We understand that you may have questions regarding your retirement investments. This is where we can get you the answers.
Invesco Pension Products
Invesco Strategic MPF Scheme / Invesco Select Retirement Fund
1. What is Invesco Strategic MPF Scheme/Invesco Select Retirement Fund (collectively the "Plans")?
The Invesco Strategic MPF Scheme is a master trust scheme set up per MPF requirements in Hong Kong which aims to bring you financial security at retirement.
The Invesco Select Retirement Fund is a pooled retirement product for the Occupational Retirement Schemes Ordinance ("ORSO") market in Hong Kong which aims to bring you financial security at retirement.
The philosophy behind the design of the both Plans is that employees have different interim investment goals at different life stages, all of which should be catered through tailored investment products. Thus, you will find different investment options under the both Schemes which span from the more aggressive to the more conservative types of investments.
2. Who are the service providers?
For both Plans , Invesco is the Investment Manager whereas Bank Consortium Trust Company Limited is the Trustee, Custodian and Administrator.
3. When can I expect to receive my Annual Benefit Statement?
You may expect to receive the annual benefit statement within 2 months after the financial year end.
For the Invesco Strategic MPF Scheme, the financial year end is 31 March of each year.
For your ORSO scheme, please check with your employer on the scheme year end date.
4. What is the difference between "Market Value", "Vested Benefits" and "Accrued Benefits"?
"Market Value" is the your account balance in a retirement scheme at a particular time, calculated as the contributions that have been made by you and your employer, together with any investment return (profit or loss).
"Accrued Benefits" is the amount of your interest in a retirement scheme at a particular time (such as at the statement end date). It is calculated as the contributions that have been made by yourself and your employer, together with any investment return (profit or loss) on the contributions adjusted for any vesting rules regarding the employer's contribution.
"Vested Benefits" is the benefit received by you from a scheme upon cessation of employment. You may only receive a percentage of the benefit due from your employer's contributions, depending on the vesting scale and the length of service.
If you are a member of an ORSO plan, your employer's contributions are also vested to you according to a vesting scale, which is likely to be associated with your length of service.
If you are joining an MPF plan, the MPF mandatory contributions and your own employee voluntary contributions are 100% vested at all times.
Flexible Voluntary Contribution
1. What is Flexible Voluntary Contribution?
FVC is an arrangement for you to accumulate more savings for better retirement on top of the MPF mandatory contribution. It uses the same service and investment platform under the Invesco Strategic MPF Scheme. FVC allows you to take total control and enjoy flexibility in terms of the amount to contribute, and when to make contributions and withdrawals. Besides, you can make your FVC payments to the Scheme Trustee directly without going through your employers.
2. Who is eligible to join the FVC?
Any persons who are eligible to participate in a Registered Provident Fund Scheme (means a registered scheme as defined in the MPF Ordinance) are eligible to join FVC. In other words, if you are currently an ORSO member or an MPF member in Hong Kong, you are eligible to join FVC.
3. Do I need to pay subscription fee, redemption fee or switching fee for this FVC account?
There is no transaction fees charged. All management fees are reflected in the daily fund prices.
4. What is the minimum contribution amount?
The minimum amount for lump sum contribution is HKD5,000, whereas the minimum amount for monthly contribution via direct debit authorization arrangement is only HKD1,000.
5. If I set up regular monthly FVC arrangement, can I make any additional lump sum contribution in the future?
Yes. You may make additional lump sum contribution anytime you like. To do so, you may simply send a Flexible Voluntary Contribution Application Form with a cheque or telegraphic advice quoting your full name, HKID /Passport number and member account number to the Scheme Trustee.
6. Can I retain my FVC account in the Invesco Strategic MPF Scheme after the cessation of employment? Will there be any additional charge?
You may retain your FVC account in the Invesco Strategic MPF Scheme after the cessation of employment and there is no additional charge for this. Same as for other FVC investors, all management fees are reflected in the daily fund prices.
MPF Accounts Consolidation
1. I have a few personal accounts with other service providers. What should I do if I want to consolidate these accounts with Invesco?
For better management of your accounts, you may fill in the "Scheme Member's Request" for Fund Transfer Form to consolidate these accounts to the Invesco Strategic MPF Scheme. As a reminder, you will have to fill in one form for each account. Please send the completed form(s) together with a HKID/passport copy to the Scheme Trustee.
2. Will there be any charge if I consolidate other personal accounts with Invesco?
Invesco charges no handling fees for opening and consolidating your assets to a personal account under the Invesco Strategic MPF Scheme.
3. How long would it take for the asset transfer to complete after I have submitted the "Scheme Member's Request" for Fund Transfer Form to the Scheme Trustee?
Upon receipt of your Scheme Member's Request for Fund Transfer Form, the Scheme Trustee will send a fund transfer request to the transferor trustee. By regulation, the transferor trustee is required to ensure that your accrued benefits are properly transferred within 30 days after receiving your valid request for transfer. After verifying your information on the Fund Request Form, the transferor trustee will process the request and should issue a transfer statement stating the particulars of the transfer to you.
4. How do I know if my MPF benefits are consolidate to the Invesco Strategic MPF Scheme properly?
You will receive a "Benefit Transfer-In Statement" from our Scheme Trustee which shows the transfer-in amount and the investment details of the transfer-in assets.
Invesco Retail Fund
1. Does Invesco offer any investment products other than the Invesco Strategic MPF Scheme and Invesco Select Retirement Fund?
Besides pension products, Invesco also provides more than 50 retail funds ranging across different asset classes and regions to fit your unique personal needs. Please contact the Invesco Funds Hotline at 3191-8282 or visit www.invesco.com.hk for more details.
We will carry out system maintenance on 17 December 2017 (Sunday) from noon to 4 pm. Both MPF and ORSO account enquiries will be suspended during this period. The service will be resumed normal upon the completion of the system maintenance as soon as possible.