What is Occupational Retirement Schemes Ordinance (ORSO)?
ORSO schemes were introduced prior to the current MPF system. There are two types of ORSO schemes. MPF Exempted ORSO Schemesoperate as authorised alternatives to MPF, while ORSO Top-Up Schemes are used by employers to voluntarily supplement their employees’ MPF benefits.
What should I do if I decide to change the rules of my MPF exempted ORSO scheme, resulting in the reduction of future benefits to my employees?
You have to offer all scheme members a one-time option between remaining in the MPF exempted ORSO scheme, or joining an MPF scheme if their future benefits and rights are reduced due to a change in rules.
How do I claim reimbursement of severance payments (SP) and/or long service payments (LSP) paid to leaving employees?
You have to submit the original Occupational Retirement Scheme Notification of Member Termination Form and a copy of receipt, countersigned by you and the leaving employee, confirming they’ve received the SP/LSP. If you have already made a claim for SP/LSP reimbursement in respect of the MPF benefits of the leaving employee from another trustee, you also have to provide supporting document(s) stating the amount of SP/LSP offset by that trustee.
It is your responsibility not to duplicate their SP/LSP offset claim from both MPF and ORSO schemes if the schemes are managed by different trustees.
Can I request AIA to pay the LSP first?
You have to pay out LSP within 7 days of the termination date of an employee's contract. You can then apply for reimbursement from AIA, and we will start processing the payment upon receipt of full documentation from you and the departing employee.
You can return the form to us, along with the relevant supporting document (where appropriate), by post, fax, or via email.
My ORSO scheme was frozen on 1 December 2000 (i.e. MPF commencement date) and I offered an MPF scheme to my employees. Do I still have to provide ORSO filing (i.e. Form A – The Employer’s Auditor’s Statement to the Administrator’s Auditor under section 20(7A) of the Ordinance, and Form B – Statement on Details of Contributions) to AIA?
Yes. According to the Occupational Retirement Schemes Ordinance, annual filing is an integral part of the ongoing monitoring of all registered retirement schemes, whether frozen or operating.
How can I check the balance of the employer portion of each of my employees' accounts?
Existing AIA ORSO clients may enquire about account information via My AIA, or through the interactive voice response (IVR) system at (852) 2100 1888.
"Existing members" are employees who joined an MPF exempted ORSO scheme on or before 1 December 2000 (the MPF commencement date), while "new members" are those who joined after that date.
As an existing member of an MPF exempted ORSO scheme, what are my rights in transferring to another subsidiary within a group of companies?
Effective 19 July 2002, existing members transferred between MPF exempted ORSO schemes may retain their existing member status, provided that certain conditions upon transfer within a group are met, including no accrued benefits paid out upon transfer, the acceptance of previous employer's LSP/SP obligations, and recognition of the length of employment with the previous employer by the new employer.
As a new member of an MPF Exempted ORSO Scheme, can I withdraw all of my accrued benefits?
Unlike existing members, withdrawal of accrued benefits for new members are subject to portability, withdrawal and preservation requirements of the minimum MPF benefits, which in turn is required to be transferred to and preserved in an MPF scheme.
How could I withdraw my minimum MPF benefits?
You need to complete and sign the Claim Form for Withdrawal of Minimum MPF Benefits and return it, along with any other forms and documents needed to support the grounds for the claim, to your employer or AIA.
Are there any charges for maintaining a minimum MPF benefits account?
Once the minimum MPF benefits are transferred to an MPF scheme, the fees and charges for maintaining an MPF account are applicable. Refer to the Principal Brochure of our MPF schemes.
As a member participating in both the MPF scheme and the ORSO top-up scheme operated by my employer, are my contributions to these schemes tax-deductible?
For you as an MPF participant who has joined an ORSO scheme as a top-up pension scheme, only mandatory contributions made to the MPF scheme are tax deductible. Voluntary contributions made to MPF or ORSO top-up schemes are not deductible for tax purposes.
Fund Switching allows you to change an existing and/or future balance investment allocation.
How do I make a fund switching request?
You may submit a fund switching request in paper format to your employer according to the schedule arranged between them and AIA. Alternatively, if your employer offers electronic fund switching, you may login via My AIA, or the interactive voice response (IVR) system by calling (852) 2200 6288. For restrictions on fund switching, please refer to the Principal Brochure.
What is the difference between changing an existing balance investment allocation and changing a future investment allocation?
Changing an existing balance investment allocation means changing the investment choice of all or part of your existing balances, while leaving the investment choice of future contributions among the funds the same.
Changing future investment allocation means changing the investment choice of future contributions, while leaving the investment choice of an existing balance the same.
Are there any restrictions on fund switching?
The number of times fund switching is allowed in each scheme year, and the method of performing fund switching, are predetermined by employers. For further details, please refer to your employer or human resources department.
How do I cancel my fund switching request?
Except for paper requests, you may cancel any fund switching request via the member hotline at (852) 2200 6288 or through My AIA before 4:00 p.m. on a normal business day on which it was made. Cancellation requests will not be accepted after 4:00 p.m.