{"id":722,"date":"2022-05-12T20:22:25","date_gmt":"2022-05-12T12:22:25","guid":{"rendered":"https:\/\/seniorclic.hk\/?p=722"},"modified":"2022-09-15T16:07:25","modified_gmt":"2022-09-15T08:07:25","slug":"mpf-and-occupational-retirement-schemes-ors","status":"publish","type":"post","link":"https:\/\/seniorclic.hk\/en\/topics\/work-retirement\/the-mandatory-provident-fund\/mpf-and-occupational-retirement-schemes-ors\/","title":{"rendered":"MPF and Occupational Retirement Schemes (ORS)"},"content":{"rendered":"

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The Occupation Retirement Scheme (ORS) was the retirement benefits scheme in force before the MPF was enacted.\u00a0 Employers continuing under the ORS must give employees a one-off choice on which scheme they wish to join. The ORS is governed by the\u00a0Occupational Retirement Scheme Ordinance (Cap. 426)<\/a>\u00a0(the \u201cOrdinance\u201d).\u00a0<\/p>\n

There are two types of ORS \u2013 those which have been exempted under\u00a0section 7<\/a>\u00a0of the Ordinance and those which are not exempted.\u00a0 If the ORS scheme is exempted, the employer must set up for both MPF and ORS scheme until the employee opts for either one of the options within the first\u00a030 days<\/u>\u00a0of employment. If the ORS scheme is not exempted, it can only be provided\u00a0in addition to<\/u>\u00a0the MPF scheme.\u00a0<\/p>\n

What are the main differences between the two schemes?<\/h2>\n

An ORS is set up voluntarily by employers. It is governed by rules which determine the major aspects of the scheme, including: the vesting of the scheme\u2019s benefits, retirement age, eligibility, the amount of contributions, and the bearer of administration charges. These governing rules are drawn up by the individual employers. Under the MPF scheme, these areas are restricted by the\u00a0Mandatory Provident Fund Schemes Ordinance (Cap.485)<\/a>.\u00a0<\/p>\n

Under the ORS, the withdrawal of benefits usually arises upon termination of the employment.\u00a0 It is also common for the employer to opt for a vesting scale based upon the years of service: e.g. 30% of accrued benefits after three years and 100% after 10 years. The scheme and investment portfolio is also chosen by the employer under the ORS.<\/p>\n

If an MPF-exempted ORS scheme was opted for after 1 December 2000, a minimum MPF benefit (MMB) is required to be transferred from the ORS account to the MPF account upon termination of employment. This must be the lesser of the following:<\/p>\n

    \n
  1. The benefits derived from the employee\u2019s contributions + the benefits derived from the employer\u2019s contributions under the vesting scale; or<\/li>\n
  2. The final average monthly relevant income (capped at $25,000) x years of post-MPF service x\u00a01.2<\/li>\n<\/ol>\n

    For details on how to calculate the MMB, please refer to the\u00a0MPFA website<\/a>.<\/p>\n

    What is the procedure for applying for an ORS?<\/h2>\n

    Applications for an ORS must be made within three months after the employer has entered into contract for registration or exemption from the Mandatory Provident Fund Schemes Authority (MPFA).<\/p>\n

    The application forms can be downloaded from the\u00a0MPFA website<\/a>.<\/p>\n

    The ORS also requires that an actuary certificate be issued regarding any arrangement under the scheme under Schedule 2 of the Ordinance.<\/p>\n

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    The Occupation Retirement Scheme (ORS) was the retirement benefits scheme in force before the MPF was enacted.\u00a0 Employers continuing under the ORS must give employees a one-off choice on which scheme they wish to join. The ORS is governed by the\u00a0Occupational Retirement Scheme Ordinance (Cap. 426)\u00a0(the \u201cOrdinance\u201d).<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false},"categories":[52],"tags":[],"yoast_head":"\nMPF and Occupational Retirement Schemes (ORS) - Senior CLIC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seniorclic.hk\/en\/topics\/work-retirement\/the-mandatory-provident-fund\/mpf-and-occupational-retirement-schemes-ors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MPF and Occupational Retirement Schemes (ORS) - Senior CLIC\" \/>\n<meta property=\"og:description\" content=\"The Occupation Retirement Scheme (ORS) was the retirement benefits scheme in force before the MPF was enacted.\u00a0 Employers continuing under the ORS must give employees a one-off choice on which scheme they wish to join. 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