Tax-Deductible Voluntary Contributions (“TVC”) is a form of MPF contributions which can help you save money while enjoying tax deduction. The contributions you make to this TVC account (up to an annual limit of HKD60,000) will be counted as a deductible item when you report your taxable income. In addition, up to HKD3,000 bonus unit rebates1 will be offered to a member upon successful opening of an HSBC MPF TVC account with designated TVC contributions.
HSBC MPF provides a range of MPF constituent fund with a one-stop online platform, allowing you to manage your MPF portfolio at ease while supporting you in your retirement planning:
From now until 31 March 2023, we will offer bonus unit rebates to your TVC account when you make TVC contribution with HSBC MPF. The more you contribute, the more you will receive!
|Cumulative TVC paid / transferred to HSBC MPF from 16 April 2022 to 31 March 2023
|Bonus rebates paid after reaching threshold
|Accumulate bonus rebates
Benefits to you
|Basic Bonus||16 April 2022 –
31 March 2023
|A maximum bonus rebate of HKD3,000||Refer to Terms & Conditions|
|Extra Bonus||16 April 2022 –
31 March 2023
|1.5 times of the rebates received under Basic Bonus||If you are an employee of one of the 2017-18, 2018-19, 2019-20, 2020-21 or 2021-2022 MPFA’s Good MPF Employers|
TVC is a new form of contribution through which you can save more. Any contributions you make to this TVC account (up to an annual limit of HKD60,000) will be counted as a deductible item when you report your taxable income. The balance of your TVC account will be available for withdrawal when you retire at 65, or when you meet other withdrawal conditions which are the same as your mandatory contribution accounts.
In general, any person who falls under any one of the following categories may open a TVC account:
Each eligible person can only have one TVC account under an MPF scheme.
TVC is a tax-efficient way to save more for your retirement. You shall consider contributing to a TVC if you want to:
* Subject to minimum of HKD300 per month for regular contributions, or HKD1,000 for lump sum contributions.
TVC is one of the three ways that you may contribute more to your MPF voluntarily. Key differences are described below:
|Employee Voluntary Contributions||Flexi-Contributions||TVC|
|Payment method||via employer payroll||directly from you||directly from you|
|Payment frequency||regularly (usually)||regularly or lump sum||regularly or lump sum|
|Withdrawal conditions||usually at termination of employment||anytime*||same condition as MPF mandatory contributions|
*Subject to the prevailing terms and conditions set by the MPF provider
To further safeguard your health and wealth, explore other tax-deductible protection solutions, including Qualifying Deferred Annuity Plans (QDAPs) and Voluntary Health Insurance Scheme (VHIS) plans.
Note: The above mentioned QDAPs are Qualifying Deferred Annuity Policies certified by the Insurance Authority of the Hong Kong SAR and the above mentioned VHIS plans are certified by Food and Health Bureau under the Voluntary Health Insurance Scheme. Both are underwritten by HSBC Life (International) Limited (incorporated in Bermuda with limited liability) (“HSBC Life”). They are insurance plans and are not equivalent or similar to any kind of bank deposit. Policyholders are subject to credit risk of HSBC Life.
Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the MPF Scheme Brochure.
The content shared in this article should not be viewed as investment recommendation and advice. You should seek professional analysis and advice before making any decisions related to the information shared in this article.