A
Accounting Date
Means the last calendar day of the financial period which shall be 31st
December in each year commencing on the date hereof or such other date as
decided by the Approved Trustee from time to time upon the advice of the
Administrator (if any), subject to the prior approval of the MPFA and provided
that, the Members, Employers and service providers are all given one month
prior written notice (or such shorter notice as the MPFA may agree from time to
time).
Accrued Benefits
Has the same meaning as in the Ordinance.
Annual Fee
Means a fee charged by the Approved Trustee on an annual basis and payable by
the Employers and/or Members.
APIF
Means an approved pooled investment fund approved in accordance with the
Regulation.
Application of Participation
Means (i) the application form from time to time specified by the Approved
Trustee and executed by an Employer, Employee, Individual Relevant Employee,
Self-employed Person or Personal Account holder (as the case may be), and (ii)
shall include a Member Enrolment Form.
B
Bid Spread
Is charged by the Approved Trustee upon redemption of units of a constituent
fund by a scheme member. Bid spread does not apply to BCOM MPF Conservative
Fund. Bid spread for a transfer of benefits, withdrawal of benefits in a lump
sum, or the first four withdrawals of benefits by instalments in a year can
only include necessary transaction costs incurred or reasonably likely to be
incurred in selling or purchasing investments in order to give effect to the
transfer or withdrawal and are payable to a party other than the Approved
Trustee.
Business Day
Means a day on which licensed banks in Hong Kong generally are open for
business (excluding Saturday and Sunday).
C
Contributions
Means (i) contributions to the Scheme made by an Employer, Self-employed
Person, Employee Member, Individual Relevant Employee Member, Personal Account
Member or the MPFA in accordance with the Governing Rules, and (ii) any sums
received from the trustees or other administrators of any other registered
scheme under the Ordinance or Occupational Retirement Schemes Ordinance.
Contribution Account
Has the same meaning as in the Regulation.
Contribution Charge
Means a fee charged by the Approved Trustee against any contributions paid to
the Scheme. This fee is charged as a percentage of Contributions and will be
deducted from the Contributions. This charge does not apply to BCOM MPF
Conservative Fund.
E
Employee
Means an employee of the Employer and such other employee or class of employees
as the Approved Trustee may from time to time at its discretion determine.
Employee Member
Means an Employee who has applied to become a Member in such manner as the
Approved Trustee may reasonably require.
Employer
Means a person who is an employer from time to time participating in the
Scheme.
Employment-Related MCs
and VCs
Means the Mandatory Contributions and Voluntary Contributions (if any) paid by
a Member or (if that Member is an Employee Member) in respect of a Member, in
respect of his employment or self-employment to the Scheme.
F
Feeder Fund
Means a fund the assets of which being invested in a single APIF.
Financial Period
Means (i) the first financial period which is the period beginning with the
date on which the Scheme was registered with the MPFA and ending on a date
determined by the Approved Trustee. The date so determined must be a date not
more than 12 months from the date of registration of the Scheme or such later
date as the Approved Trustee, with prior approval of the MPFA so determines;
and (ii) every subsequent financial period which is to be the period ending on
each anniversary of the last date of the first financial period determined by
the Approved Trustee.
G
Guarantee Charge
Refers to an amount that is deducted out of the assets of BCOM Guaranteed (CF)
Fund for the purpose of providing a guarantee. This fee is usually charged as a
percentage of the net asset value of BCOM Guaranteed (CF) Fund.
Governing Rules or Rules
Means the rules of the Scheme contained in the Schedule of the Trust Deed and
forming part of the Trust Deed as may be amended or supplemented from time to
time.
H
Higher Risk Assets
Has the meaning given to it in the Ordinance, and generally means equities or
similar investments.
I
Index-tracking Collective
Investment Scheme
Has the same meaning as in the Regulation.
Individual Relevant
Employee
Means a relevant employee or Self-employed Person as defined in the Ordinance
other than an Employee Member or Self-employed Member.
Individual Relevant
Employee Member
Means any Individual Relevant Employee who has joined the Scheme in such manner
as the Approved Trustee may reasonably require.
Individual RE's VC
Means in respect of an Individual Relevant Employee Member, any Voluntary
Contributions the Individual Relevant Employee Member makes to the Scheme.
J
Joining Fee
Means a one-off fee charged by the Approved Trustee and payable by the
Employers and/or Members upon joining the Scheme.
L
Lower Risk Assets
Means those assets not being Higher Risk Assets, including without limitation
global bonds and money market instruments.
M
Management Fees
Include fees paid to the Trustee, Custodian, Administrator and Investment
Manager (including fees based on fund performance, if any) for providing their
services to the relevant Constituent Fund(s). They are usually charged as a
percentage of the net asset value of the relevant Constituent Fund(s).
Mandatory Contribution
Has the same meaning as in the Ordinance.
Member
Means a person admitted to and continuing in membership of the Scheme in
accordance with the Governing Rules including Employee Member, Individual
Relevant Employee Member, Self-employed Member and Personal Account Member and
includes any person participating in the Scheme in one or more of the above
capacities.
Member Account
Means the account or accounts maintained in the books of the Approved Trustee
in respect of a Member to which are credited all Contributions held in respect
of that Member including the Contribution Account and the Personal Account.
Member Choice Balance
Means, in respect of a Member and at any date:
(i) any accrued benefits attributable to the Member under the Scheme
which relate to the Member’s own Mandatory Contributions that are attributable
to the Member’s current employment with an Employer, and
(ii) any accrued benefits attributable to the Member under the Scheme which
relate to the Mandatory Contributions made by or in respect of the Member that
are attributable to the Member’s former employment or former self-employment.
Member Fund Account
Means an account of the Member kept by the Approved Trustee on his behalf in
respect of each Constituent Fund.
MPFA
Means the Mandatory Provident Fund Schemes Authority.
N
Non-Employment Related
VCs
Means the Voluntary Contributions (including any Individual RE's VCs) paid by a
Member to the Scheme and which do not form part of the Employment-Related MCs
and VCs.
O
Offer Price
Means the net asset value of a Unit upon subscription on any Valuation Date
plus the offer spread.
Offer Spread
Is charged by the Approved Trustee upon subscription of units of a constituent
fund by a scheme member. Offer spread does not apply to BCOM MPF Conservative
Fund. Offer spread for a transfer of benefits can only include necessary
transaction costs incurred or reasonably likely to be incurred in selling or
purchasing investments in order to give effect to the transfer and are payable
to a party other than the Approved Trustee.
Ordinance
Means the Mandatory Provident Fund Schemes Ordinance (Cap. 485).
P
Personal Account
Has the same meaning as defined in section 2 of the Regulation.
Personal Account Holder
Means a person with a Personal Account held with another registered scheme.
Personal Account Member
Means a Member with a Personal Account held in the Scheme.
R
Redemption Price
Means the net asset value of a Unit upon redemption on any Valuation Date less
the bid spread.
Reference Portfolio
Means in respect of each of the BCOM Core Accumulation Fund and the BCOM Age 65
Plus Fund, the MPF industry developed reference portfolio adopted for the
purpose of DIS to provide a common reference point for the performance and
asset allocation of the BCOM Core Accumulation Fund and the BCOM Age 65 Plus
Fund (as the case may be).
Registered Scheme
Has the same meaning as in the Ordinance.
Regulation
Means the Mandatory Provident Fund Schemes (General) Regulation and any
amendments made thereto from time to time.
Relevant Income
Has the same meaning as defined in section 2 of the Ordinance.
Retirement Age
Has the same meaning as the words "retirement age" in the Ordinance.
S
Self-employed Person
Means a "self-employed person" as defined in the Ordinance.
Self-employed Member
Means any Self-employed Person who has joined the Scheme in such manner as the
Approved Trustee may reasonably require.
SFC
Means the Securities and Futures Commission.
Special Contribution
Means a Contribution paid by the MPFA to the Scheme in accordance with the
Ordinance.
Specific Investment
Instruction
Means:
(a) an instruction for investment allocations meeting the following requirements:
(i) if a Member opts for (a)(I) under the sub-section "New accounts set up on or after 1 April 2017" under the section "Circumstances for Accrued Benefits to be Invested in the DIS", the investment allocation must be 100%;
(ii) if a Member opts for (a)(II) under the sub-section "New accounts set up on or after 1 April 2017" under the section "Circumstances for Accrued Benefits to be Invested in the DIS":
(A) the minimum investment allocation in any Constituent Fund selected must be an integer and should not be less than 10%; and
(B) the total (or in the case of any switching instruction, the switch-in total) must be 100%; or
(b) any confirmation (whether through hard copy or online submission of the relevant administration forms prescribed by the Approved Trustee or IVRS (interactive voice recording system)) by a Member with regard to any investment arrangements of the existing accrued benefits and/or future contributions and accrued benefits transferred from another scheme.
A Specific Investment Instruction applies to all types of Contributions and accrued benefits attributable to any type of Contributions, paid by or in respect of the Member under the Scheme.
Any investment mandate, change of investment mandate or switching instruction must meet the requirements for a "Specific Investment Instruction".
U
Unit
Means one equal undivided part or share of and in the unitized Constituent Fund
including as the context may require, a fraction of a Unit.
V
Valuation Date
In respect of each Constituent Fund shall be every Business Day and may be
subject to change from time to time by the Approved Trustee by giving one month
notice in writing to Employers and Members (or such shorter or longer notice
period as the MPFA may require).
Voluntary Contribution
Means a Contribution paid to the Scheme in accordance with Rule 6A of the
Governing Rules and shall include any Individual RE's VC.
W
Withdrawal
Charge
Means a fee charged by the Approved Trustee upon withdrawal of accrued benefits
from the Scheme. This fee is usually charged as a percentage of the withdrawal
amount and will be deducted from the withdrawal amount. This charge does not apply
to BCOM MPF Conservative Fund. A withdrawal charge for a transfer of benefits,
withdrawal of benefits in a lump sum, or the first four withdrawals of benefits
in instalments in a year can only include necessary transaction costs incurred
or reasonably likely to be incurred in selling or purchasing investments in
order to give effect to the transfer or withdrawal and are payable to a party
other than the Approved Trustee.