Key Scheme Information Document for
BCOM Joyful Retirement MPF Scheme
Trustee:
Bank of Communications Trustee Limited
Scheme year end:
31 December
Sponsor:
BOCOM MPF & Financial Services Company Limited
Number of constituent funds:
14
System operator:
eMPF Platform Company Limited
Why is MPF important to you?
Why is MPF important to you?
The Mandatory Provident Fund (MPF) System aims at assisting the working population of Hong Kong to accumulate retirement savings by making regular contributions. Employees (full time or part-time) and self-employed persons aged 18 to 64, except the exempt persons, are required to participate in a MPF Scheme. To enrol in BCOM Joyful Retirement MPF Scheme, please submit enrolment instructions to the eMPF Platform via eMPF Web Portal or eMPF Mobile App.:
eMPF
Web Portal
eMPF
Mobile App
To facilitate your retirement planning, you may use MPFA's Retirement Planning Calculator to calculate:
- i) your retirement needs;
- ii) your projected MPF and other retirement savings upon your retirement; and
- iii) how much you need to save to meet your retirement needs.
If you are an employer, you need to know your MPF obligations, including enrolling new employees, making contributions and reporting terminated employees. If you have any questions relating to your MPF obligations as an employer, please contact the eMPF Platform. To become a participating employer of the BCOM Joyful Retirement MPF Scheme, please submit enrolment instructions to the eMPF Platform via eMPF Web Portal or eMPF Mobile App:
eMPF
Web Portal
eMPF
Mobile App
Your MPF contributions
Your MPF contributions
If you are an employee (full time or part-time), both you and your employer are required to make regular MPF contributions for you, based on your "relevant income" as follows:
| Monthly Relevant Income | Mandatory Contribution Amount | |
|---|---|---|
| Employer’s Contributions | Employee’s Contributions | |
| Less than HK$7,100 | Relevant income x 5% | Not required |
| HK$7,100 - HK$30,000 | Relevant income x 5% | Relevant income x 5% |
| More than HK$30,000 | HK$1,500 | HK$1,500 |
- "Relevant income" refers to wages, salaries, leave pay, fees, commissions, bonuses, gratuities, perquisites or allowances, expressed in monetary terms, paid or payable by an employer to an employee, but excludes severance payments or long service payments under the Employment Ordinance.
- All mandatory contributions are immediately vested in you, except for the MPF derived from the employer’s contributions for offsetting severance payments or long service payments.
If you are self-employed, you are required to make MPF contributions as follows:
| Relevant Income | Self-employed Person’s Contributions | |
|---|---|---|
| Annual | Monthly Average | |
| Less than HK$85,200 | Less than HK$7,100 | Not required |
| HK$85,200 - HK$360,000 | HK$7,100 - HK$30,000 | Relevant income x 5% |
| More than HK$360,000 | More than HK$30,000 | HK$360,000 x 5% = HK$18,000 per year OR HK$30,000 x 5% = HK$1,500 per month |
Whether you are an employee or self-employed, you may also consider making additional contributions (i.e. voluntary contributions (VC), tax deductible voluntary contributions (TVC) and special voluntary contributions (e.g. Non-Employment Related VCs)) in light of your personal needs.
| How to Open an Account | ||
|---|---|---|
| Voluntary Contributions | Tax Deductible Voluntary Contributions | Special Voluntary Contributions |
| Your employer helps you open an account under the MPF scheme chosen by the company. | You select your own MPF scheme and open an account on your own. (Note: some MPF schemes do not provide TVC accounts. You may check the MPF schemes which offer TVC accounts on MPFA's Trustee Service Comparative Platform https://tscplatform.mpfa.org.hk/scp/eng). |
You select your own MPF scheme and open an account on your own. (Note: some MPF schemes do not provide SVC accounts. You may check the MPF schemes which offer SVC accounts on MPFA's Trustee Service Comparative Platform). |
For details of different types of contributions, you may refer to the MPF scheme brochure for BCOM Joyful Retirement MPF Scheme - Administrative Procedures Section which is available via the link:
https://www.bocomtrust.com.hk/Scheme_Brochure_en/
How do we invest your money?
How do we invest your money?
Upon joining the scheme, if you have not submitted any investment instructions to the eMPF Platform, your money will be invested under the Default Investment Strategy (DIS) automatically. For details of the DIS, you may refer to the MPF scheme brochure for BCOM Joyful Retirement MPF Scheme - Fund Options, Investment Objectives and Policies Section which is available via the link:
https://www.bocomtrust.com.hk/Scheme_Brochure_en/
Alternatively, you can choose to invest in the following funds:
| No. | Name of Constituent Fund | Investment Manager | Fund Descriptor | Investment Focus | Investment Objective | Management Fees (As a percentage of net asset value per annum) |
|---|---|---|---|---|---|---|
| 1 | BCOM Core Accumulation Fund | N/A# | Mixed Assets Fund – Global – Maximum 65% in Higher Risk Assets (such as global equities) | 55% to 65% in Higher Risk Assets(such as global equities) with the remainder invested in Lower Risk Assets (such as global bonds and money market instruments) | To provide capital growth | 0.75% |
| 2 | BCOM Age 65 Plus Fund | N/A# | Mixed Assets Fund – Global – Maximum 25% in Higher Risk Assets (such as global equities) | 15% to 25% in Higher Risk Assets(such as global equities) with the remainder invested in Lower Risk Assets (such as global bonds and money market instruments) | To provide stable growth | 0.75% |
| 3 | BCOM MPF Conservative Fund | BCOM Finance (Hong Kong) Limited | Money Market Fund – Hong Kong | 100% in cash & deposits and short-term debt securities | To obtain a return that is higher than the prescribed savings rate | 0.8975% |
| 4 | BCOM Guaranteed (CF)Fund | BCOM Finance (Hong Kong) Limited | Guaranteed Fund – guarantee payable conditionally | 25% to 85% in debt securities, 5% to 35% in equities, up to 10% in authorized unit trusts, up to 55% in cash & deposits | To achieve long-term capital growth | 1.285% |
| 5 | BCOM Stable Growth (CF) Fund | N/A# | Mixed Assets Fund – Global – Maximum 60% in equities | 30% to 60% in equities, 20% to 60% in bonds, up to 20% in cash or cash equivalents | To achieve a long-term return in excess of Hong Kong price inflation (as measured by the Consumer Price Index Type A) | 1.255% |
| 6 | BCOM Balanced(CF) Fund | N/A# | Mixed Assets Fund – Global – Maximum 85% in equities | 45% to 85% in equities, up to 40% in bonds, up to 20% in cash or cash equivalents | To achieve a long-term return in excess of salary inflation in Hong Kong (as indicated by the Hong Kong Monthly Digest of Statistics as published by the Census and Statistics Department of the Government of Hong Kong) | 1.255% |
| 7 | BCOM Dynamic Growth (CF) Fund | N/A# | Mixed Assets Fund – Global – Maximum 100% in equities | 80% to 100% in equities, up to 20% in cash & fixed-interest securities | To maximize long-term overall returns | Up to 1.28% |
| 8 | BCOM Asian Dynamic Equity (CF) Fund | N/A# | Equity Fund – Asia Pacific (ex-Japan) |
70% to 100% in equities, up to 30% in cash & short-term investments | To achieve capital growth over the long-term | 1.29% |
| 9 | BCOM Hong Kong Dynamic Equity (CF) Fund | N/A# | Equity Fund – Hong Kong | 70% to 100% in equities, up to 30% in cash & short-term investments | To achieve capital growth over the long-term | 1.34% |
| 10 | BCOM China Dynamic Equity (CF) Fund | N/A# | Equity Fund – China | 70% to 100% in equities, up to 30% in cash & short-term investments | To achieve capital growth over the long-term | 1.29% |
| 11 | BCOM HSI ESG Tracking (CF) Fund | E Fund Management (Hong Kong) Co., Limited | Equity Fund – Hong Kong | Up to 100% in equities | To provide investment results that closely correspond to the performance of the HSI ESG Enhanced Index. | 0.8% |
| 12 | BCOM Global Bond (CF) Fund | N/A# | Bond Fund – Global | 50% to 90% in global bonds, 10% to 50% in Hong Kong dollar-denominated bonds | To achieve steady growth over the long term through investment in a portfolio of global bonds | 0.84% - 0.96% |
| 13 | BCOM Greater China Equity (CF) Fund | N/A# | Equity Fund – Greater China | 70% to 100% in equities, up to 30% in cash & short-term fixed interest investments | To achieve long-term capital growth | Up to 1.28% |
| 14 | BCOM North American Equity (CF) Fund | E Fund Management (Hong Kong) Co., Limited | Equity Fund – North American | 70% to 100% in equities, up to 30% in cash & short-term investments | To achieve long-term capital growth | 1.07% - 1.12% |
# As the constituent fund is a feeder fund investing in a single APIF or approved ITCIS, no investment manager is required to be for it. Accordingly, no investment manager is appointed at the constituent fund level.
Note - The management fees shown in the table above include the management fees chargeable by the fund and its underlying fund(s) only. There may be other fees and charges chargeable to the fund and its underlying fund(s) or to you. For details, please refer to the MPF scheme brochure for BCOM Joyful Retirement MPF Scheme - Fees and Charges Section, which is available via the link:
https://www.bocomtrust.com.hk/Scheme_Brochure_en/
To help you make comparisons across different MPF funds and schemes, you may refer to the information on the MPF Fund Platform via the link: https://mfp.mpfa.org.hk/eng/mpp_index.jsp
What are the risks of your MPF investment?
What are the risks of your MPF investment?
Investment involves risks. Please refer to the MPF scheme brochure for BCOM Joyful Retirement MPF Scheme - Risks Section for details of the risk factors to which the funds are exposed, which is available via the link:
A risk class is assigned to each fund with reference to a seven-point risk classification scale based on the latest fund risk indicator of the fund.A fund in a higher risk class tends to show a greater volatility of return than a low-risk class fund. Information about the latest risk class of each fund is set out in the latest fund fact sheet (FFS) of BCOM Joyful Retirement MPF Scheme, which is available via the link:
How to transfer your MPF?
How to transfer your MPF?
If you are an employee, you may opt to transfer your MPF derived from employee mandatory contributions in your contribution account under current employment (Original Scheme) to any other MPF schemes of your choice (New Scheme) once a year¹ . If your transfer involves selling your interests in a guaranteed fund (i.e. the BCOM Guaranteed (CF) Fund under the Scheme), please check with us the terms and conditions of this fund as failure to fulfil some qualifying conditions may cause the loss of guaranteed returns. Your contribution account under current employment may consist of different parts of MPF derived from different sources and subject to different transfer rules, as follows:
| Parts of MPF in a contribution account(i.e. Types of contributions that the MPF are derived from) | Transfer rule | Type of account receiving the MPF |
|---|---|---|
| Contributions from current employment | ||
| Employer mandatory contributions | Not transferable | - |
| Employee mandatory contributions | Transferable once every calendar year¹ | Personal account |
| Employer voluntary contributions | Subject to the governing rules of the Original Scheme | |
| Employee voluntary contributions | ||
| Contributions from former employment | ||
| Mandatory contributions transferred to the contribution account under current employment | Transferable at any time | Personal account or other contribution accounts² |
| Voluntary contributions transferred to the contribution account under current employment | Subject to the governing rules of the Original Scheme | |
If you are a self-employed person or tax deductible voluntary contribution (TVC) account holder, you can transfer your MPF held in your MPF contribution account, personal account or TVC account to any other MPF schemes of your choice at any time.
1.Unless the governing rules of the Original Scheme provide for more frequent transfer-out.
2.Only applies to employees with two or more contribution accounts. If an employee is employed by more than one employer at the same time, he/she may have more than one contribution account.
How to manage your MPF when changing jobs?
How to manage your MPF when changing jobs?
- You should proactively manage the MPF accumulated during your previous employment in one of the following ways:
Method 1
Transfer the MPF to your "contribution account" opened under your new employment
Method 2Transfer the MPF to your existing "personal account"
- If you do not have any personal accounts, and you are satisfied with the MPF scheme chosen by your former employer, you may consider retaining your MPF in a personal account under the scheme of your previous employment for investment.
- For transfer of MPF, transfer instruction can be submitted to the eMPF Platform via the eMPF Web Portal and eMPF Mobile App:
Employers
eMPF Web Portal
eMPF Mobile App
Members
eMPF Web Portal
eMPF Mobile App
- If you have any questions relating to transfer of MPF, please contact eMPF Platform.
When should you adjust your MPF fund choices?
When should you adjust your MPF fund choices?
In general, it is a good practice to review your fund choices regularly and adjust your MPF fund choices as you think fit.
How to adjust your MPF fund choices?
- You may complete and submit a new investment instruction to eMPF Platform. If your new investment instructions involve selling your interests in a guaranteed fund (i.e. the BCOM Guaranteed (CF) Fund under the Scheme), please check with us the terms and conditions of this fund as failure to fulfil some qualifying conditions may cause the loss of guaranteed returns.
- You may send your new investment instructions to eMPF Platform via eMPF Web Portal and eMPF Mobile App.
Employers
eMPF Web Portal
eMPF Mobile App
Members
eMPF Web Portal
eMPF Mobile App
- A valid change of investment mandate should be sent to us via instruction to the eMPF Platform by 4:00 p.m. on a Valuation Date in order for it to be processed within the normal processing time. For details, please visit eMPF Platform's website via the link: https://empf.org.hk/login.
- You should contact the eMPF Platform if you have any question relating to changing investment instruction of your MPF.
When can you withdraw your MPF?
When can you withdraw your MPF?
- Once you reach the age of 65, you can choose to withdraw your MPF or choose to retain your MPF in the MPF Scheme.
- By law you can withdraw your MPF early on the following six grounds:
- If you withdraw your MPF at the age of 65 or 60 upon early retirement, you may choose to withdraw either in one lump sum or by instalments.
- The law does not stipulate any deadlines for withdrawing MPF. You should consider your personal needs before making a withdrawal application. If you choose to retain all your MPF in your account, no application is required. Your MPF will continue to be invested in the fund(s) you have selected.
- For withdrawal of MPF, withdrawal instruction can be submitted to the eMPF Platform via eMPF Web Portal and eMPF Mobile App
Employers
eMPF Web Portal
eMPF Mobile App
Members
eMPF Web Portal
eMPF Mobile App
- If you have any questions relating to withdrawal of MPF, please contact eMPF Platform.
Additional information useful to you
Additional information useful to you
Taxation
Employees are allowed to claim salaries tax deduction for their mandatory contributions, subject to a maximum deduction of HK$18,000 per year. Contributions that are made to TVC accounts may also be eligible for tax deduction. We recommend that you seek professional advice regarding your own tax circumstances.
Documents from us
Scheme members will receive the following documents via the eMPF Platform:
- Upon joining the scheme: this KSID, the MPF scheme brochure and the Notice of Participation; and
- Within three months after the scheme year end: the Annual Benefit Statement.
Other information
This KSID only provides a summary of the key features of BCOM Joyful Retirement MPF Scheme. For details of BCOM Joyful Retirement MPF Scheme, please refer to the trust deed and the MPF scheme brochure for BCOM Joyful Retirement MPF Scheme. Copies of these documents are available via the following links:
MPF scheme brochure: https://www.bocomtrust.com.hk/Scheme_Brochure_en/
Trust deed: https://www.bocomtrust.com.hk/Trustee_deed/
The On-going Cost Illustrations for BCOM Joyful Retirement MPF Scheme, a document which illustrates the on-going costs on contributions to constituent funds in BCOM Joyful Retirement MPF Scheme, is available via the following link: https://www.bocomtrust.com.hk/OGCI_en/
The Fund Fact Sheets provide basic information (e.g. fund performance) on individual funds of BCOM Joyful Retirement MPF Scheme. Copies of these documents are available via the following link: https://www.bocomtrust.com.hk/FFS_en/
If you wish to submit paper-based instructions to the eMPF Platform, the relevant forms can be downloaded via the eMPF Platform's website at https://empf.org.hk/forms/en.
Personal Data Statement
To obtain the latest copy of the "Personal Data Collection Statement", please write to the Data Protection Officer, Bank of Communications Trustee Limited, 1/F, Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong or via the following link: https://www.bocomtrust.com.hk/PDCS_en/
How to make engquiries and complaints?
How to make engquiries and complaints?
If you would like to make an enquiry or a complaint, please feel free to contact eMPF Platform.
- eMPF Customer Service Hotline (852) 183 2622
-
Opening Hours
Monday to Friday: 9:00 am – 7:00 pm;
Saturday: 9:00 am – 1:00 pm;
Sunday & Public Holiday: Closed - eMPF Service Centres
-
Hong Kong Island
Unit 601B, 6/F, Dah Sing Financial Centre,
No. 248 Queen's Road East,Wanchai, Hong Kong -
Kowloon
Suites 1205-6, 12/F, Chinachem Golden Plaza,
No. 77 Mody Road,Tsim Sha Tsui East, Kowloon - New Territories Suite 1802A, 18/F,Tower 2, Nina Tower, No. 8 Yeung Uk Road, Tsuen Wan, New Territories
-
Service hours
Monday to Friday: 9:00 am – 6:00 pm
Saturday: 9:00 am – 1:00 pm
Sunday & Public Holiday: Closed - Fax 3197 2922
- Postal address PO Box 98929 Tsim Sha Tsui Post Office
- Email address enquiry@support.empf.org.hk
- Website www.empf.org.hk
- This Key Scheme Information Document (KSID) provides you with key information about BCOM Joyful Retirement MPF Scheme, which forms part of the offering document. You should not make investment decisions based solely on this KSID.
- For details of BCOM Joyful Retirement MPF Scheme, please refer to the MPF scheme brochure and the trust deed for BCOM Joyful Retirement MPF Scheme.
- MPF scheme brochure:https://www.bocomtrust.com.hk/Scheme_Brochure_en/
- Trust deed:https://www.bocomtrust.com.hk/Trustee_deed/
