Cap. 485 sub. leg. G

Mandatory Provident Fund Schemes Rules(Cap. 485, section 47)(Enacting provision omitted—E.R. 1 of 2013) [1 December 2000](Format changes—E.R. 1 of 2013) 1. (Omitted as spent—E.R. 1 of 2013) 2. Interpretation (1) In these Rules, General Regulation (《一般規例》) means the Mandatory Provident Fund Schemes (General) Regulation (Cap. 485 sub. leg. A).(2) If an expression defined in section 2 of the General Regulation is used in these Rules, its meaning in these Rules is the same as in that section.(E.R. 1 of 2013) 3. Calculation of accrued benefits for purposes of section 12(3) of Ordinance (1) For the purposes of section 12(3) of the Ordinance, the total amount of accrued benefits vested in a member of a registered scheme from time to time is the difference between—(a) the aggregate amount of all the items listed in subsection (2); and(b) the aggregate amount of all the items listed in subsection (3).(2) The items referred to in subsection (1)(a) are—(a) in the case of a scheme member who is a relevant employee, all contributions paid by the member’s employer to the scheme in respect of the member;(b) all contributions paid to the scheme by the member;(c) any amount transferred to the member’s account in the scheme in accordance with Part 12 of the General Regulation;(d) any investment income of the scheme that is attributable to the member’s accrued benefits;(e) any amount by which the value of the scheme investments attributable to the member’s accrued benefits has appreciated; and(f) any other sums payable to the member’s account in the scheme under the Ordinance.(3) The items referred to in subsection (1)(b) are—(a) accrued benefits that have been paid to or in respect of the member;(b) fees for administrative expenses deducted or deductible by the approved trustee of the scheme from the member’s account in the scheme under the General Regulation unless those expenses are waived by the trustee;(c) any amount transferred from that account in accordance with Part 12 of the General Regulation;(d) any other amounts payable under the Ordinance from that account; and(e) any amount by which the value of the scheme investments attributable to the member’s accrued benefits has depreciated.(4) An approved trustee of a registered scheme who fails to ensure that subsection (1) is complied with in respect of the accrued benefits vested in a member of the scheme commits an offence and is liable on conviction to a fine at level 4.(E.R. 1 of 2013) 4. Application for Authority’s consent to restructuring of registered schemes under section 34B of Ordinance (1) For the purposes of section 34B of the Ordinance, an application for the consent of the Authority to the restructuring of registered schemes must contain the following information—(a) the name and registration number of each of the registered schemes proposed to be restructured;(b) the name, correspondence address and telephone number of the contact person in relation to the proposed restructuring;(c) reasons for the proposed restructuring;(d) the number of the following persons in each of the registered schemes proposed to be restructured—(i) participating employers;(ii) members who are relevant employees;(iii) members who are self-employed persons;(iv) members holding personal accounts; (11 of 2009 s. 23)(e) a statement as to whether or not consent of the participating employers or scheme members to the restructuring must be obtained under the governing rules of those schemes and, if so, a statement specifying when and how the consent must be obtained under those rules;(f) a statement as to whether or not the cost of the restructuring is required to be borne (whether wholly or partly) by the participating employers or scheme members under the governing rules of those schemes and, if so, a statement specifying how that cost is to be paid under those rules; and(g) a restructuring proposal that complies with subsection (2).(2) The restructuring proposal must—(a) specify the proposed effective date of the restructuring;(b) specify the proposed date on which notice of the restructuring is to be given to the participating employers and scheme members;(c) include a detailed plan on how to carry out the restructuring;(d) include a chart showing how the registered schemes concerned and the constituent funds of those schemes are to be restructured; (e) specify the arrangement for transferring the accrued benefits of scheme members to the transferee scheme;(f) specify the arrangement for compensating scheme members for any potential loss of accrued benefits due to the restructuring, and the mechanism (if any) for handling the grievances of scheme members arising from the restructuring;(g) include an estimation of the cost of the restructuring; and(h) specify by whom that cost is proposed to be borne and, if borne (whether wholly or partly) by the participating employers or scheme members, the amount they have to bear and how it is to be paid.(3) The application must also be accompanied by the following documents—(a) the drafts of all documents necessary for effecting the restructuring and, where any new scheme is to be established, for establishing the new scheme, and where any transferee scheme is an existing scheme, for amending the existing scheme as appropriate;(b) the draft notice to the participating employers and scheme members seeking their consent to the restructuring, if applicable; and(c) the draft notice to the participating employers and scheme members informing them of the restructuring, their rights, the actions that they need to take and all related arrangements.(29 of 2002 s. 14)____________________Editorial Note:For the transitional and savings provisions made by the Mandatory Provident Fund Schemes (Amendment) Ordinance 2009 (11 of 2009), please see s. 24 of that Ordinance. 5. (Repealed 29 of 2002 s. 14)