means any day (other than a Saturday) on which banks in Hong Kong are open for normal banking business provided that where, as a result of a typhoon signal number 8 (or above) or a black rainstorm warning or other similar event, the period during which banks in Hong Kong are open for normal banking business on any day is reduced, any such day shall not be a "Business Day" unless the Trustee and the Sponsor otherwise determine.
means in respect of any matter or Constituent Fund, the relevant investment manager or investment managers appointed pursuant to the terms and conditions of the Master Trust Deed and its or their investment agreement, with responsibility for that matter or that Constituent Fund.
means a person who has been admitted to membership of the Scheme and who has not ceased to be a Member. For the avoidance of doubt, "Member" includes an "Employee Member", "Personal Account Member", "External Relevant Employee Member", "Self-employed Member" and “Tax Deductible Voluntary Contribution (“TVC”) Account Holder”.
means, in respect of a Member (who is not an External Relevant Employee Member), that account maintained into which mandatory contributions under the MPF Ordinance (including (i) any amounts that are treated as mandatory contributions under section 2(3) of the MPF Ordinance, (ii) any contribution surcharge in respect of mandatory contributions in accordance with the MPF Ordinance, (iii) any amount equal to that Member's Minimum MPF Benefits, (iv) any income or profits arising from any investments of the contributions, surcharges and benefits mentioned above but taking into account any losses in respect thereof) and (v) any special contributions under the MPF Ordinance (including any amounts that are treated as special contribution under Part IIIA of the MPF Ordinance and any income or profits arising from any investments of the contributions but taking into account any losses thereof) are credited in accordance with the terms of the Master Trust Deed.
means, in respect of a Member (other than an External Relevant Employee Member), and at any date, the value of any amounts credited to the appropriate Member's MPF Account in accordance with the terms of the Master Trust Deed.
means benefits, in respect of a Member (other than an External Relevant Employee Member), derived from mandatory contributions credited to the MPF Account and payable in accordance with the terms of the Master Trust Deed.
means, for the purpose of this website, a Member who is not an Employee Member, an External Relevant Employee Member, a Self-employed Member or a TVC Account Holder. An Employee Member or any person may become a Personal Account Member under any of the following circumstances:
where an Employee Member becomes entitled to the Voluntary Benefits but does not become immediately entitled to the MPF Benefits, or
where any person makes a transfer to the Scheme in accordance with the rules governing the participation in the Scheme but that person is not an employee of a Participating Employer or a self-employed person, or
where any Employee Member, on his/her Participating Employer's ceasing its participation in the Scheme, has any part of his/her benefits (whether deriving from his/her Member's Voluntary Account, Employer's Voluntary Account or MPF Account) retained in the Scheme, and does not elect to have his/her benefits transferred to another Registered Scheme under the General Regulation or
where an Employee Member or a Self-Employed Member ceases to be a Member in circumstances where any part of his/her benefits are retained in the Scheme.
means, in respect of each of the Core Accumulation Fund and the Age 65 Plus Fund, the MPF industry developed reference portfolio adopted for the purpose of the MPF default investment strategy (“DIS”) to provide a common reference point for performance and asset allocation of the Core Accumulation Fund and the Age 65 Plus Fund (as the case may be).
means, in respect of a relevant employee, any wages, salary, leave pay, fee, commission, bonus, gratuity, perquisite or allowance, expressed in monetary terms, paid or payable by an employer (directly or indirectly) to that relevant employee in consideration of his/her employment under that contract, but does not include severance payments or long service payments under the Employment Ordinance in the case of a self-employed person, income of that person as ascertained in accordance with the MPF Legislation
means that notional account maintained in respect of that Participating Employer into which undisposed employer's voluntary balances together with such other amounts as the Master Trust Deed may provide are credited in accordance with the terms of the Master Trust Deed.
means the period from the commencement of the Scheme to 30 November 2000, and each period of 12 months thereafter ending on 30 November, unless changed in accordance with the terms of the Master Trust Deed.
(I) an instruction for investment allocations which meet the following requirements:
(A) the investment selection must be in multiples of 5%; and
(B) the total investment selection (or in the case of any switching instruction, the switch-in total) should add up to 100%; or
(II) any confirmation by a Member (whether made verbally or through hard copy, fax or online submission of the relevant administration forms prescribed by the Trustee, IVRS (interactive voice response system)) or mobile app with regard to any investment arrangements of the existing accrued benefits and/or future contributions and accrued benefits transferred from another scheme.
Any investment mandate, change of investment mandate or switching instruction must meet the requirements for a “Specific Investment Instruction”.
The Specific Investment Instruction applies to all types of contributions including without limitation, employer’s mandatory and voluntary contributions, as well as employee’s mandatory and voluntary contributions.
means, in respect of each Constituent Fund, each Business Day or such other day or days as the Trustee, with the approval of the SFC, may from time to time determine to be a Valuation Date either generally or in respect of a particular Constituent Fund, in accordance with the terms of the Master Trust Deed.
means, in respect of a Member, and at any date, the value of the Member's voluntary contributions, and of that portion of his/her employer's voluntary balance, as determined in accordance with the terms of the Master Trust Deed.
means, for the purpose of this website, a Member, instead of receiving benefits from the AIA Retirement Fund Scheme at such time as prescribed under the governing documentation of the AIA Retirement Fund Scheme, elects to have his/her benefits retained in the AIA Retirement Fund Scheme on such terms and conditions and in such manner as the Trustee may from time to time determine.
means an occupational retirement scheme which provides that the amount of a benefit under the scheme is to be an amount determined solely by reference to:
a. the contributions to the scheme’s funds by or in respect of the member concerned and any declared return in respect of such contributions (where such return may be subject to a minimum guaranteed rate but is otherwise unascertainable before it is declared); and
b. where appropriate, the qualifying service and age of the employee.
means, in relation to a member of a relevant scheme, the member’s relevant income per month averaged over whichever of the following is applicable:
a. if the member has been a member of the scheme for not less than 12 months after 1 December 2000, the period of 12 months (excluding any unpaid leave or maternity leave taken by the member pursuant to any enactment or contract) immediately preceding:
the date of termination of his employment;
in the case of the winding up of the scheme, the date on which the member ceases to be a member of the scheme;
in the case of the withdrawal (including deemed withdrawal) under the Mandatory Provident Fund Schemes (Exemption) Regulation (“Exemption Regulation”) of the exemption certificate which applies to the scheme, the date of the coming into effect of the withdrawal;
b. in any other case, the period (excluding any unpaid leave or maternity leave taken by the member pursuant to any enactment or contract) since the date the member joined the scheme or 1 December 2000, whichever is the later, to:
the date of the termination of his employment;
in the case of the winding up of the scheme, the date on which the member ceases to be a member of the scheme;
in the case of the withdrawal (including deemed withdrawal) under the Exemption Regulation of the exemption certificate which applies to the scheme, the date of the coming into effect of the withdrawal.
includes, in relation to an occupational retirement scheme, an individual who is entitled or prospectively entitled to benefits under the scheme by virtue of:
a. his employment by the relevant employer (whether past or present) of the scheme; or
b. an agreement made between the relevant employer of the first-mentioned scheme and the relevant employer of another occupational retirement scheme of which such individual was formerly a member, whether or not such individual is a party to the agreement,
and where appropriate, “member” also includes the estate of a deceased member.
means subject to section 2(6) of the ORSO any scheme, not being a contract of insurance under which benefits are payable only upon the death or disability of the insured, which:
a. is comprised in one or more instruments or agreements; and
b. has or is capable of having effect in relation to one or more descriptions or categories of employment so as to provide benefits, in the form of pensions, allowances, gratuities or other payments, payable on termination of service, death or retirement, to or in respect of persons gainfully employed (whether in Hong Kong or elsewhere) under a contract of service in any employment,
and includes, where the context admits, a proposed such scheme.
a. in the case of a scheme or pooling agreement governed by a trust, the trustee concerned;
b. in the case of a scheme or pooling agreement which is the subject of or regulated by an insurance agreement, the insurer concerned;
c. in any other case, the person who is principally responsible for the management of the scheme and its assets otherwise than as a person who is solely concerned with the investment or custody of the assets.
the subject of or regulated by an insurance arrangement including a series of insurance arrangements which are of the same class or description;
b. which applies to 2 or more individual occupational retirement schemes each of which is:
governed by such trust; or
(where appropriate) the subject of or regulated by such insurance agreement, by virtue of such application;
c. under which, in the case of an agreement or arrangement governed by such trust, the assets of its participating schemes are vested with the administrator of the agreement or arrangement, as the case may be;
d. which is managed, in the case of an agreement or arrangement governed by such trust, by a registered trust company;
e. in relation to which, and its participating schemes, proper accounts and records are kept; and
f. under which the value of the assets attributable to, and the liabilities of, each of its participating schemes are readily determinable from such accounts and records.
means, in relation to a member of a relevant scheme, so much of any relevant income of the member per month which is not more than the maximum level of relevant income per month specified in Schedule 3 to the MPFSO.
means, in relation to a particular day and a particular member of an occupational retirement scheme
a. in case the member is employed on that day by the relevant employer of the scheme, the benefit which under the scheme the member is on that day entitled to receive, either immediately or prospectively, and also the benefit (if any) which any other person is on such day entitled so to receive in respect of such member, assuming the member had voluntarily resigned and had thereby ceased to be so employed on that day; or
b. in case the member otherwise ceased to be employed by such employer before that day, the benefit which under the scheme the member is or was on such day entitled so to receive, and also the benefit (if any) which any other person is or was on that day entitled so to receive in respect of such member.
means, in relation to a member of a relevant scheme, the member’s continuous years of service (including part thereof) from the date he joined the scheme or 1 December 2000, whichever is the later, to:
a. the date of termination of his employment;
b. in the case of the winding up of the scheme, the date on which the member ceases to be a member of the scheme;
c. in the case of the withdrawal (including deemed withdrawal) under the Exemption Regulation of the exemption certificate which applies to the scheme, the date of the coming into effect of the withdrawal.
for the purposes of this website means open pension funds executed by AIA International Limited Macau Branch, which is situated at AIA Tower, Nos. 251A-301 Avenida Comercial de Macau, Macau and whose registered office is located at 29 Richmond Road, Pembroke, Bermuda, HM08.
for the purpose of this website, “PPF” refers to private pension fund in Macau.
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