What are ORSO schemes?

Regulated under the Occupational Retirement Schemes Ordinance (“ORSO”), ORSO schemes are the retirement schemes set up voluntarily by employers. Rules of ORSO schemes such as coverage, enrolment arrangements, contribution rate and vesting scale of accrued benefits are drawn up by individual employers and specified in the respective governing rules of the schemes. Usually, ORSO scheme is either treated as an MPF-exempted retirement scheme or used to top up voluntary benefits for employees.

Integration with MPF system

After the launch of the Mandatory Provident Fund (“MPF”) system in 2000, the Mandatory Provident Fund Authority (“MPFA”) has exempted a number of ORSO schemes that meet the relevant requirements set out in the Mandatory Provident Fund Schemes (Exemption) Regulation.

Existing members of an MPF-exempted ORSO scheme, as well as new employees eligible to join an MPF-exempted ORSO scheme after the commencement of the MPF system, have a one-off option to choose between the ORSO scheme and an MPF scheme. If an ORSO scheme has not been granted MPF exemption, both existing and new employees must join an MPF scheme.


Overview

Important Information

Notice for Manulife MPF Plans – Basic and Advanced (formerly known as Standard Chartered MPF Plans – Basic and Advanced) members and Notice for Manulife Provident Plan (formerly known as Standard Chartered Provident Plan) members

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