Brief Introduction

Brief Introduction
Hang Seng Mandatory Provident Fund
Important notes
Hang Seng Mandatory Provident Fund – SuperTrust, SuperTrust Plus,
• The
SimpleChoice and ValueChoice are mandatory provident fund schemes.
should consider your own risk tolerance level and financial circumstances
• You
before making any investment choices. When, in your selection of funds, you
•
•
•
•
are in doubt as to whether a certain fund is suitable for you (including whether
it is consistent with your investment objectives), you should seek financial and/
or professional advice and choose the fund(s) most suitable for you taking into
account your circumstances.
The respective Guaranteed Fund under Hang Seng Mandatory Provident Fund –
SuperTrust and SuperTrust Plus invests solely in an approved pooled investment
fund in the form of an insurance policy provided by HSBC Life (International)
Limited. The guarantee is also given by HSBC Life (International) Limited. Your
investments in the relevant Guaranteed Fund, if any, are therefore subject to the
credit risks of HSBC Life (International) Limited. Please refer to the ‘Warning’
section under ‘Guaranteed Fund’ in Part II – Fund Structure of the relevant
‘Principal Brochure’ for details of the credit risk.
The guarantee in the relevant Guaranteed Fund only applies under certain
conditions. Please refer to the ‘Guarantee features’ section under ‘Guaranteed
Fund’ in Part II – Fund Structure of the relevant ‘Principal Brochure’ for full
details of the guarantee features and Guarantee Conditions.
You should not invest based on this document alone and should read the relevant
‘Principal Brochure’.
Investment involves risks. Past performance is not indicative of future
performance. The value of financial instruments, in particular stocks and shares,
and any income from such financial instruments, may go down as well as up.
For further details including the product features and risks involved, please refer
to the relevant ‘Principal Brochure’.
Experience you can trust
H
S e n g MP
ang
Administrator
F
Sponsor
Trustee and
Custodian
Administrator
Investment
Managers
HSBC Life (International) Limited
servicing retirement schemes in
•Started
Hong Kong since 1974
40 years of experience in retirement
•Over
funds administration
of the Hong Kong’s largest retirement
•One
scheme administrators
Trustee and Custodian
HSBC Provident Fund Trustee
(Hong Kong) Limited
in Hong Kong and is registered as
•Incorporated
a Trust Company under the Trustee Ordinance
and an Approved Trustee under the Mandatory
Provident Fund Schemes Ordinance
Investment Managers
Sponsor
Hang Seng Bank Limited
•Founded in 1933
serve over half the adult population of Hong
•We
Kong through about 220 service outlets. We also
maintain branches in Macau and Singapore and a
representative office in Taipei
on 28 May 2007, our wholly owned
•Established
subsidiary Hang Seng Bank (China) Limited operates
a mainland China network of 50 outlets in Beijing,
Shanghai, Guangzhou, Shenzhen, Fuzhou, Nanjing,
Dongguan, Hangzhou, Ningbo, Tianjin, Kunming,
Xiamen, Chengdu, Foshan, Zhongshan, Huizhou,
Zhuhai, Jiangmen and Shantou
HSBC Global Asset Management
(Hong Kong) Limited / HSBC Investment
Funds (Hong Kong) Limited
40 years of experience in managing
•Over
retirement funds
of the Hong Kong’s largest retirement
•One
fund managers
worldwide fund management teams
•Experienced
investment solutions platform supported
•Global
by a worldwide network
Hang Seng Investment Management Limited
•Investment arm of Hang Seng Bank
experience in managing index-tracking
•Extensive
funds, retirement funds, institutional accounts
and private client portfolios
Awards won by Hang Seng Bank
2014 Best SME’s Partner Award (for 9 consecutive years) (The Hong Kong General Chamber
of Small and Medium Business)
2013 Ranked the Strongest Bank Balance Sheet in Asia Pacific in 2013 (The Asian Banker)
2013 Best Domestic Bank in Hong Kong (for 14th consecutive year) (The Asset)
2013 The Best Corporate Governance Bank in Asia for 2012 (21st Century Business Herald)
2012 – 2014 Named Hong Kong Domestic Trade Finance Bank of the Year (Asian Banking & Finance)
Greater investment flexibility
number of fund switching for Hang Seng
• Unlimited
Mandatory Provident Fund – SuperTrust, SuperTrust Plus
and ValueChoice
asset allocations ‘SimpleChoice –
• Pre-determined
Asset Allocation’, or designate own investment options
once per calendar year under Hang Seng Mandatory
Provident Fund – SimpleChoice
Flexible administration service
Employer
Straightforward contribution methods
Electronic Remittance Statement via Hang Seng Business e-Banking MPF Service
File interface
Paper-based Remittance Statement
•
•
•
Various voluntary contribution arrangements for employers
Fixed amount
Percentage of the relevant income, either by contribution formula or
a flat contribution percentage
Lump sum contributions
•
•
•
Member
Hang Seng MPF Flexi–Contributions
Self-arranged contribution instruction totally independent of any employer
Monthly contributions as low as HK$300 via direct debit
Lump sum contributions as low as HK$1,000
•
•
•
Withdrawal of Flexi–Contributions when in needs
Up to 12 times per scheme financial period (from 1 July each year to the
following 30 June) without any handling charge
Subject to a minimum withdrawal amount of HK$5,000 each time
•
•
• No handling charge for fund switching
• No maximum or minimum investment limit in any funds
• Change of investment allocation can be done via:
– Hang Seng Personal e-Banking
– Hang Seng MPF Service Hotline
– Paper forms
Comprehensive service
Employer
• Hang Seng MPF Employer Direct
• Quarterly Fund Fact Sheet
• Monthly Fund Performance Summary
• Updates of relevant MPF news
team of professionals to provide employers with advice and total solutions in
• Aemployee benefits
• MPF annual statements
• MPF Guide on scheme features, constituent funds and general MPF information
• Principal Brochure on product features and risks involved
• MPF Tips on administration issues or regulatory updates
• Periodic administration seminars
Member
• Hang Seng MPF Service Hotline
• Quarterly Fund Fact Sheet
• Monthly Fund Performance Summary
• Updates of relevant MPF news
Annual Member Benefit Statement, with customised projection of MPF
• MPF
accrued benefits based on individual’s contributions
• Enrolment Kit on scheme features and constituent funds choices
• Principal Brochure on product features and risks involved
• Member’s Guide on MPF account management
• Periodic MPF seminars
Diversified member account management service
Members can manage their MPF accounts through any of the following channels:
Latest contribution
(with the amount and
fund purchase date)
Total account balance
Account balance by employer
or by fund
Latest unit prices of funds
Fund information
Change of investment allocation
(unlimited, with no handling charge)
(for Hang Seng Mandatory
Provident Fund – SimpleChoice, you
may only rebalance your investment
portfolio once per calendar year)
Changing e-Banking password
or MPF phone PIN
Forms
Internet
Hotline
ATM
Statement
Hang Seng
Personal e-Banking
hangseng.com/e-Banking
and Hang Seng
MPF Website at
hangseng.com/empf
Hang Seng
MPF Service
Hotline
2213 2213
Hang Seng
Bank’s and
HSBC’s
ATMs
Statement of
integrated
account 1
(by account)
2
Changing e-Banking
password
Commonly used
forms
Changing MPF
phone PIN
Commonly
used forms
Enjoy the advantages of integrated financial services
Members can enjoy additional benefits from Hang Seng Bank’s financial services:
Single logon to the Hang Seng Personal e-Banking to manage your wealth and
MPF account(s) at one glance
Check your MPF account balance through your statement of integrated account if you are
a Hang Seng Bank integrated account holder
Hang Seng MPF members’ MPF balance (including the Personal Account Balance)
will be calculated in the ‘Total Relationship Balance’ 3 under your Integrated Accounts 4.
Simply maintain the ‘Total Relationship Balance’ 3 at the designated amount or above to
enjoy the monthly fee waiver
•
•
•
Hang Seng MPF Employer Direct 2288 6822 Hang Seng MPF Service Hotline 2213 2213
Hang Seng MPF website hangseng.com/empf
1
Applicable to Hang Seng Bank integrated account holders.
Only for Portfolio Rebalance and Contribution Redirection.
3
The Total Relationship Balance is the monthly aggregate balance of the daily average of all deposits, gold
accounts, securities, investment funds, utilized overdraft facilities, credit card cash advances, outstanding
balance of personal loans and the accumulated premiums paid for the designated life insurance plans
distributed by Hang Seng Bank as an agent as well as Hang Seng MPF balance. For sole name Integrated
Account holders, their other joint name account(s) will also be included.
4
Integrated Accounts include Prestige Banking, Preferred Banking or Integrated Account.
2
Our management fees
The management fees (as a percentage of the net asset value (‘NAV’) per annum) of the
constituent funds under each Hang Seng MPF scheme is briefly summarised as below for
reference only. Please refer to the relevant ‘Principal Brochure’ for more details of the
management fees and other applicable fees, charges and expenses 5 of the constituent funds.
Hang Seng Mandatory Provident Fund – SuperTrust
Name of constituent fund
MPF Conservative Fund 8
Guaranteed Fund 9, 10, 12
Balanced Fund
Growth Fund
Hang Seng Index Tracking Fund
Management fees 6 (As a percentage of NAV per annum)
Contribution account
Personal account 7
0.79%
0.79%
2.50%
2.25%
1.70%
1.45%
1.75%
1.50%
0.79%
0.79%
Hang Seng Mandatory Provident Fund – SuperTrust Plus
Name of constituent fund
MPF Conservative Fund 8
Guaranteed Fund 9, 10, 12
Global Bond Fund
Flexi-Managed Fund
Stable Fund
Stable Growth Fund
Balanced Fund
Growth Fund
North American Equity Fund
European Equity Fund
Asia Pacific Equity Fund
Hang Seng Index Tracking Fund
Hong Kong and Chinese Equity Fund
Chinese Equity Fund
Management fees 6 (As a percentage of NAV per annum)
Contribution account
Personal account 7
0.79%
0.79%
2.50%
2.25%
0.79%
0.79%
1.45%
1.10%
1.55%
1.25%
1.65%
1.35%
1.70%
1.45%
1.75%
1.50%
1.45%
1.45%
1.45%
1.45%
1.45%
1.45%
0.79%
0.79%
1.45%
1.45%
1.45%
1.45%
Hang Seng Mandatory Provident Fund – ValueChoice
Name of constituent fund
MPF Conservative Fund 8
Global Bond Fund
ValueChoice Stable Growth Fund
ValueChoice Balanced Fund
ValueChoice US Equity Fund
ValueChoice European Equity Fund
ValueChoice Asia Pacific Equity Fund
Hang Seng Index Tracking Fund
Hang Seng H-Share Index Tracking Fund
Management fees 6 (As a percentage of NAV per annum)
Contribution account
Personal account
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
Hang Seng Mandatory Provident Fund – SimpleChoice
Name of constituent fund
MPF Conservative Fund 8
Global Bond Fund
Global Equity Fund
Management fees 6 (As a percentage of NAV per annum)
Contribution account
Personal account
0.79%
0.79%
0.79%
0.79%
0.79%
0.79%
Diversified investment options
Variety designed to suit your needs
At Hang Seng, we provide different MPF schemes with a range of diversified constituent
funds to meet your unique retirement needs. You can choose from a list of constituent
funds available under the MPF scheme you have enrolled.
Hang Seng Mandatory Provident Fund – SuperTrust
Hang Seng Mandatory Provident Fund – SuperTrust provides a range of five constituent
funds including MPF Conservative Fund, Guaranteed Fund, Balanced Fund, Growth Fund
and Hang Seng Index Tracking Fund.
Name of
constituent fund
Typical asset allocation 13
Equities
Bonds
Fund descriptor
Cash
Money market fund
MPF Conservative Fund 8
–
100%
Money market fund – Hong Kong
Guaranteed fund
Guaranteed Fund 9
0-50%
20-100%
0-80%
Guaranteed fund – The higher of
the Guarantee Balance or the Actual
Balance (the value of units held in
the Guaranteed Fund) will be paid
under the Guarantee Conditions 10
Mixed assets fund
Balanced Fund
55-85%
15-45%
Mixed assets fund (Global) –
Maximum equity around 85%
Growth Fund
70-100%
0-30%
Mixed assets fund (Global) –
Maximum equity around 100%
Equity fund
Hang Seng Index
Tracking Fund 14
100%
–
Equity fund – Hong Kong
Hang Seng Mandatory Provident Fund – SuperTrust Plus
If you are looking for greater flexibility in investment choices, our flagship MPF master
trust scheme, Hang Seng Mandatory Provident Fund – SuperTrust Plus, is the one for
you. This comprehensive scheme provides a variety of constituent funds ranging from
conservative to aggressive investments, particularly with equity funds investing in
specific market(s). You can therefore choose a combination of constituent funds that best
suits your investment needs.
Name of
constituent fund
Typical asset allocation 13
Equities
Bonds
Fund descriptor
Cash
Money market fund
MPF Conservative Fund 8
–
100%
Money market fund – Hong Kong
Guaranteed fund
Guaranteed Fund 9
0-50%
20-100%
Global Bond Fund
–
70-100%
0-80%
Guaranteed fund – The higher of the
Guarantee Balance or the Actual
Balance (the value of units held in
the Guaranteed Fund) will be paid
under the Guarantee Conditions 10
0-30%
Bond fund – Global markets
Bond fund
Mixed assets fund
Flexi-Managed Fund
0-35%
65-100%
Mixed assets fund (Global) –
Maximum equity around 35%
Stable Fund
15-45%
55-85%
Mixed assets fund (Global) –
Maximum equity around 45%
Stable Growth Fund
35-65%
35-65%
Mixed assets fund (Global) –
Maximum equity around 65%
Balanced Fund
55-85%
15-45%
Mixed assets fund (Global) –
Maximum equity around 85%
Growth Fund
70-100%
0-30%
Mixed assets fund (Global) –
Maximum equity around 100%
Equity fund
North American Equity Fund
70-100%
0-30%
Equity fund – North America
European Equity Fund
70-100%
0-30%
Equity fund – United Kingdom and
other continental European countries
Asia Pacific Equity Fund
70-100%
0-30%
Equity fund – Asia Pacific,
excluding Japan
100%
–
Equity fund – Hong Kong
Hong Kong and Chinese
Equity Fund
70-100%
0-30%
Equity fund – Hong Kong
Chinese Equity Fund
70-100%
0-30%
Equity fund – China
Hang Seng Index
Tracking Fund 14
Hang Seng Mandatory Provident Fund – ValueChoice
Compared to other Hang Seng MPF schemes, Hang Seng Mandatory Provident Fund –
ValueChoice provides more choices of constituent funds with underlying investments
focused on index-tracking collective investment schemes (ITCIS).
Name of
constituent fund
Typical asset allocation 13
Equities
Bonds
Fund descriptor
Cash
Money market fund
MPF Conservative Fund
8
–
100%
Money market fund – Hong Kong
Bond fund
Global Bond Fund
–
70-100%
0-30%
Bond fund – Global markets
Mixed assets fund
ValueChoice Stable
Growth Fund
35-65%
35-65%
Mixed assets fund (Global) –
Maximum equity around 65%
ValueChoice Balanced Fund
55-85%
15-45%
Mixed assets fund (Global) –
Maximum equity around 85%
ValueChoice US Equity Fund
70-100%
0-30%
Equity fund – United States
ValueChoice European Equity
Fund
70-100%
0-30%
Equity fund – European countries
ValueChoice Asia Pacific
Equity Fund
70-100%
0-30%
Equity fund – Asia Pacific,
excluding Japan
Hang Seng Index
Tracking Fund 14
100%
–
Equity fund – Hong Kong
Hang Seng H-Share Index
Tracking Fund 15
100%
–
Equity fund – China
Equity fund
Hang Seng Mandatory Provident Fund – SimpleChoice
Hang Seng Mandatory Provident Fund – SimpleChoice provides a hassle-free way to
manage your MPF investment portfolio. It is designed to help those who have less
investment experience or without time to manage their MPF account. It offers three
constituent funds with a diversified portfolio.
Name of
constituent fund
Typical asset allocation 13
Equities
MPF Conservative Fund 8
–
Global Bond Fund
–
Global Equity Fund
70-100%
Bonds
100%
70-100%
5
Other applicable fees, charges and expenses include
but not limited to joining fee, annual fee, contribution
charge, offer spread, bid spread, withdrawal charge
and other expenses. For further details, please refer
to the relevant ‘Principal Brochure’.
6
The management fees of all constituent funds are
deducted from the asset of the fund.
7
A preferential rate on the management fees is
applicable to Balanced Fund, Flexi-Managed Fund,
Growth Fund, Guaranteed Fund, Stable Fund and
Stable Growth Fund under Hang Seng Mandatory
Provident Fund – SuperTrust and/or SuperTrust
Plus. The discount on the management fees will
be refunded as ‘special bonus’ in the form of fund
units allocation each month. The ‘special bonus’ is
part of the account balance and will be subject to
relevant fees and charges applicable to Hang Seng
Mandatory Provident Fund – SuperTrust and/or
SuperTrust Plus.
Fund descriptor
Cash
Money market fund – Hong Kong
0-30%
0-30%
Bond fund – Global markets
Equity fund – Global markets
8
Fees and charges of an MPF Conservative Fund can be
deducted from either (i) the assets of the fund or (ii)
members’ account by way of unit deduction. The MPF
Conservative Fund of Hang Seng MPF schemes uses
method (i) and, therefore, its unit prices, net asset value
(NAV) and fund performance quoted have reflected the
impact of fees and charges.
9
The respective Guaranteed Fund under Hang Seng
Mandatory Provident Fund – SuperTrust and
SuperTrust Plus invests solely in an approved pooled
investment fund in the form of an insurance policy
provided by HSBC Life (International) Limited. The
guarantee is also given by HSBC Life (International)
Limited. Your investments in the relevant Guaranteed
Fund, if any, are therefore subject to the credit risks of
HSBC Life (International) Limited.
The guarantee in the relevant Guaranteed Fund only
applies under certain conditions. Please refer to the
‘Guarantee features’ section under ‘Guaranteed Fund’
in Part II – Fund Structure of the relevant ‘Principal
Brochure’ and any supplement to the Principal
Brochure for full details of the guarantee features and
Guarantee Conditions.
10
Guarantee conditions:
> Withdrawal of mandatory and/or voluntary
balances on:
– Termination of employment 11
– Reaching retirement age or normal retirement
date
– Reaching early retirement date
– Total incapacity
–Death
– Permanent departure from the Hong Kong SAR
– Making a claim on small balance account under
section 162(1)(c) of the Mandatory Provident
Fund Schemes (General) Regulation (‘General
Regulation’)
> Transfer of balances to a recipient scheme on
termination of employment 11
11
This condition does not apply to balances in personal
account (as defined in the General Regulation)
invested in the Guaranteed Fund. However, the other
Guarantee Conditions will still be applicable to the
accrued benefits held in the personal account.
12
The percentage includes the guarantee charge of
0.75% per annum of NAV.
13
Typical asset allocation is an indicative reference only
and the long-term allocation of the fund may change
depending on market conditions.
14
The approved ITCIS directly or indirectly held by the
Hang Seng Index Tracking Fund may gain exposure
to the Hang Seng Index or its constituent stocks as
allowed under the applicable laws and regulations.
15
The approved ITCIS directly or indirectly held by the
Hang Seng H-Share Index Tracking Fund may gain
exposure to the Hang Seng China Enterprises Index or
its constituent stocks as allowed under the applicable
laws and regulations.
Notes
is important that you read this publication in conjunction with the accompanying
• It‘Principal
Brochure’ which contains more detailed information about Hang Seng
Mandatory Provident Fund – SuperTrust, SuperTrust Plus, SimpleChoice and ValueChoice
including information on the fund structure, risk involved, fee table and of our ability to
alter these fees and charges in the future.
involves risks. Past performance is not indicative of future performance.
• Investment
The value of financial instruments, in particular stocks and shares, and any income from
such financial instruments, may go down as well as up. For further details including the
product features and risks involved, please refer to the relevant ‘Principal Brochure’.
information contained in this publication is for reference only and the provisions of
• The
the MPF legislation, other applicable legislation and announcements by the Mandatory
Provident Fund Schemes Authority shall prevail.
voluntary contributions and Flexi-Contributions are accepted at the discretion
• Additional
of the Administrator and the Trustee. The Administrator and the Trustee reserve the
absolute right not to accept any additional voluntary contributions and Flexi-Contributions
at any time.
Provident Fund Trustee (Hong Kong) Limited accepts responsibility for
• HSBC
the accuracy of the information contained in this publication only at the date of
publication.
Issued by Hang Seng Bank Limited
July 2015
L-HAMPF026B v02/0715 (0715) H
are in doubt about the meaning or effect of the contents of this document,
• Ifyouyoushould
seek independent professional advice.