
A series of fund choices and Default Investment Strategy in the China Life MPF Master Trust Scheme, with diversified investment objectives, risk levels and portfolio are offered, covering money market fund, mixed assets funds, equity funds and guaranteed fund+.
#A handling charge of HK$100 will be charged by the China Life Trustees Limited on each additional withdrawal in case withdrawals by any scheme member in each scheme year exceed the limit herein. This handling fee will not be applicable to scheme member who have invested in any one of the constituent funds of Default Investment Strategy (“DIS”) and without any apportionment if only part of the accrued benefits are invested in the constituent funds of DIS.
+For further details including product features and risks involved, please refer to the MPF Scheme Brochure for the China Life MPF Master Trust Scheme (“MPF Scheme Brochure”). Default Investment Strategy is made up of two mixed assets constituent funds, namely the China Life Core Accumulation Fund and China Life Age 65 Plus Fund. Please refer to the MPF Scheme Brochure for details.
Comparison of 3 Types of Voluntary Contributions
| Tax Deductible Voluntary Contributions (TVC) |
Special Voluntary Contributions (SVC) |
Employee Voluntary Contributions (EEVC) |
|
|---|---|---|---|
| Tax Concession | Eligible^ | Not eligible | Not eligible |
| Account Opening | To enrol via eMPF Web Portal and eMPF Mobile App | To enrol via eMPF Web Portal and eMPF Mobile App | Via employer |
| Contribution Arrangements | Make contributions directly from member | Make contributions directly from member | Deduct from payroll via employer |
| Transferability | Can transfer all TVC accrued benefits to another TVC account under another MPF scheme | Not transferrable in general situation | Upon termination of employment in general situation |
| Withdrawal | Same as mandatory contributions, TVC can only be withdrawn upon retirement at age 65 or on other statutory grounds under the MPF legislation | Anytime* | Upon termination of employment in general situation |
^Such tax concession amount is an aggregate limit for both TVC and other qualifying annuity premiums rather than TVC only. Accrued benefits held in a TVC account can only be withdrawn upon retirement at age 65 or on other statutory grounds under the MPF legislation.
*May be varying based on terms and conditions of different schemes.