Key Scheme Information Document
Key Scheme Information Document For Manulife Global Select (MPF) Scheme
Trustee: Manulife Provident Funds Trust Company Limited
Sponsor: Manulife (International) Limited
Scheme year end: March 31
Number of constituent funds: 29
This Key Scheme Information Document (KSID) provides you with key information about Manulife Global Select (MPF) Scheme (the “Scheme”), which forms part of the offering document. You should not make investment decisions based solely on this KSID.
For details of the Scheme, please refer to the MPF scheme brochure and the trust deed for the Scheme.
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 an MPF Scheme. To enrol in the Scheme, please submit the completed application form to us. The application form can be downloaded below:
Manulife Global Select (MPF) Scheme Employee Enrolment Form
Application for Participation in Manulife Global Select (MPF) Scheme (Self-Employed Person)
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 us. To become a participating employer of the Scheme, please submit the completed application form to us. The application form can be downloaded below:
Application for Participation in Manulife Global Select (MPF) Scheme (Employer)
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 |
Mandatory Contribution Amount 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 Annual |
Relevant Income Monthly Average |
Self-employed Person’s Contributions |
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. regular and non-regular voluntary contributions (VC), tax deductible voluntary contributions (TVC)) and special voluntary contributions (e.g. Flexi Retirement Contributions) in light of your personal needs.
How to Open an Account
For details of different types of contributions, you may refer to the MPF scheme brochure for the Scheme - Administrative Procedures Section.
How do we invest your money?
Upon joining the scheme, if you have not given us any investment instructions, 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 the Scheme - Fund Options, Investment Objectives and Policies Section
Alternatively, you can choose to invest in the following funds:
| No. | Name of Constituent Fund | Investment Manager |
Fund Descriptor | Investment Focus | Investment Objectives | Management fees (as a percentage of net asset value per annum) |
| 1. | Manulife MPF Core Accumulation Fund | Manulife Investment Management (Hong Kong) Limited | Mixed Assets Fund – Global – around 60% in higher risk assets and 40% in lower risk assets | Approximately 60% in higher risk assets and remainder in lower risk assets | To provide capital growth | 0.75% |
| 2. | Manulife MPF Age 65 Plus Fund |
Manulife Investment Management (Hong Kong) Limited | Mixed Assets Fund – Global – around 20% in higher risk assets and 80% in lower risk assets | Approximately 20% in higher risk assets and remainder in lower risk assets | To provide capital growth | 0.75% |
| 3. | Manulife MPF Interest Fund | Manulife Investment Management (Hong Kong) Limited | Guaranteed Fund – Capital Guarantee | At least 70% in HKD fixed income instruments and up to 30% in other investments | To provide capital growth | 1.75% |
| 4. | Manulife MPF Stable Fund | Manulife Investment Management (Hong Kong) Limited | Guaranteed Fund – Interest Guarantee | Up to 40% in equities and equity related investments, and remainder in bonds, deposits and other investments | To provide relatively stable medium- to long-term growth | 1.75% |
| 5. | Manulife MPF Retirement Income Fund | Manulife Investment Management (Hong Kong) Limited | Mixed Assets Fund – Global – around 20% to 60% in equities and equity related investments | Around 20% to 60% in equities and equity-related investments, and remainder in bonds, deposits and other investments |
To provide regular and stable income and long-term capital growth | 1.30% |
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 the Scheme - Fees and Charges Section
To help you make comparisons across different MPF funds and schemes, you may refer to the information on the MPF Fund Platform.
What are the risks of your MPF investment?
Investment involves risks. Please refer to the MPF scheme brochure for the Scheme - Risk Factors Section for details of the risk factors to which the funds are exposed.
A risk class is assigned to each fund with reference to a seven-point risk classifcation 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 the Scheme.
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 year(1). If your transfer involves selling your interests in a guaranteed fund (i.e. the Manulife MPF Interest Fund or the Manulife MPF Stable Fund under the Scheme), please check with us the terms and conditions of this fund as failure to fulfl some qualitying conditions may cause the loss of guaranteed returns. In respect of Manulife MPF Stable Fund, failure to fulfl some qualitying 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 year(1) | Personal account |
| Employer voluntary contributions | Subject to the governing rules of the Original Scheme |
Personal account |
| Employee voluntary contributions | Subject to the governing rules of the Original Scheme |
Personal account |
| Contributions from former employment | ||
| Mandatory contributions transferred to the contribution account under current employment | Transferable at any time | Personal account or other contribution accounts(2) |
| Voluntary contributions transferred to the contribution account under current employment | Subject to the governing rules of the Original Scheme | Personal account or other contribution accounts(2) |
If you are a self-employed person or tax deductible voluntary contribution (TVC) or personal 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?
You should proactively manage the MPF accumulated during your previous employment in one of the following ways:
If you do not have any personal accounts, and you are satisfed 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.
Forms for transfer of MPF can be downloaded below. If you have any questions relating to transfer of MPF, please contact us.
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 form to us. If your new investment instructions involve selling your interests in a guaranteed fund (i.e. the Manulife MPF Interest Fund or the Manulife MPF Stable Fund under the Scheme), please check with us the terms and conditions of this fund as failure to fulfl some qualifying conditions may cause the loss of guaranteed returns. In respect of Manulife MPF Stable Fund, failure to fulfl some qualifying conditions may cause the loss of guaranteed returns.
You may submit your new investment instructions to us online directly by logging in to your account via our company’s website, mobile app or using interactive voice response system. Alternatively, you may give wirtten instruction using our designated forms and return to us by post/courier or by fax.
Complete and valid investment instructions must be received by Manulife before the cut-off time in order to be processed within the same day. For details, please refer to the MPF scheme brochure for the Scheme.
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.
Forms for withdrawal of MPF can be downloaded below.
Payment of Accrued Benefits to Scheme Members
If you have any questions relating to withdrawal of MPF, please contact us.
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 either in hard copy or via digital means:
1. Upon joining the scheme: this KSID, the MPF scheme brochure and the Notice of Participation; and
2. 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 the Scheme. For details of the Scheme, please refer to the Trust Deed and the MPF scheme brochure for the Scheme. Copies of these documents are available below
The On-going Cost Illustrations for the Scheme, a document which illustrates the on-going costs on contributions to constituent funds in the Scheme, is available below.
The Fund Fact Sheet provide basic information (e.g. fund performance) on individual funds of the Scheme. Copies of these documents are available below.
Personal Data Statement
To obtain the latest copy of the “Notice to Customers relating to the Personal Data (Privacy) Ordinance”, please write to the Privacy Officer, Manulife Provident Funds Trust Company Limited, 22/F, Tower A, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong.
How to make enquiries and complaints?
| If you would like to make an enquiry or a complaint, please feel free to contact us. | |
| Employer Hotline | (852) 2108 1234 |
| Member Hotline | (852) 2108 1388 |
| Customer Service Centre | 21/F, Tower A, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong |
| Interactive Voice Response System (Manulife Smart Call) | (852) 2108 1313 |
| Fax number | (852) 2104 3504 |
| Postal address | 21/F, Tower A, Manulife Financial Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong |
| Website | |
Issued by Manulife Provident Funds Trust Company Limited.
To view our Privacy Policy, you can go to our website at www.manulife.com.hk. You may also request Manulife not to use your personal information for direct marketing purpose by writing to our Privacy Officer at 22/F, Tower A, Manulife Financial Centre, 223-231 Wai YIp Street, Kwun Tong, Kowloon, Hong Kong or by calling our Customer Service Hotline at (852)2108 1188.
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