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ARTICLE · 17 JULY 2014

MPF Amendment Bill Gazetted In Hong Kong

Mayer Brown
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If passed, the Mandatory Provident Fund Schemes (Amendment) Bill, gazetted on 27 June 2014, will introduce some fundamental new concepts into Hong Kong’s Mandatory Provident Fund system. In particular it will introduce a new circumstance in which benefits can be paid (terminal illness) and allow a new manner of payment of benefits (a phased withdrawal as opposed to the current lump sum withdrawal).

Hong KongEmployment and HR
Duncan Abate
Duncan Abate
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Keywords: MPF, amendment bill, Hong Kong, benefits

If passed, the Mandatory Provident Fund Schemes (Amendment) Bill, gazetted on 27 June 2014, will introduce some fundamental new concepts into Hong Kong's Mandatory Provident Fund system. In particular it will introduce a new circumstance in which benefits can be paid (terminal illness) and allow a new manner of payment of benefits (a phased withdrawal as opposed to the current lump sum withdrawal).

In addition the MPF Amendment Bill will make changes to the existing legislation to enable trustees of schemes to comply with the FATCA reporting obligations.

1. Changes to the circumstances in which MPF benefits can be paid

Currently MPF benefits are payable only in the following circumstances, when the member in question:

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