The Occupational Retirement Schemes (Amendment) Ordinance 2020 (Amendment Ordinance) became effective on 26 June 2020. The Amendment Ordinance stipulated certain new documentation and reporting requirements for registered and exempted schemes under the Occupational Retirement Schemes Ordinance (ORSO) to ensure they are genuinely employment-based. It also improved the regulatory governance of the ORSO schemes under the Mandatory Provident Fund Schemes Authority (MPFA).
New documents required for submission
New documents required to be submitted to MPFA by employers
Time of submission
ORSO registered scheme
In addition to the current annual return and actuarial certificate (where applicable), a new form “Annual statement on membership for registered scheme” is required to confirm:
Within one month after the end of a financial year
ORSO exempted scheme
A new form “Annual report (annual return and written statement)” is required to provide information on:
Within one month after the expiration of each 12-month period beginning on the date of the exemption certificate or an anniversary of the date or such longer period as the MPFA may allow
There are transitional arrangements for the submission:
Notification of reportable events (for ORSO registered schemes)
Employers or administrators of ORSO registered schemes who become aware of any ‘reportable event’ which occurs on or after 26 June 2020 must give written notice to the MPFA providing particulars of such event within 7 working days and keep a record of the particulars.
‘Reportable event’ includes but not limited to:
Employers and administrators should be mindful of the need to comply with the notification requirement.
A form ‘Notice of Reportable Events by the Relevant Employer or Administrator of a Registered Scheme’ is required to be completed and sent by email to firstname.lastname@example.org.
The new document and notification requirements reflect the tightened governance under the ORSO. On a more general note, the MPFA is now empowered under the ORSO to take actions against non-compliant employers for operating non-registered scheme, breaching membership requirement for registered or exempted schemes, and failing to notify the change of name or employer or administrator of a scheme, etc. Employers/Administrators should therefore review the terms of the existing ORSO schemes (including the trust deed or insurance policy) and ensure compliance with the new requirements.