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

25. Trusteeship requirement
(1) In this section—

employer trustee (僱主受託人) in relation to a trust means—
(a) the relevant employer of the registered scheme which is governed by the trust;
(b) an associate, not being a registered trust company, of such employer; or
(c) an employee of such employer,
when acting in the capacity of a trustee of the trust;

non-employer trustee (非僱主受託人) in relation to a trust means a trustee who is not an employer trustee.
(2) Where a registered scheme is governed by a trust—
(a) the sole trustee of the trust shall not be an employer trustee; and
(b) where the trust instrument provides for the appointment of 2 or more trustees, there shall be appointed for the time being at least 1 non-employer trustee.
(3) Where a registered scheme is a Hong Kong domiciled scheme and governed by a trust, the relevant trust instrument shall be construed and have effect as if the instrument—
(a) required the appointment of at least 1 non-employer trustee; and
(b) provided that in case all non-employer trustees cease to be trustees at a time when there was an employer trustee, at least 1 new non-employer trustee should be appointed as soon as reasonably practicable,
if the instrument does not so require or provide.
(4) A non-employer trustee appointed by virtue of subsection (3) shall for all purposes be regarded as having been appointed under the relevant trust instrument.
(5) A trustee of a registered scheme must perform the following duties with respect to the administration of the scheme—
(a) the duty to exercise a level of care, skill, diligence and prudence that may reasonably be expected of a prudent person who is acting in a similar capacity and who is familiar with the administration, management and maintenance of a registered scheme;
(b) the duty to use all relevant knowledge and skill, in the administration, management and maintenance of the scheme, that the trustee may reasonably be expected to have because of the trustee’s business or occupation;
(c) the duty to ensure that the assets of the scheme are invested in different investments so as to minimize the risk of losses of those assets, unless in particular circumstances it is prudent not to do so;
(d) the duty to put the interests of the members of the scheme before the trustee’s own interest; and
(e) the duty to act in accordance with the terms of the scheme. (Added 9 of 2020 s. 20)

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

26. Contravention of trusteeship requirement
(1) Subject to subsection (3), if any requirement of section 25(2) or (5) is not complied with in relation to a registered scheme, the Registrar may at any time require the relevant employer of the scheme or the trustee (or, if there be more than 1 trustee, any of them) by notice in writing— (Amended 9 of 2020 s. 21)
(a) to take such steps as are necessary to ensure compliance with the requirement as regards the scheme;
(b) to inform him whether such steps have been taken,
within a period specified by the Registrar.
(2) The Registrar may extend the period referred to in subsection (1) on application in writing by the relevant employer or the trustee (or, if there be more than 1 trustee, any of them). (Replaced 9 of 2020 s. 21)
(3) A requirement shall not be made under subsection (1) as regards a registered scheme if—
(a) the application for the registration of the scheme was allowed under section 18(3); and
(b) the conditions prescribed in section 18(4) are fulfilled as regards the scheme for the time being.

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

28. Periodic fee for registered schemes
(1) The relevant employer of a registered scheme shall pay to the Registrar in respect of that scheme a prescribed fee which is a periodic fee as may be appropriate in respect of—
(a) each period of 12 months during which the scheme continues to be a registered scheme and beginning on the first or any subsequent anniversary of its registration; and
(b) part of such a period.
(2) A periodic fee payable under subsection (1) shall be paid to the Registrar not later than 1 month after the first day of the period in respect of which it is payable.
(3) Where a periodic fee is not paid in accordance with subsection (2), there shall be chargeable upon the unpaid fee a surcharge equal to the amount of such unpaid fee which shall be paid together with such unpaid fee to the Registrar not later than 2 months after the first day of the period in respect of which the unpaid fee is payable.

29. Termination and winding up to be notified
(1) Where a registered scheme is terminated or otherwise wound up (except in pursuance to a court order under section 48), the relevant employer and designated person of the scheme shall within 14 days of the commencement of the winding up or termination process give a notice in writing of that fact to the Registrar and each member of the scheme.
(2) Any person who without reasonable excuse contravenes subsection (1) 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》

30. Annual return and written statement
(Amended 9 of 2020 s. 22)(1) Within 6 months after the end of a registered scheme’s financial year or such longer period as the Registrar may in his absolute discretion allow, the designated person of the scheme shall send to the Registrar— (Amended 9 of 2020 s. 22)
(a) an annual return for that year as regards the scheme in such form and containing such information as may be specified by the Registrar; and
(b) either—
(i) (where section 20(5) applies to the scheme by virtue of a resolution passed under paragraph (c) of that section) a copy of the relevant resolution certified by the administrator of the scheme to be a true copy; or
(ii) (where section 20(5) does not apply to the scheme) a copy of the financial statements of the scheme for that year audited under section 20(1) and a copy of the auditor’s report containing the information referred to in section 20(3).
(2) Within 1 month after the end of a financial year of a registered scheme, or a longer period the Registrar may allow, the relevant employer of the scheme must give the Registrar a written statement as to whether at all times during the financial year—
(a) the scheme by its terms limits membership of the scheme to eligible persons; and
(b) all members of the scheme are eligible persons. (Added 9 of 2020 s. 22)