MPF Tax Deductible Voluntary Contribution (“TVC”)

Prepare for your retirement while enjoying tax deduction

To encourage the working population to better prepare for their retirement, a new type of MPF voluntary contributions, Tax Deductible Voluntary Contributions (“TVC”), comes into effect in April 2019.

Eligible members can enjoy tax deductions by making contributions into their TVC account. For the 2019-20 year of assessment and each subsequent assessment year, the maximum tax-deductible amount is HK$60,000. This aggregate limit applies to both TVC and qualifying annuity premiums¹ .

MPF Tax Deductible Voluntary Contributions

Eligibility:

an employee member of a Registered Scheme;
a self-employed person member of a Registered Scheme;
a personal account holder of a Registered Scheme;
a member of an MPF-exempted occupational retirement scheme (ORSO)

WHAT DOES IT PROVIDE?

RANGE OF FUNDS TO CHOOSE FROM
Switch funds for free². Choose from among our comprehensive range of MPF funds, which cover all of your fixed income, equity, lifestyle and dynamic asset allocation needs.

INVESTMENT EXPERTISE
We use award-winning investment managers to look after your portfolio.

EXCELLENT SERVICE
You’ll get reassuring customer service support from our award-winning teams. They work long hours to offer you support, which adds an extra dimension of convenience for you. You can access your information quickly online.

SPECIAL PRIVILEGE
Please contact us at 2200 6288 for more information.

JOIN MPF Tax Deductible Voluntary Contribution

PAYMENT METHODS

You may make your contributions by one of the following convenient methods:

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Autopay

Complete the Direct Debit Authorization Form and allow approximately 6 to 8 weeks for setting up the autopay. Until you receive a confirmation letter from us, you should settle your contribution payments by any one of the following payment methods.
Please ensure the direct debit instruction is still valid and there are sufficient funds in the designated bank account.

Cheque Deposit Machine* (Applicable to HSBC / BOCHK cheque deposit machines only)

Make a crossed cheque payable to "AIA Co (Trustee) Ltd – Prime"
Deposit your cheque at any of the HSBC / BOCHK cheque deposit machines
Select “Bill Payment” service, “Merchant Name”^ and “Bill Type”^, enter the “Contribution Account No.” and “Cheque Amount”
Post-dated cheque will not be accepted
Keep the Customer Advice for payment record

Internet Banking* (Applicable to HSBC / BOCHK Bank Account Holders only)

Select “Bill Payment” service, “Merchant Name”^ and “Bill Type”^, enter the “Contribution Account No.”

Phone Banking* (Applicable to HSBC Bank Account Holders only)

Select “Bill Payment” service, “Merchant Name”^ and “Bill Type”^, enter the “Contribution Account No.”

Bank Automated Teller Machines (ATMs)* (Applicable to bank account holders of HSBC or JETCO member banks)

Make your payments by ATM card at any of the HSBC / Hang Seng Bank ATMs (applicable to HSBC account holders only) with “Bill Payment” signage, or at any JETCO ATMs (applicable to JETCO member banks’ account holders only) with “Jet Payment” signage in Hong Kong
For HSBC / Hang Seng Bank ATMs, please select “Bill Payment” service, “Merchant Name”^ and “Bill Type”^, enter the “Contribution Account No.”
For JETCO ATMs, please select “Bill Payment” service and “Merchant Code Entry”, key in Merchant Code “9135”, Bill Type “05” and enter the “Contribution Account No.”
Keep the Customer Advice for payment record

PPS*

Use a tone phone (please call 18011 for bill registration and 18031 for bill payment) or visit www.ppshk.com. The PPS merchant code of AIA MPF is “6347”.
Enter the “Contribution Account No.” and select “Bill Type”^

7-Eleven Convenience Stores*

Pay in cash at any 7-Eleven Convenience Stores in Hong Kong with your dedicated QR code which can be downloaded at “Payment Submission” after logging into aia.com.hk
The maximum limit for each transaction is HK$5,000
Keep the receipt for payment record

Cheque via Mail

Write a crossed cheque payable to "AIA Co (Trustee) Ltd – Prime", mark the Plan No. and Member Account No. on the back of your cheque, and send the cheque to 8/F, AIA Financial Centre, 712 Prince Edward Road East, Kowloon, Hong Kong
Allow sufficient postage
Do not send in cash
Post-dated cheque will not be accepted
Send the cheque directly to us rather than through intermediary

CCB (Asia) Credit Card

Complete the Credit Card Direct Debit Authorization Form, and provide a copy of your own credit card (front and back)

FPS* (only applicable to banking apps which support payments using a QR code)

Download your dedicated QR Code at “Payment Submission” after logging into aia.com.hk
Use the QR code to make payments with the banking apps

Remarks:

*Payment made on or before 11:59 p.m. will be treated as received on the current day, except for deferred payments

^Merchant Name: “AIA MPF”, Bill Type: “05” (for TVC contributions only)

Benefits withdrawal

The withdrawal conditions are the same as those for mandatory contributions. You can withdraw the TVC benefits in the following conditions:

Attaining the age of 65 / early retirement (attaining the age of 60 and ceased all employment/self-employment with no intention of becoming employed or self-employed again)
Death
Small balances
Permanent departure from Hong Kong
Total incapacity
Terminal illness.

RAISE YOUR RETIREMENT QUOTIENT (“RQ”)

Investment involves risks and not all investment choice provided by AIA would be suitable for everyone. Investment performance and returns may go down as well as up.

TERMS AND CONDITIONS AT A GLANCE

Joining and annual fees are currently waived, but certain charges do apply

DETAILED TERMS AND CONDITIONS

¹ As tax deduction amounts can vary according to different individuals’ situation, for all Annuity Premiums and MPF Tax Deductible Voluntary Contributions deductions, please refer to the relevant Inland Revenue Ordinance rules and regulation. AIA HK is not providing tax or accounting advice. Please consult your own tax and accounting advisors for any tax advice.

²Participants are permitted to raise only one switching request out of your guaranteed fund via any means within the same Scheme Year. Switches or reallocations via the Interactive Voice Response System or My AIA are free of charge, but subject to an access fee (which is currently waived).

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