Updates

Updates to the Invesco Strategic MPF Scheme (the “Master Trust”) - Change of sponsor

Thank you for your support for the Invesco Strategic MPF Scheme (the “Master Trust”). The following amendments to the Master Trust will take effect on 1 November 2023 (or such later date as agreed between BCT Financial Limited (“BCTF”) and Invesco Hong Kong Limited (“Invesco”)), subject to the conditions of the Transaction (as defined in the notice) being satisfied:

• BCTF will replace Invesco as the Sponsor (which is the “applicant” as defined in the SFC Code on MPF Products) of the Master Trust; and

• the name of the Master Trust will be changed from “Invesco Strategic MPF Scheme” to “BCT Strategic MPF Scheme”; and

• the names of certain Constituent Funds will be changed.

For details, please refer to the Notice, Quick Guide and FAQs accordingly.

To enhance your comprehension, we hosted a webinar with BCT to walk you through the details. Watch the webinar replay now!

Invesco Enhances Its MPF Scheme By Adding Two Index-tracking Funds

Invesco launched two new constituent funds under the Invesco Strategic MPF Scheme (“Scheme”) on June 9, 2023, namely Invesco Global Index Tracking Fund^# and Invesco US Index Tracking Fund^#. The new funds track the performance of the underlying indices by directly investing in index-tracking collective investment schemes approved by the MPFA. The two underlying indices follow the performance of large-to-mid-capitalization companies in developed markets worldwide and in the US (as applicable).

Bank Consortium Trust Company Limited is the trustee, custodian, and administrator of the funds.

For details of the two new constituent funds, please refer to the MPF Scheme Brochure and Key Scheme Information Document for Invesco Strategic MPF Scheme which are available via the link below:

www.invesco.com.hk/mpf/en/mpf/literature

^# For the avoidance of doubt, Invesco Global Index Tracking Fund and Invesco US Index Tracking Fund are not ESG funds in Hong Kong.

The above posting serves as the giving of notice by Bank Consortium Trust Company Limited, being the trustee of the Scheme, to the employers and members of the Scheme of the establishment of the Invesco Global Index Tracking Fund and the Invesco US Index Tracking Fund. Reference can be made to the MPF Scheme Brochure and Key Scheme Information Document for details of the said 2 constituent funds.

Invesco, BCT reach a long term agreement on MPF scheme

Invesco Hong Kong Limited, a wholly owned subsidiary of Invesco Ltd. (“Invesco”) has entered into a definitive agreement with BCT Group (“BCT”), comprising BCT Financial Limited (“BCTF”) and Bank Consortium Trust Company Limited (“BCTC”), whereby BCTF will become the new sponsor for the Invesco Strategic MPF Scheme. Invesco will continue as Investment Manager for the Scheme while BCTC will continue their role as Administrator and Trustee. The change is expected to take place in Q4 2023 pending required approvals from the Mandatory Provident Fund Schemes Authority and the Securities and Futures Commission of Hong Kong.

For details, please visit here . 

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Latest requirements under the Code on Disclosure for MPF Investment Funds - the key scheme information document (the “KSID”) for the Master Trust has been made available 

In accordance with the latest requirements under the Code on Disclosure for MPF Investment Funds which was revised by the MPFA in December 2021, the key scheme information document (the “KSID”) for the Master Trust has been made available in the following manner from 30 June 2022 onwards:

1. the KSID is available via the following link: www.invesco.com.hk/mpf/en/mpf/literature; and
2. copies of the KSID can be obtained free of charge at any time during normal business hours on any day (excluding Saturdays, Sundays and public holidays) at the offices of Invesco Hong Kong Limited, 45/F, Jardine House, 1 Connaught Place, Central, Hong Kong.

For details, please visit Literature webpage under MPF to read Key Scheme Information Document and relevant notice . 

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Important Notice for Members Who are U.S. Persons (In relation to Invesco Hang Seng Index Tracking Fund)

Important Notice for Members Who are U.S. Persons (In relation to Invesco Hang Seng Index Tracking Fund). For details, please click here

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HKSAR Government’s Employment Support Scheme

The government announced the launch of Employment Support Scheme “ESS” with an aim to maintain employment during the epidemic. The scheme will provide time-limited financial support to employers to retain their employees who will otherwise be made redundant. All employers who have been making Mandatory Provident Fund (MPF) contributions or have set up Occupational Retirement Schemes (ORSO schemes) for their employees will be eligible for ESS, except those on the exclusion list. For details, please refer to the information published by the government.

Employment Support Scheme (ESS) Tranche 2

Employment Support Scheme (ESS) Tranche 1

Employment Support Scheme (ESS) Frequently Asked Questions

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Automatic Exchange of Financial Account Information to be implemented for MPF Schemes and ORSO Registered Schemes on 1 January 2020

Automatic Exchange of Financial Account Information in Tax Matters (“AEOI”) related to MPF/ORSO Registered Schemes. For details, please click here. 

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Tax deductible voluntary contributions

Pay less income tax & save more for retirement!

Good news! Starting from April 1, 2019, you can receive tax deductions by way of tax deductible voluntary contributions (“TVC”) and qualifying deferred annuity premiums - an effort by the Hong Kong government to encourage saving early for retirement.

Invesco provides a one-stop solution for pension members to enjoy the latest tax deductions of up to a maximum of HK$60,000 per year, which is an aggregate limit for both qualifying deferred annuity premiums and TVC, starting from the tax assessment year of 2019/2020. 

What is more, the scheme is highly convenient and flexible - You can make TVC at any time and in varying amounts. Please click here to download the flyer or here to download the FAQ, to learn about key features of TVC.

Saving early for retirement, TVC is a good way for you.

Act Now! Simply click here to open a TVC account by filling out the application form!

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Implementation of Two-factor Authentication and Complex Password for your online login

To ensure a secured online service, we have introduced two login enhancements on April 27, 2018, including a "Two-factor authentication" and a "More complex password" for access to online account*.
 
Starting from the effective date, after logging in to your online account, a SMS will be sent to your registered mobile number with a unique verification code. After you input this code, you will be asked to create a more complex password with minimum 8 characters which must contain uppercase letter, lowercase letter and number for the first time login. After the new password is created, you will then be able to log in to your online account with the newly set password and unique verification code going forward.
 
It is important that your contact details with us, including your mobile number and email address, are up-to-date to avoid any disruption to your online service. Please click here to download, complete and return the form for registering or updating your contact information if necessary.
 
Take action now!  Please refer to the log in steps by clicking here.

^{*The above enhancement is applicable to pension members of Invesco Strategic MPF Scheme and Invesco Select Retirement Fund only.}

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Default Investment Strategy effective in April 2017

The Mandatory Provident Fund Schemes (Amendment) Ordinance 2016 (the “Amendment Ordinance”) came into effect on 1 April 2017¹ when the Default Investment Strategy (DIS) was launched. Each MPF scheme is required to offer the DIS to scheme members as an investment choice. For scheme members who have not provided MPF investment instructions, their MPF benefits will be invested in accordance with the DIS. All scheme members may also choose to invest in accordance with the DIS at any time. A DIS Pre-Implementation Notice was sent to you by January 2017 explaining how the DIS may affect your MPF investments. 

The DIS has the following three important features: 

• Fee caps: DIS funds are subject to fee caps. Under the law, management fees chargeable to the funds are capped at a maximum of 0.75% of the net asset value of the funds on a yearly basis, while fees for recurrent operational expenses are capped at 0.2% on the same basis. 
• De-risking: The DIS has a de-risking feature. Members who invest through the DIS will have all of their contributions invested in the Core Accumulation Fund (CAF) until they reach the age of 50, from which point their investments will be gradually moved to Age 65 Plus Fund (A65F). By the time the members reach age 64, all of their MPF benefits will be invested in A65F. 
• Globally diversified investment: the DIS adopts a globally diversified investment approach. This means that both equities and bonds will be broadly diversified across different geographic regions. 

_{¹The Mandatory Provident Fund Schemes (Amendment) Ordinance 2016 (Commencement) Notice has been tabled at the Legislative Council on 19 October 2016 for negative vetting. The vetting period is expected to expire in/ before December 2016.}

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Increase of maximum Relevant Income Level for MPF contributions

With effect from 1 June 2014, the maximum relevant income* level for MPF contributions was increased. For employees with a monthly relevant income of more than HK$25,000, and their employers, the amount of mandatory contributions payable by them was increased.

For contribution periods starting on or after 1 June 2014, MPF contributions are calculated according to the following table:

Change of Minimum Level of Relevant Income for MPF Contributions

The Legislative Council has passed the amendment of the minimum level of relevant income¹ for Mandatory Provident Fund (MPF) contributions, with the minimum level of relevant income revised up to HK$7,100 from HK$6,500 monthly, effective 1 November 2013.

For contribution periods starting on or after 1 November 2013, MPF contributions are calculated according to the following table:

Employee Choice Arrangement

The Legislative Council has passed the Mandatory Provident Fund Schemes (Amendment) (No.2) Bill 2011 and the Employee Choice Arrangement ("ECA") will come into effect on 1 November 2012.

Employees have greater autonomy in managing their MPF investments and they are allowed to transfer the accrued benefits derived from the employee mandatory contributions made by them during their current employment held in the contribution account of their employer's selected MPF scheme to a scheme of their choice.

The table below illustrates the impact of ECA to an employee's contribution account: