1. What kind of document will be received from the trustee after enrolment?
The employer will enroll
all eligible regular employees in a MPF Scheme within the first 60 days of
employment. After enrolment, a 'Notice of Participation' indicating acceptance
to the relevant MPF scheme will be received from the trustee within 30 days after
the trustee processed the application.
If you have applied 'BCOM MPF IVRS and Internet Service', another notification
will be received from us.
2. How do I know whether my employer has made contribution?
After submitting the
payment of mandatory contribution to the trustee by the employer, employer
should provide you a 'Monthly Pay Record' within 7 working days. Pay record
should include your relevant income, the amount of contribution (both employer
and employee) made to the scheme trustee, and the date of such payment.
You can also check the latest contribution record of your employer via our
online iMPF system, IVRS (2835 7222) and enquiry hotline
(223 95559).
3. What is the offset sequence of accrued benefits for utilizing accrued benefits for the claim of long service payment or severance payment?
The offset sequence of accrued benefits is as follow:
(i) Employer ORSO contributions (if applicable)
(ii) Employer voluntary contributions (if applicable)
(iii) Employer mandatory contributions
4. If I submit more than one fund switching instruction via iMPF/IVRS/FAX on the same business day, how will such instructions be processed?
Under normal circumstance, the latest valid instruction for fund switching will be processed if more than one instruction for ”Switching of Existing Balances” was received on or before 4:00pm on the same business day under the same account.
5. How could I withdrawal of MPF Accrued Benefits?
If you have reached the age of 65, you may present a copy of your Hong Kong Identity Card and a completed Claim Form for Payment of Accrued Benefits to us and request the withdrawal of MPF accrued benefits.
If you are not reached the age of 65, you are also allowed to early withdraw your MPF accrued benefits on one of the following grounds:
Terminal Illness
Early retirement at the age of 60
Permanent departure from Hong Kong
Total incapacity
A small balance account (i.e. total accrued benefits not exceeding $5,000)
Death
You may find more
information from MPFA website:
https://www.mpfa.org.hk/en/mpf-system/withdrawal-of-mpf/early-withdrawal
6. What is "Terminal Illness"?
After the implementation of the relevant legislative amendments, effective 1st August 2015, "Terminal illness" is included as an additional ground for the early withdrawal of MPF accrued benefits.
"Terminal Illness” withdrawal of accrued benefit : Member obtains a certificate from a registered medical practitioner or a registered Chinese medicine practitioner to prove an illness that is likely to reduce the life expectancy to 12 months or less, member can file a claim of accrued benefit with us within 12 months from the issue date of the certificate.
(If you are currently investing in BCOM Guaranteed (CF) Fund, a withdrawal of the accrued benefits on ground of terminal illness may affect your entitlement to the guarantee and you may lose your guarantee. For details, please feel free to contact our Customer Services Hotline at 223 95559.)
7. What is Payment of Accrued Benefits by Installments?
According to the Amendment Ordinance, with effect from 1 February 2016, accrued benefits payable to a member on the grounds of retirement at age 65 or early retirement at age 60 may be paid in installments, if the Member so elects. Entitled Member may choose to withdraw accrued benefits by specifying the exact installment amount in a claim form.
8. Is there any charge for Payment of Accrued Benefits by Installments?
No fees or financial penalties may be charged to or imposed on the Member, or deducted from the Member’s account, whether in one lump sum or by installments, other than an amount representing the necessary transaction costs that are incurred, or reasonably likely to be incurred, by us in selling or purchasing investments in order to give effect to the payment; and are payable to a party other than us.
9. How could I obtain relevant Claim Forms for Payment of MPF Accrued Benefits?
The required Claim Form can be downloaded from our website: http://www.bocomtrust.com.hk/en/download/download0103.html
Or MPFA website: https://www.mpfa.org.hk/en/mpf-system/withdrawal-of-mpf/withdrawal-of-mpf-upon-retirement
Besides, you can obtain this Form from any outlets of Bank of Communications (Hong Kong) Limited or Bank of Communications Co. Ltd., Hong Kong Branch.
10. How could I submit Claim Form for Payment of MPF Accrued Benefits?
After the completion of the required Claim Form, you can submit this Form to any outlets of Bank of Communications (Hong Kong) Limited or Bank of Communications Co. Ltd., Hong Kong Branch or mail to: Operations Department, Bank of Communications Trustee Limited, 1/F, Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong