ORSO FAQ

Who are "existing members" and "new members"?

"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.

How do I notify AIA if I want to change the beneficiary of my ORSO scheme benefits?

Complete and sign the "Notice of Change of Beneficiary for Retirement Scheme Member", and submit the form to your employer, who will give it to us.

What is Fund Switching?

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.

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