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Last updated on:
18-February-210 of 30 questions completed
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IIQE Paper MPF English Free Preview
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Which among the following are the matters for which a person makes decision which are material in nature?
I. Whether, or when, to make a claim for the payment of accrued benefits from an ORSO scheme
II. Whether, or when, to transfer benefits from an occupational retirement scheme to a particular MPF scheme
III. The amount of a claim for the payment of accrued benefits from an MPF scheme.
IV. Whether, or when, to apply to join or become a member of a particular MPF scheme.
A person makes a “material decision” if the person makes a decision in relation to the following matters:
(i) whether, or when, to apply to join or become a member of a particular MPF scheme;
(ii) whether, or when, to apply to participate in a particular MPF scheme as an employer;
(iii) whether, or when, to pay contributions to a particular MPF scheme, or to invest in a particular constituent fund of an MPF scheme;
(iv) the amount of contributions to be paid to a particular MPF scheme, or the amount to be invested in a particular constituent fund of an MPF scheme;
(v) whether, or when, to transfer accrued benefits from a particular MPF scheme to another particular MPF scheme, or from a particular constituent fund of an MPF scheme to another particular constituent fund of the MPF scheme;
(vi) the amount of accrued benefits to be transferred from a particular MPF scheme to another particular MPF scheme, or from a particular constituent fund of an MPF scheme to another particular constituent fund of the MPF scheme;
(vii) whether, or when, to transfer benefits from an occupational retirement scheme to a particular MPF scheme;
(viii) the amount of benefits to be transferred from an occupational retirement scheme to a particular MPF scheme;
(ix) whether, or when, to make a claim for the payment of accrued benefits from an MPF scheme; and
(x) the amount of a claim for the payment of accrued benefits from an MPF scheme.
A person makes a “material decision” if the person makes a decision in relation to the following matters:
(i) whether, or when, to apply to join or become a member of a particular MPF scheme;
(ii) whether, or when, to apply to participate in a particular MPF scheme as an employer;
(iii) whether, or when, to pay contributions to a particular MPF scheme, or to invest in a particular constituent fund of an MPF scheme;
(iv) the amount of contributions to be paid to a particular MPF scheme, or the amount to be invested in a particular constituent fund of an MPF scheme;
(v) whether, or when, to transfer accrued benefits from a particular MPF scheme to another particular MPF scheme, or from a particular constituent fund of an MPF scheme to another particular constituent fund of the MPF scheme;
(vi) the amount of accrued benefits to be transferred from a particular MPF scheme to another particular MPF scheme, or from a particular constituent fund of an MPF scheme to another particular constituent fund of the MPF scheme;
(vii) whether, or when, to transfer benefits from an occupational retirement scheme to a particular MPF scheme;
(viii) the amount of benefits to be transferred from an occupational retirement scheme to a particular MPF scheme;
(ix) whether, or when, to make a claim for the payment of accrued benefits from an MPF scheme; and
(x) the amount of a claim for the payment of accrued benefits from an MPF scheme.
Which among the following describes a regulated person?
I. A responsible officer of a subsidiary intermediary
II. A responsible officer of a registered institution
III. A responsible officer of a principal intermediary
IV. A registered intermediary
A “regulated person” means (i) a registered intermediary (i.e., a principal intermediary or a subsidiary intermediary); or (ii) a responsible officer of a principal intermediary.
A “regulated person” means (i) a registered intermediary (i.e., a principal intermediary or a subsidiary intermediary); or (ii) a responsible officer of a principal intermediary.
Which among the following is true for a mixed assets fund?
I. The risk level of this fund is usually somewhere between that of a bond fund and an equity fund.
II. A mixed assets fund is an investment mix of bonds and equities.
III. The expected return of a mixed assets fund is usually higher than that of a bond fund but lower than that of an equity fund.
IV. The price of a mixed assets fund could be volatile at times.
A mixed assets fund, which is also called a balanced fund, is an investment mix of bonds and equities (stocks). A typical mixed assets fund invests in both stock markets and bond markets, either globally or regionally (e.g. Asia or North American), in order to reduce the overall risk as well as to take advantage of investment opportunities in different markets and economies. Therefore, the risk level of this kind of fund is usually somewhere between that of a bond fund and an equity fund. Due to the investment mix of the fund, the expected return of a mixed assets fund is usually higher than that of a bond fund but lower than that of an equity fund.
A mixed assets fund, which is also called a balanced fund, is an investment mix of bonds and equities (stocks). A typical mixed assets fund invests in both stock markets and bond markets, either globally or regionally (e.g. Asia or North American), in order to reduce the overall risk as well as to take advantage of investment opportunities in different markets and economies. Therefore, the risk level of this kind of fund is usually somewhere between that of a bond fund and an equity fund. Due to the investment mix of the fund, the expected return of a mixed assets fund is usually higher than that of a bond fund but lower than that of an equity fund.
What is the capital adequacy and financial requirement for corporate trustees?
The approval requirements in respect of a corporate trustee include:
(i) Capital adequacy and financial soundness
Corporate trustees must have paid-up share capital and net assets of at least $150 million each.
(ii) Suitability
(iii) Capability
(iv) Presence and control
The approval requirements in respect of a corporate trustee include:
(i) Capital adequacy and financial soundness
Corporate trustees must have paid-up share capital and net assets of at least $150 million each.
(ii) Suitability
(iii) Capability
(iv) Presence and control
While transferring the accrued benefits, which among the following factors about trustee/scheme must be considered?
I. Fees and charges
II. Current life stage
III. Choices and suitability of funds
IV. Range and quality of services
A scheme member may choose not to exercise the right to transfer the accrued benefits. However, if a member decides to exercise such right, he/she should consider the following factors:
Trustee/scheme
Range and quality of services
Fees and charges
Choices and suitability of funds
A scheme member may choose not to exercise the right to transfer the accrued benefits. However, if a member decides to exercise such right, he/she should consider the following factors:
Trustee/scheme
Range and quality of services
Fees and charges
Choices and suitability of funds
Which among the following is true for relevant employees earning more than the minimum relevant income level?
I. The employees’ mandatory contributions and the employers’ mandatory contributions are each capped at $2,500 per month.
II. With any amount of relevant income both the employer and the relevant employee can opt to make voluntary contributions.
III. The amount of the employer’s voluntary contributions does not have to match the relevant employee’s amount.
IV. The employees’ mandatory contributions and the employers’ mandatory contributions are each capped at $1,500 per month.
For relevant employees (other than casual employees) earning more than the maximum relevant income level (i.e. $30,000 per month), the employees’ mandatory contributions and the employers’ mandatory contributions are each capped at $1,500 per month. With any amount of relevant income, however, both the employer and the relevant employee can opt to make voluntary contributions. However, the amount of the employer’s voluntary contributions does not have to match the relevant employee’s amount.
For relevant employees (other than casual employees) earning more than the maximum relevant income level (i.e. $30,000 per month), the employees’ mandatory contributions and the employers’ mandatory contributions are each capped at $1,500 per month. With any amount of relevant income, however, both the employer and the relevant employee can opt to make voluntary contributions. However, the amount of the employer’s voluntary contributions does not have to match the relevant employee’s amount.
What are the categories of the appointed service providers?
I. MPF Intermediaries
II. Custodians
III. Investment Bankers
IV. Investment Managers
The trustee of an MPF scheme is the central party responsible for all scheme administration and management functions. The appointed service providers are listed below:
(a) Investment Managers
(b) Custodians
(c) MPF Intermediaries
The trustee of an MPF scheme is the central party responsible for all scheme administration and management functions. The appointed service providers are listed below:
(a) Investment Managers
(b) Custodians
(c) MPF Intermediaries
What are the different types of MPF scheme?
I. Employer Sponsored Scheme
II. Industry Scheme
III. Master Trust Scheme
IV. Employee Regulatory Scheme
There are three types of MPF scheme:
(a) Employer Sponsored Scheme
(b) Master Trust Scheme
(c) Industry Scheme
There are three types of MPF scheme:
(a) Employer Sponsored Scheme
(b) Master Trust Scheme
(c) Industry Scheme
Which among the following are the key characteristics of the MPF System?
I. Employment-based
II. Fully-funded
III. Privately-managed
IV. Defined benefit
The key characteristics of the MPF System are as follows:
(a) Mandatory participation
(b) Employment-based
(c) Defined contribution
(d) Privately-managed
(e) Fully-funded
The key characteristics of the MPF System are as follows:
(a) Mandatory participation
(b) Employment-based
(c) Defined contribution
(d) Privately-managed
(e) Fully-funded
Which among the following is true for employment-based feature of the MPF system?
I. Relevant employees and their employers are required to make regular mandatory contributions.
II. Relevant employees choose among the funds offered by the scheme chosen by their employers.
III. Self-employed persons enroll in a scheme provided by the government.
IV. Employers select MPF trustee, join one or more schemes, and then enroll their relevant employees in the chosen scheme.
The MPF System is employment-based. Under the MPF System, employers select MPF trustee(s), join one or more schemes, and then enroll their relevant employees in the chosen scheme(s). Relevant employees then choose among the funds offered by the scheme(s) chosen by their employers. Relevant employees and their employers are required to make regular mandatory contributions. Self-employed persons enroll in a scheme of their own choice, regardless of their level of income, unless they are exempt persons.
The MPF System is employment-based. Under the MPF System, employers select MPF trustee(s), join one or more schemes, and then enroll their relevant employees in the chosen scheme(s). Relevant employees then choose among the funds offered by the scheme(s) chosen by their employers. Relevant employees and their employers are required to make regular mandatory contributions. Self-employed persons enroll in a scheme of their own choice, regardless of their level of income, unless they are exempt persons.
Which among the following are the requirements for application for registration as a principal intermediary for carrying on regulated activities under section 34T(1) of the MPFSO?
I. The principal applicant must be a Type B regulatee of an industry regulator.
II. The principal applicant does not have any qualification as a Type A regulatee suspended.
III. The principal applicant is not disqualified by the MPFA from being registered as an intermediary for carrying on regulated activities.
IV. The principal applicant must be a Type A regulatee of an industry regulator.
For application for registration as a principal intermediary for carrying on regulated activities under section 34T(1) of the MPFSO,
(i) the principal applicant must be a Type A regulatee of an industry regulator;
(ii) within 1 year immediately before the date of the application, the principal applicant has not had any qualification as a Type A regulatee revoked on disciplinary grounds (section 34J(1) of the MPFSO);
(iii) the principal applicant does not have any qualification as a Type A regulatee suspended (section 34J(2) of the MPFSO);
(iv) within 1 year immediately before the date of the application, the principal applicant has not had a registration as a registered intermediary revoked by the MPFA under section 34ZW(3)(a)(i) of the MPFSO; and
(v) the principal applicant is not disqualified by the MPFA under section 34ZW(3)(a)(ii) of the MPFSO from being registered as an intermediary for carrying on regulated activities.
For application for registration as a principal intermediary for carrying on regulated activities under section 34T(1) of the MPFSO,
(i) the principal applicant must be a Type A regulatee of an industry regulator;
(ii) within 1 year immediately before the date of the application, the principal applicant has not had any qualification as a Type A regulatee revoked on disciplinary grounds (section 34J(1) of the MPFSO);
(iii) the principal applicant does not have any qualification as a Type A regulatee suspended (section 34J(2) of the MPFSO);
(iv) within 1 year immediately before the date of the application, the principal applicant has not had a registration as a registered intermediary revoked by the MPFA under section 34ZW(3)(a)(i) of the MPFSO; and
(v) the principal applicant is not disqualified by the MPFA under section 34ZW(3)(a)(ii) of the MPFSO from being registered as an intermediary for carrying on regulated activities.
Which section of the the MPFSO prohibits a person from holding themselves out as carrying on regulated activities in the course of the person’s business or employment; or as carrying on regulated activities for reward?
Section 34L(2) of the MPFSO prohibits a person from holding themselves out as carrying on regulated activities in the course of the person’s business or employment; or as carrying on regulated activities for reward.
Section 34L(2) of the MPFSO prohibits a person from holding themselves out as carrying on regulated activities in the course of the person’s business or employment; or as carrying on regulated activities for reward.
What is the maximum fine for a breach of section 103 of the SFO?
Section 103 of the SFO makes it an offence to issue to the public any advertisements on MPF schemes and approved pooled investment funds unless they are authorized by the SFC or are exempt under the SFO. A breach of section 103 of the SFO carries a maximum fine of $500,000 and 3 years of imprisonment (plus a further fine for each day the offence continues).
Section 103 of the SFO makes it an offence to issue to the public any advertisements on MPF schemes and approved pooled investment funds unless they are authorized by the SFC or are exempt under the SFO. A breach of section 103 of the SFO carries a maximum fine of $500,000 and 3 years of imprisonment (plus a further fine for each day the offence continues).
Which among the following is true for complaints handling against MPF intermediaries of the MPF system?
I. MPFA will refer the complaints to the relevant FRs for consideration of initiating investigation, if the information provided suggests a possible breach of the conduct requirements.
II. MPFA will receive complaints in relation to MPF sales and marketing activities.
III. SFO will be responsible for the investigation of relevant registered MPF intermediaries.
IV. MPFA will conduct initial processing of the complaints.
MPFA will receive complaints in relation to MPF sales and marketing activities. It will conduct initial processing of the complaints. If the information provided suggests a possible breach of the conduct requirements, it will refer the complaints to the relevant FRs for consideration of initiating investigation. FRs will be responsible for the investigation of relevant registered MPF intermediaries. In misconduct cases, MPFA will be the sole authority to impose disciplinary sanctions, taking into account the information obtained by FRs in the course of their investigation and the representation of the intermediaries concerned.
MPFA will receive complaints in relation to MPF sales and marketing activities. It will conduct initial processing of the complaints. If the information provided suggests a possible breach of the conduct requirements, it will refer the complaints to the relevant FRs for consideration of initiating investigation. FRs will be responsible for the investigation of relevant registered MPF intermediaries. In misconduct cases, MPFA will be the sole authority to impose disciplinary sanctions, taking into account the information obtained by FRs in the course of their investigation and the representation of the intermediaries concerned.
Which among the following is not true for MPF exempted ORSO schemes?
MPF Exempted ORSO Schemes
These schemes satisfy the requirements for applying for MPF exemption certificates. They can be ORSO registered schemes or exempt schemes, and can be either closed or open to new members.
MPF Exempted ORSO Schemes
These schemes satisfy the requirements for applying for MPF exemption certificates. They can be ORSO registered schemes or exempt schemes, and can be either closed or open to new members.
Which among the following is the criteria for an Scheme to qualify for MPF exemption?
I. the scheme must be an MPF exempted scheme
II. the scheme must be an ORSO exempted scheme
III. the scheme must be a relevant ORSO registered scheme
IV. the scheme must be a relevant MPF registered scheme
To qualify for MPF exemption, the scheme must be an “ORSO exempted scheme” or a “relevant ORSO registered scheme” as defined in the Mandatory Provident Fund Schemes (Exemption) Regulation (the “Exemption Regulation”). Other exemption criteria may also need to be satisfied.
To qualify for MPF exemption, the scheme must be an “ORSO exempted scheme” or a “relevant ORSO registered scheme” as defined in the Mandatory Provident Fund Schemes (Exemption) Regulation (the “Exemption Regulation”). Other exemption criteria may also need to be satisfied.
The MPFA maintains a register of all registered MPF intermediaries which can be accessed by the public through the internet. Which among the following are other ways for the public to check an MPF intermediary’s registration status?
I. Calling the SFO hotline
II. Visiting the MPFA offices
III. Calling the MPFA hotline
IV. Visiting the intermediary offices.
The MPFA maintains a register of all registered MPF intermediaries which can be accessed by the public through the internet. The public may also check an MPF intermediary’s registration status by:
(i) calling the MPFA hotline on 2918 0102; or
(ii) visiting the MPFA offices.
The MPFA maintains a register of all registered MPF intermediaries which can be accessed by the public through the internet. The public may also check an MPF intermediary’s registration status by:
(i) calling the MPFA hotline on 2918 0102; or
(ii) visiting the MPFA offices.
Which among the following can be considered an authorized institution?
I. An insurance company
II. A deposit-taking company
III. A restricted licence bank
IV. A bank
Authorized financial institution means an authorized institution as defined by section 2(1) of the Banking Ordinance. Under the Banking Ordinance, an authorized institution means (a) a bank; (b) a restricted licence bank; or (c) a deposit-taking company.
Authorized financial institution means an authorized institution as defined by section 2(1) of the Banking Ordinance. Under the Banking Ordinance, an authorized institution means (a) a bank; (b) a restricted licence bank; or (c) a deposit-taking company.
Which among the following is not a category of bond funds?
Bond funds can be categorized by the term to maturity of the bonds in which they invest. Long-term bond funds invest in bonds with at least 10 years to maturity; medium-term bond funds in bonds with 3 to 10 years to maturity and short-term bond funds in bonds of less than 3 years to maturity.
Bond funds can be categorized by the term to maturity of the bonds in which they invest. Long-term bond funds invest in bonds with at least 10 years to maturity; medium-term bond funds in bonds with 3 to 10 years to maturity and short-term bond funds in bonds of less than 3 years to maturity.
What is the usual period of fund investment for medium-term bond funds?
Bond funds can be categorized by the term to maturity of the bonds in which they invest. Long-term bond funds invest in bonds with at least 10 years to maturity; medium-term bond funds in bonds with 3 to 10 years to maturity and short-term bond funds in bonds of less than 3 years to maturity.
Bond funds can be categorized by the term to maturity of the bonds in which they invest. Long-term bond funds invest in bonds with at least 10 years to maturity; medium-term bond funds in bonds with 3 to 10 years to maturity and short-term bond funds in bonds of less than 3 years to maturity.
Which among the following are the categories of schemes which does not need to be under ORSO?
I. Schemes set up by the government of a country or territory outside Hong Kong or its agency not operating for the purpose of gain.
II. Schemes that satisfy the criteria for ORSO exemption.
III. Schemes contained in or established by any ordinance other than the ORSO.
IV. Schemes set up by the government of a country or territory inside Hong Kong or its agency operating for the purpose of gain.
All retirement schemes operated in and from Hong Kong need to be registered under ORSO, except those which fall within one of the following categories:
(i) Schemes contained in or established by any ordinance other than the ORSO (for example, an MPF scheme established under the MPFSO);
(ii) Schemes set up by the government of a country or territory outside Hong Kong or its agency not operating for the purpose of gain;
(iii) Schemes that satisfy the criteria for ORSO exemption.
All retirement schemes operated in and from Hong Kong need to be registered under ORSO, except those which fall within one of the following categories:
(i) Schemes contained in or established by any ordinance other than the ORSO (for example, an MPF scheme established under the MPFSO);
(ii) Schemes set up by the government of a country or territory outside Hong Kong or its agency not operating for the purpose of gain;
(iii) Schemes that satisfy the criteria for ORSO exemption.
What of the following are among the types of ORSO schemes under which the employer needs to continue his chosen scheme even after the introduction of MPF system?
I. Bottom-down ORSO Scheme
II. Frozen ORSO Scheme
III. Top-up ORSO Scheme
IV. MPF Registered ORSO Scheme with Limited Membership
If the employer decided to continue their ORSO scheme, the scheme would now be in one of the following forms:
(a) MPF Exempted ORSO Scheme with Open Membership
(b) MPF Exempted ORSO Scheme with Closed Membership
(c) “Top-up” ORSO Scheme
(d) “Frozen” ORSO Scheme
If the employer decided to continue their ORSO scheme, the scheme would now be in one of the following forms:
(a) MPF Exempted ORSO Scheme with Open Membership
(b) MPF Exempted ORSO Scheme with Closed Membership
(c) “Top-up” ORSO Scheme
(d) “Frozen” ORSO Scheme
What are the categories of trusties?
I. Offshore (outside Hong Kong) corporate trustee
II. Individual (natural person) trustee
III. Local corporate trustee
IV. Global corporate trustee
There are three categories of trustees:
(a) local corporate trustee;
(b) offshore (outside Hong Kong) corporate trustee; and
(c) individual (natural person) trustee.
There are three categories of trustees:
(a) local corporate trustee;
(b) offshore (outside Hong Kong) corporate trustee; and
(c) individual (natural person) trustee.
Which of the following are among the duties of trustees?
I. Providing information to scheme members, including scheme information, notices of participation and benefit statements.
II. Keeping proper accounting records and members’ register.
III. Acting in the interest of scheme members and in accordance with the governing rules of the scheme.
IV. Ensure maintenance of adequate capital and professional indemnity insurance.
In general terms, the duties of trustees would include the following:
(a) to secure scheme registration;
(b) to ensure maintenance of adequate capital and professional indemnity insurance;
(c) to maintain investment policy statements, control objectives and internal control procedures;
(d) to exercise a level of care, skill, diligence and prudence;
(e) to ensure that the funds of the scheme are invested in different investments so as to minimize investment risks;
(f) to act in the interest of scheme members and in accordance with the governing rules of the scheme;
(g) to provide information to scheme members, including scheme information, notices of participation and benefit statements;
(h) to receive contributions and verify mandatory contribution calculations;
(i) to process transfer and payment requests;
(j) to keep proper accounting records and members’ register; and
(k) to prepare and lodge annual audited financial statements, scheme reports and investment reports of MPF schemes with the MPFA.
In general terms, the duties of trustees would include the following:
(a) to secure scheme registration;
(b) to ensure maintenance of adequate capital and professional indemnity insurance;
(c) to maintain investment policy statements, control objectives and internal control procedures;
(d) to exercise a level of care, skill, diligence and prudence;
(e) to ensure that the funds of the scheme are invested in different investments so as to minimize investment risks;
(f) to act in the interest of scheme members and in accordance with the governing rules of the scheme;
(g) to provide information to scheme members, including scheme information, notices of participation and benefit statements;
(h) to receive contributions and verify mandatory contribution calculations;
(i) to process transfer and payment requests;
(j) to keep proper accounting records and members’ register; and
(k) to prepare and lodge annual audited financial statements, scheme reports and investment reports of MPF schemes with the MPFA.
Which among the following is not true for money market funds?
Money market funds mainly invest in short-term instruments such as treasury bills, certificates of deposit, commercial papers. This type of funds is the least risky compared with other types of funds, but its return is usually slightly higher than that earned from savings deposits.
Money market funds mainly invest in short-term instruments such as treasury bills, certificates of deposit, commercial papers. This type of funds is the least risky compared with other types of funds, but its return is usually slightly higher than that earned from savings deposits.
Which among the following is true for a bond fund?
I. A bond fund aims to achieve a high rate of return through capital appreciation over a period of time.
II. A bond fund primarily invests in bonds.
III. Abond fund aims to achieve a modest but stable level of income; capital appreciation is of secondary importance.
IV. A bond fund may earn its income from interests generated by the bonds held by the fund.
A bond fund primarily invests in bonds which are debt securities issued by governments, public utilities, banks, commercial organizations and supranational agencies like the World Bank. A bond issuer promises to pay interest during the life of the bond and repay the principal upon maturity of the bond. A bond fund may earn its income from interests generated by the bonds held by the fund. The fund may either hold the bonds till maturity and get back the principal from the issuers, or trade the bonds, taking advantage of market movements. Generally, a bond fund aims to achieve a modest but stable level of income; capital appreciation is of secondary importance.
A bond fund primarily invests in bonds which are debt securities issued by governments, public utilities, banks, commercial organizations and supranational agencies like the World Bank. A bond issuer promises to pay interest during the life of the bond and repay the principal upon maturity of the bond. A bond fund may earn its income from interests generated by the bonds held by the fund. The fund may either hold the bonds till maturity and get back the principal from the issuers, or trade the bonds, taking advantage of market movements. Generally, a bond fund aims to achieve a modest but stable level of income; capital appreciation is of secondary importance.
Which among the following is true for default contributions?
I. A financial penalty may be imposed on the defaulter.
II. The defaulter is liable to pay the contribution in arrears and a contribution surcharge.
III. A mandatory contribution is in arrears if it is not paid by the contribution day of a contribution period.
IV. The defaulter may not be liable to pay the contribution in arrears and a contribution surcharge.
A mandatory contribution is in arrears if it is not paid by the contribution day of a contribution period. The defaulter is liable to pay the contribution in arrears and a contribution surcharge. A financial penalty may also be imposed on the defaulter.
A mandatory contribution is in arrears if it is not paid by the contribution day of a contribution period. The defaulter is liable to pay the contribution in arrears and a contribution surcharge. A financial penalty may also be imposed on the defaulter.
Which among the following defines personal account?
Personal account refers to an account in an MPF scheme which mainly receives the accrued benefits attributable to a member’s former employment or self-employment transferred from other MPF account(s). Personal accounts can also receive accrued benefits attributable to a member’s current employment transferred from a contribution account during current employment under Employee Choice Arrangement (“ECA”).
Personal account refers to an account in an MPF scheme which mainly receives the accrued benefits attributable to a member’s former employment or self-employment transferred from other MPF account(s). Personal accounts can also receive accrued benefits attributable to a member’s current employment transferred from a contribution account during current employment under Employee Choice Arrangement (“ECA”).
Which among the following is the advantage of trust arrangement?
The advantage of a trust arrangement is that even if the scheme trustee, other service providers or the employer is in financial difficulties, the creditor cannot request the trustee, other service providers or the employer to make use of the assets under trusteeship to repay a debt. In other words, trust arrangement provides basic protection for scheme members’ assets.
The advantage of a trust arrangement is that even if the scheme trustee, other service providers or the employer is in financial difficulties, the creditor cannot request the trustee, other service providers or the employer to make use of the assets under trusteeship to repay a debt. In other words, trust arrangement provides basic protection for scheme members’ assets.
Which among the following defines contribution account?
“Contribution account” refers to an account in an MPF scheme which mainly receives MPF contributions (both employer and employee portions) made by an employer in respect of a relevant employee under current employment. Contribution account can also receive MPF contributions made by a self-employed person while self-employed.
“Contribution account” refers to an account in an MPF scheme which mainly receives MPF contributions (both employer and employee portions) made by an employer in respect of a relevant employee under current employment. Contribution account can also receive MPF contributions made by a self-employed person while self-employed.
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