VI. Interface Arrangements between ORSO Schemes and the MPF System 職業退休計劃與強積金制度的銜接安排

ORSO schemes have separate classifications for their benefit design, ORSO registration or exemption status, and MPF exemption status. ORSO exemption does not automatically confer MPF exemption, and hybrid schemes are classified as defined benefit schemes.

Types of Benefits Provided · ORSO Registered or ORSO Exempted · MPF Exempted or Not

MPF schemes always operate on a defined contribution basis, with statutory participation, contribution and benefit protection requirements; ORSO schemes allow different benefit and vesting arrangements. Comparisons must distinguish ORSO registration or exemption from MPF exemption.

MPF exemption depends on the scheme’s statutory category and other applicable criteria; the general application deadline was 3 May 2000, with an exception for qualifying successor schemes. Exempted schemes remain subject to applicable ORSO and Exemption Regulation requirements.

Following the introduction of MPF, an existing ORSO scheme could continue as an MPF exempted scheme with open or closed membership, or become a top-up or frozen scheme. An employer could also terminate the scheme under its terms, subject to requirements concerning preservation of benefits, tax and winding-up notifications.

Existing members who remain in an MPF exempted ORSO registered scheme and new employees who join it face different preservation, portability and withdrawal requirements for minimum MPF benefits. Existing members who choose MPF coverage must make statutory contributions, while their accrued ORSO benefits normally remain in the original scheme until they become entitled to receive them.

Existing Members Chosen to Remain in an MPF Exempted ORSO Registered Scheme · Existing Members Chosen to Join an MPF Scheme · New Eligible Employees Chosen to Join an MPF Exempted ORSO Registered Scheme

MPF exempted ORSO schemes remain subject to ongoing requirements, including displaying and distributing the exemption certificate and protecting employee choice. MPF exempted ORSO registered schemes face additional requirements concerning reductions in future benefits, trustee changes and investment manager appointments.