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 Authority and provided that, the Members, Employers and service providers are all given one month prior written notice (or such shorter notice as the Authority 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 Preserved Account holder (as the case may be), and (ii) shall include a Member Enrolment Form.
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B
Bid Spread
Is charged by the Approved Trustee upon redemption of units of a Constituent Fund by a Member. Bid spread does not apply to BCOM Joyful Capital Preservation (CF) Fund.
Business Day
Means a day on which licensed banks in Hong Kong generally are open for business (excluding Saturday and Sunday).
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C
Contributions
Means (i) contributions to the Scheme made by an Employer, Self-employed Person, Employee Member, Individual Relevant Employee Member, or Preserved Account Member 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 Joyful Capital Preservation (CF) Fund.
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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 and (if that Member is an Employee Member) in respect of a Member, in respect of his employment or self-employment to the Scheme.
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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 Authority 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 Authority 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.
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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.
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I
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.
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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.
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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 Preserved 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 Preserved Account.
Member Fund Account
Means an account of the Member kept by the Approved Trustee on his behalf in respect of each Constituent Fund.
Minimum MPF Benefits
Has the same meaning as in section 1(1) of Schedule 2 to the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap. 485 sub. leg.)
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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.
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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 Member. Offer spread does not apply to BCOM Joyful Capital Preservation (CF) Fund.
Ordinance
Means the Mandatory Provident Fund Schemes Ordinance (Cap. 485).
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P
Preserved Account
In relation to a Member of the Scheme, has the same meaning as in section 2 of the Regulation.
Preserved Account Holder
Means a person with a Preserved Account held with another registered scheme.
Preserved Account Member
Means a Member with a Preserved Account held in the Scheme.
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R
Redemption Price
Means the net asset value of a Unit upon redemption on any Valuation Date less the bid spread.
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.
Registered Scheme
Means a provident fund scheme registered under section 21 of the Ordinance.
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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.
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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.
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V
Valuation Date
In respect of the Constituent Funds shall be Thursday of each week or if that day is not a Business Day, the first Business Day thereafter 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.
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.
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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 Joyful Capital Preservation (CF) Fund.
Working Day
Has the same meaning as in the Ordinance.
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