Self employed Person

1. I am a new comer of self-employed, when should I enroll in an MPF scheme?

You are required to enroll in an MPF scheme within 60 days of becoming self-employed.

2. What should I do with the accrued benefit when I cease to be self-employed?

You may choose to retain your accrued benefit in a personal account under your existing scheme.

3. What is "Terminal Illness"?

After the implementation of the relevant legislative amendments, effective 1st August 2015, "Terminal illness" is included as an additional ground for the early withdrawal of MPF accrued benefits.

"Terminal Illness” withdrawal of accrued benefit : Member obtains a certificate from a registered medical practitioner or a registered Chinese medicine practitioner to prove an illness that is likely to reduce the life expectancy to 12 months or less, member can file a claim of accrued benefit with us within 12 months from the issue date of the certificate.

(If you are currently investing in BCOM Guaranteed (CF) Fund, a withdrawal of the accrued benefits on ground of terminal illness may affect your entitlement to the guarantee and you may lose your guarantee. For details, please feel free to contact our Customer Services Hotline at 223 95559.)

4. What is Payment of Accrued Benefits by Installments?

According to the Amendment Ordinance, with effect from 1 February 2016, accrued benefits payable to a member on the grounds of retirement at age 65 or early retirement at age 60 may be paid in installments, if the Member so elects. Entitled Member may choose to withdraw accrued benefits by specifying the exact installment amount in a claim form.

5. Is there any charge for Payment of Accrued Benefits by Installments?

No fees or financial penalties may be charged to or imposed on the Member, or deducted from the Member’s account, whether in one lump sum or by installments, other than an amount representing the necessary transaction costs that are incurred, or reasonably likely to be incurred, by us in selling or purchasing investments in order to give effect to the payment; and are payable to a party other than us.