### Occupational Retirement Schemes Ordinance 《職業退休計劃條例》

20A. Requirements in relation to certain terms
(1) The terms of a registered scheme must at all times—
(a) if the scheme is not a participating scheme of a pooling agreement—not permit assets of the scheme to be used to indemnify any person who manages the scheme or any trustee of the scheme against any fraud, misfeasance or breach of trust;
(b) not enable any person, without the consent of a member of the scheme, to alter to the member’s detriment either the member’s accrued rights under the scheme or the member’s vested benefits, unless the alteration is consequential on an amendment to the terms of the scheme consented to by not less than 90% of the members of the scheme;
(c) provide that if an alteration described in paragraph (b) occurs, any vested benefit that the member concerned is entitled to receive as at the date of the alteration under the terms of the scheme becomes, if the member so elects, payable to the member as if any condition precedent of the entitlement had been satisfied; and
(d) have the effect provided for in section 18(1)(c) and (d).
(2) If a registered scheme is the subject of, or regulated by, an insurance arrangement, the terms of the arrangement must at all times provide that any sum payable by the administrator of the scheme in the event of the termination of the arrangement may be paid by the administrator only to—
(a) another authorized insurer for the purposes of another insurance arrangement of which the scheme will be the subject, or by which the scheme will be regulated; or
(b) a person who will hold the sum on trust as an asset of the scheme in accordance with section 25.
(3) If a registered scheme is a participating scheme of a pooling agreement, the terms of the agreement must at all times not permit assets of its participating schemes to be used to indemnify the administrator of the agreement against any fraud, misfeasance or breach of trust.
(4) Any term of a registered scheme that contravenes subsection (1) is void and unenforceable.
(5) Any term of an insurance arrangement of which a registered scheme is the subject, or by which a registered scheme is regulated, that contravenes subsection (2) is void and unenforceable.
(6) Any term of the pooling agreement of a participating scheme that contravenes subsection (3) is void and unenforceable.
(Added 9 of 2020 s. 17)

20B. Membership requirements for registered schemes
(1) If, despite paragraph (c) of the definition of occupational retirement scheme

### Occupational Retirement Schemes Ordinance 《職業退休計劃條例》

21A. Notice required
(1) The relevant employer concerned shall notify the Registrar of a change of the relevant employer of a registered scheme together with the matters prescribed in rules made by the Registrar within 1 month of the change.
(2) The relevant employer of a registered scheme shall give notice of the matters prescribed in rules made by the Registrar within 1 month after the change to the name of the scheme.
(3) The relevant employer of a registered scheme who without reasonable excuse fails to notify the Registrar of a change as required under subsection (1) commits an offence and is liable on summary conviction to a fine at level 3. (Amended 9 of 2020 s. 18)
(4) A relevant employer of a registered scheme who without reasonable excuse fails to give the Registrar notice of the prescribed matters within the prescribed time of a change to the name of the scheme under subsection (2) commits an offence and is liable on summary conviction to a fine at level 1. (Amended 9 of 2020 s. 18)
(Added 53 of 1995 s. 14)

22. Certain changes to be notified
(1) The relevant employer of a registered scheme shall notify the Registrar of—
(a) any change of his name or address which was previously supplied to the Registrar; or
(b) any change of the administrator of the scheme,
within 1 month of such change.
(2) The designated person of a registered scheme shall notify the Registrar of any change of his name or address or the name or address of the administrator of the scheme which was previously supplied to the Registrar within 1 month of the change. (Replaced 53 of 1995 s. 15)
(3) Any person who contravenes subsection (1) or (2) commits an offence and shall be liable on summary conviction to a fine at level 3.(Amended E.R. 5 of 2021)

### Occupational Retirement Schemes Ordinance 《職業退休計劃條例》

23. Cessation of application of pooling agreement
(1) A pooling agreement shall not cease to apply to a registered scheme unless the Registrar has given his prior consent in writing.
(2) A pooling agreement shall, notwithstanding any term of it, be construed and have effect as if it was made subject to subsection (1).
(3) The Registrar may give consent referred to in subsection (1) on an application in writing made to him by the administrator of the relevant pooling agreement or the relevant employer of the relevant registered scheme.
(4) Where a pooling agreement ceases to apply to a registered scheme, the administrator of the scheme shall within 14 days inform the Registrar in writing of such cessation.
(5) Where a registered scheme is a participating scheme of a pooling agreement upon its registration, the registration shall cease to have effect upon the cessation of application of that agreement to the scheme.
(6) Any person who contravenes subsection (4) commits an offence and shall be liable on summary conviction to a fine at level 3.(Amended E.R. 5 of 2021)

### Occupational Retirement Schemes Ordinance 《職業退休計劃條例》

24. General funding requirements and duties
(1) Subject to the provisions of this Ordinance, the assets of a registered scheme shall be sufficient to meet its aggregate vested liability and such a scheme shall be funded in accordance with the terms of the scheme and (where the scheme is a defined benefit scheme) recommendations, if any, contained in an actuarial certificate supplied under section 15 and certifying in the manner described in paragraph 1 or 2 of Part 3 of Schedule 1 or an actuarial certificate supplied under section 31 and certifying in the manner described in Part 1 or 2 of Schedule 2.
(2) If a scheme existing immediately before 15 October 1993 becomes a registered scheme, it shall be the duty of the relevant employer of the scheme to provide in accordance with subsection (3) the resources necessary to enable the scheme to meet both its aggregate vested liability and its aggregate past service liability on the respective days on which the periods referred to in subsection (3) expire. (Amended 9 of 2020 s. 19)
(3) The resources referred to in subsection (2) shall be provided—
(a) in so far as they relate to the relevant registered scheme’s aggregate vested liability, not later than—
(i) the expiration of the period of 5 years after the commencement* of section 1; or
(ii) such shorter period as may be agreed on by the relevant employer and administrator of the scheme; or
(iii) such longer period as the Registrar may allow in accordance with rules made for the purposes of this paragraph;
(b) in so far as they relate to such scheme’s aggregate past service liability, not later than the expiration of such period as may be agreed on between such employer and such administrator.
(4) Notwithstanding any provision of the terms of an occupational retirement scheme, such terms shall be construed and have effect as though they were made subject to this section.

Editorial Note:
* Commencement date: 15 October 1993.