MPF

Tax Deductible Voluntary Contributions

tvc

Tax Deductible Voluntary Contributions

Starting from 1 April 2019, taxpayers’ contributions made to the TVC Account are eligible for tax deduction in accordance with the Inland Revenue Ordinance and the maximum tax concession amount for TVC in the year of assessment 2019/2020 and onwards is HK$60,0001.

 

Eligibility

Any person who is a current member under an MPF scheme, an employee, self-employed person or personal account, or a current member of an MPF exempted ORSO scheme, can open a TVC account at China Life and make TVC contributions directly, no employer is involved.

Withdrawal

TVC is subject to the same withdrawal restrictions applicable to mandatory contributions, i.e. only be withdrawn upon retirement at age 65 or on other statutory grounds under the MPF legislation 2 .

Diversified Fund Choices

A series of constituent 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 fund3.

  1. Such tax concession amount is an aggregate limit for both TVC and other qualifying annuity premiums rather than TVC only; and any claim for tax deductions will be applied to TVC before qualifying annuity premiums.

  2. This withdrawal restriction also applies to TVC that exceed the maximum tax deductible amount per assessment year.

  3. 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.

Enjoy Tax Concession in Step 1 2 3

1

Open TVC Account

Complete and return application form and required documents to open a TVC account in China Life

2

Make Contributions

Contribute a fixed amount (min. HK$300) monthly ； or in a lump sum (min. HK$500) at any time

3

Apply for Tax Deduction

File your tax return with TVC contribution information for the relevant tax assessment year

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.