### Mandatory Provident Fund Schemes Ordinance 《強制性公積金計劃條例》

10. Maximum level of income for contribution purposes
(1) A relevant employee whose relevant income is more than the maximum level of relevant income is not required to contribute to a registered scheme in respect of the excess relevant income but he may, if he so wishes, by notice in writing to his employer elect to do so.
(2) An employer who receives a notice under subsection (1) must give effect to the election by making deductions and paying contributions in respect of the employee in accordance with section 7A. (Replaced 1 of 2015 s. 5)
(3) A relevant employee may not make an election under subsection (1) in respect of a contribution period during which he is not a member of a registered scheme as required by section 7.
(3A) An employer of a relevant employee whose relevant income is more than the maximum level of relevant income may contribute to a registered scheme in respect of the excess relevant income, but is not obliged to do so. (Added 1 of 2015 s. 5)
(4) A self-employed person whose relevant income is more than the maximum level of relevant income may contribute to a registered scheme in respect of the excess relevant income, but is not required to do so. (Amended 1 of 2015 s. 5)
(Replaced 18 of 2008 s. 8)

10A. Authority to conduct review of minimum and maximum levels of relevant income every 4 years
(1) The Authority must, not less than once in every period of 4 years beginning with the commencement* of this section, conduct a review of the minimum level of relevant income and the maximum level of relevant income to ascertain whether or not there are grounds to amend Schedule 2 or 3 or Schedules 2 and 3.
(2) Without limiting the factors which the Authority may take into account for the purposes of conducting a review mentioned in subsection (1), the Authority must take into account—
(a) in respect of the minimum level of relevant income, 50 per cent of the monthly median employment earnings prevailing at the time of the review as compiled from the General Household Survey conducted by the Census and Statistics Department; and
(b) in respect of the maximum level of relevant income, monthly employment earnings at 90th percentile of the monthly employment earnings distribution prevailing at the time of the review as compiled from the General Household Survey conducted by the Census and Statistics Department.
(Added 29 of 2002 s. 5)

### Mandatory Provident Fund Schemes Ordinance 《強制性公積金計劃條例》

11A. Tax deductible voluntary contributions
(1) A person may open an account in a registered scheme for the purposes of Subdivision 2 of Division 7 of Part 4A of the Inland Revenue Ordinance (Cap. 112) (TVC account

12. Contributions to vest in scheme members as accrued benefits
(1) Subject to section 12A, a contribution in respect of a member of a registered scheme vests in the member as accrued benefits as soon as it is paid to the approved trustee of the scheme.
(2) Subject to subsection (2A) and section 12A, income or profits derived from the investment of the accrued benefits of a member of a registered scheme by or on behalf of the approved trustee of the scheme also (after taking into account any loss arising from any such investment) vest in the member as accrued benefits as soon as they are received by that trustee. (Amended 29 of 2002 s. 6)
(2A) The reference to income or profits in subsection (2) does not include interest derived from the placing on deposit of—
(a) contributions or benefits—
(i) received by the approved trustee of a registered scheme in respect of a member of the scheme; and
(ii) during the period that the payment of the contributions or benefits into the member’s account is pending;
(b) benefits—
(i) moved from a constituent fund; and
(ii) during the period that the investment of the benefits into another constituent fund is pending; and
(c) benefits—
(i) received from a constituent fund; and
(ii) during the period that—
(A) withdrawal of the benefits from the registered scheme concerned is pending; or
(B) transfer of the benefits to another registered scheme is pending. (Added 29 of 2002 s. 6)
(2B) Interest referred to in subsection (2A) must be retained by the approved trustee of the registered scheme concerned—
(a) for the payment of any administrative expenses of the scheme; or
(b) as income of the scheme,

for the benefit of scheme members. (Added 29 of 2002 s. 6)
(3) The total amount of accrued benefits vested in a scheme member from time to time is to be calculated as provided by the rules.
(Replaced 4 of 1998 s. 2)

### Mandatory Provident Fund Schemes Ordinance 《強制性公積金計劃條例》

13. Preservation of accrued benefits derived from contributions
For the purpose of preserving accrued benefits in registered schemes—
(a) no trustee of a registered scheme shall pay or otherwise dispose of any part of those accrued benefits to any scheme member or any other person otherwise than in accordance with the provisions of this Ordinance;
(b) no relevant employee or self-employed person shall have any right or entitlement to those accrued benefits otherwise than in accordance with the provisions of this Ordinance; (Amended 7 of 2019 s. 14)
(c) no scheme member has any right or entitlement otherwise than in accordance with the provisions of this Ordinance to any part of those accrued benefits in a TVC account. (Added 7 of 2019 s. 14)

### Mandatory Provident Fund Schemes Ordinance 《強制性公積金計劃條例》

14. Portability of accrued benefits
(1) A member of an employer sponsored scheme who ceases to be an employee of an employer who is participating in the scheme must, in accordance with the regulations, elect to have the member’s accrued benefits transferred to another registered scheme. This subsection does not apply if the member exercises an entitlement to have the member’s accrued benefits paid in accordance with section 15 or regulations made for the purposes of that section.
(2) Subject to subsection (1), and in accordance with the regulations, the accrued benefits of a member of a registered scheme may be transferred—
(a) to another registered scheme to which the member is eligible to belong; or
(b) to another account within the same registered scheme,

but only in a circumstance permitted or required by the regulations.
(2A) However, if the accrued benefits are held in a TVC account in the registered scheme, those benefits may only be transferred to another TVC account in another registered scheme. (Added 7 of 2019 s. 15)
(3) If the accrued benefits of a member of a registered scheme are to be transferred under this section—
(a) the approved trustee of the scheme; and
(b) where those benefits are to be transferred to another registered scheme, the approved trustee of that other scheme,

must comply with such requirements with respect to the transfer of those benefits as are prescribed by the regulations for the purposes of this subsection.
(4) If a member of a registered scheme whose accrued benefits are to be transferred under this section—
(a) ceases to be an employee of an employer; or
(b) becomes an employee of an employer; or
(c) does both of those things,

the employer or employers must comply with such requirements with respect to the transfer of those benefits as are prescribed by the regulations for the purposes of this subsection.
(5) The regulations may—
(a) include requirements as to—
(i) the notices that are to be given; and
(ii) the procedure that is to be followed,

in connection with the transfer of accrued benefits in accordance with this section; and
(b) prescribe the procedure to be followed if a scheme member who is a relevant employee fails to comply with subsection (1).
(Replaced 4 of 1998 s. 2)