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

34DE. Amendment of Schedules 10 and 11
(1) The Secretary may, by notice published in the Gazette, amend— (Amemded 40 of 2021 s. 27)
(a) Schedule 10, in relation to any or all of the following matters—
(i) the percentage of the net asset value of the DIS constituent fund targeted to be invested in higher risk assets;
(ii) the range of variation of that percentage;
(iii) the age of scheme members specified for an investment strategy;
(iv) the number of constituent funds used for investments under the default investment strategy of a registered scheme;
(v) a percentage set out in the table in section 4(3) of Schedule 10; or
(b) Schedule 11.
(2) A notice made under subsection (1) may contain incidental, supplementary, consequential, transitional or savings provisions that are necessary or expedient in consequence of an amendment made by the notice.

34DF. Interpretation
In this Division—

default investment arrangement (預設投資安排)—
(a) means a default arrangement—
(i) provided before the commencement date in the governing rules of a registered scheme; and
(ii) under which the accrued benefits in an account of a scheme member who has not given any specific investment instructions for those benefits are invested; but
(b) does not include an arrangement for investing the accrued benefits in an account of a registered scheme—
(i) that have been transferred from an account in another registered scheme to that account in a restructuring to which the Authority consented under section 34B(5); or
(ii) in another constituent fund due to the Authority’s cancellation, under this Ordinance, of the approval granted in respect of a constituent fund in which the accrued benefits were invested;

DIA account (預設投資安排帳户) means a pre-existing account of an existing member that meets the description of section 34DG(1)(b);
existing member (現有成員) means a scheme member of a registered scheme to whom this Division applies under section 34DG;
reply period (回覆期), in relation to a specified notice, means 42 days after the date of the notice;
specified notice (指明通知) means a notice that is approved, or in the form specified, by the Authority for the purposes of this Division.

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

34DG. Scheme members to whom this Division applies
(1) This Division applies to a scheme member of a registered scheme if—
(a) either of the following descriptions is met—
(i) the member is below 60 years of age, or becomes 60 years of age, on the commencement date;
(ii) the approved trustee of the scheme is not aware of the age of the member; and
(b) all of the accrued benefits in a pre-existing account of the member were, as at the commencement date, invested according to a default investment arrangement of the scheme and, since then, have remained so invested.
(2) Despite subsection (1), this Division does not apply to the member if the trustee reasonably believes that the trustee has received specific investment instructions from the member to invest any of the accrued benefits in the pre-existing account according to the default investment arrangement.

34DH. Accrued benefits in pre-existing account
(1) The approved trustee of a registered scheme must continue to invest the accrued benefits in the DIA account of an existing member according to the default investment arrangement of the scheme unless the trustee has received specific investment instructions from the member for those benefits.
(2) Despite subsection (1), if those benefits have become invested according to the default investment strategy under section 34DI(2) or 34DJ(3) or (5), the trustee must continue to invest any accrued benefits in the account according to the default investment strategy, whether or not the member is still an existing member, unless the trustee has received specific investment instructions from the member for the benefits in that account.
(3) Subsection (1) does not limit the operation of sections 34DI, 34DJ and 34DK.

34DI. Approved trustee to give specified notice to scheme member
(1) The approved trustee of a registered scheme must, within 6 months after the commencement date—
(a) give a specified notice to each existing member in respect of the DIA account, or each of the DIA accounts, of the member; and
(b) in the specified notice, inform the member of the requirements under subsection (2).
(2) Subject to section 34DK, if, by the expiry day of the reply period for a specified notice given under subsection (1) to a scheme member—
(a) the trustee has not received specific investment instructions from the member for the accrued benefits in a DIA account of the member; and
(b) the member is still an existing member,
the trustee must, within 14 days after the expiry day, invest those benefits in the account according to the default investment strategy of the scheme.
(3) Despite section 27(2A), the trustee must comply with subsection (2) regardless of any specific investment instructions received by the trustee from the member for those benefits within the 14 days referred to in that subsection.

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

34DJ. Locating scheme members whose addresses are unknown etc.
(1) This section applies if—
(a) it comes to the knowledge of an approved trustee of a registered scheme that a specified notice given to an existing member under section 34DI(1) is not taken to have been given under section 206(1A) or (2) of the Mandatory Provident Fund Schemes (General) Regulation (Cap. 485 sub. leg. A); or 
(b) the trustee is not aware of any contact details of an existing member that enable the trustee to give a specified notice to the member under section 34DI(1).
(2) The trustee must proceed to locate the member in the manner, and within the time limit (time limit

34DK. Guaranteed funds
(1) This section applies to the accrued benefits of an existing member that have been invested in a guaranteed fund according to a default investment arrangement of the scheme.
(2) For the purposes of section 34DI(2) or 34DJ(3) or (5), the approved trustee of the scheme must not invest those benefits according to the default investment strategy of the scheme if, on the expiry day, the market value of those benefits is less than the value guaranteed by the fund to be paid to the member on that day.
(3) In this section—

expiry day (屆滿日)—
(a) in relation to section 34DI(2), means the expiry day referred to in that section;
(b) in relation to section 34DJ(3), means the day on which the time limit referred to in that section expires; or
(c) in relation to section 34DJ(5), means the expiry day referred to in that section;

guaranteed fund (保證基金) means a constituent fund that provides a guaranteed return of capital, income on capital or both the capital and the income.

34DL. Interpretation
In this Division—
default investment arrangement (預設投資安排) has the meaning given by section 34DF.

34DM. Accrued benefits continue to be invested according to default investment arrangement
If—
(a) a scheme member of a registered scheme is below 60 years of age, or becomes 60 years of age, on the commencement date; and
(b) immediately before the commencement date, part of the accrued benefits in a pre-existing account of the member have been invested according to a default investment arrangement of the scheme,
then, the approved trustee must continue to invest part of the accrued benefits in the account according to the arrangement unless the trustee has received specific investment instructions from the member for those benefits.