Automatic Exchange of Financial Account Information to be Implemented for MPF Schemes and ORSO Registered Schemes on 1 January 2020

Under the Inland Revenue (Amendment) (No.2) Ordinance 2019 (Amendment Ordinance), the Automatic Exchange of Financial Account Information in Tax Matters (AEOI) relating to MPF schemes and ORSO registered schemes will take effect on 1 January 2020. Therefore, holders of all new MPF and ORSO accounts opened on or after 1 January 2020 will be required to submit a self-certification to verify their tax residency. Otherwise, the account opening process will be adversely affected and could not be completed.

As a reporting financial institution, BCT will comply with the due diligence and reporting obligations relating to the AEOI. We will collect the tax residence information of scheme members and report the account information of those who are tax residents outside Hong Kong to the IRD for transmission to the relevant tax authorities in AEOI partner jurisdictions.

For details of AEOI, please click here to read the AEOI Overview from the Hong Kong Trustees' Association or click here to read to the press release from the Mandatory Provident Fund Schemes Authority.

Introduction

Retire on Your Own Terms – Let BCT help you plan a fulfilling retirement

Whether you are just starting to work or you are well into your career, now is a good time to discover if you are on the right track to retire comfortably. Use the following resources and find out what you need to live your dream retirement.

Take the first step to your retirement planning

Living for another 30 to 40 years after work is not impossible. Want to know whether you are on the right track and how should one start preparing?

What type of investor are you?

All investments involve risk and risk tolerance varies by individuals. Depending on your retirement goals, income, age and investment aggressiveness, you will fall into one of the following categories. Select the option that applies most to you:

Get Started

Are you on the right path for retirement?

No matter your age, it's always a good idea to make sure you’re on track for retirement. Use our retirement calculator to find out how much you need to live the retirement you want and how to get there.