China Life Central Provident Fund

China Life Central Provident Fund is a well-arranged pooled agreement for retirement schemes, managed by China Life Insurance (Overseas) Company Limited (incorporated in the People’s Republic of China with limited liability) (“China Life Insurance (Overseas)”) with the following advantages:

  • Employees will be attracted to the retirement benefits provided by the employers and will thus stay longer in companies
  • Employer contributions can be used to offset the statutory requirement for long service payments and severance payments
  • Employer contributions up to 15 % of employee’s income are eligible for profit tax relief
  • Employees’ lump sum benefits received are tax free to the extent allowed under relevant ordinances

China Life Central Provident Fund offers flexibility and simplicity of design and operation of defined contribution scheme. It can be tailor-made to cater for small to large sized retirement schemes operating in Hong Kong. Under China Life Central Provident Fund, the employers’ and employees’ contributions are known and can be easily budgeted for.

? Approved Retirement Schemes

China Life Central Provident Fund is established under a master trust deed. China Life Central Provident Fund is governed by a single trust which applies to all participating schemes to meet the needs of small and large employer alike. It has the following two characteristics:

  1. to provide a cost effective and efficient way for a participating employer to register his participating scheme; and
  2. to enable assets of each participating scheme to be “pooled” so that the scope of investment can be enlarged and thereby investment returns can be obtained.

? Trustee

The Trustee of the China Life Central Provident Fund is China Life Trustees Limited (the “Trustee”) which undertakes to manage the Fund. All assets under the China Life Central Provident Fund are vested in the Trustee to ensure that the investments are properly managed.

? Administration Manager

The Trustee has appointed China Life (Overseas) as the administration manager of participating schemes. Its team of experienced personnel supported by an automated administrative system is able to render the following services to each participating employer:

  1. to keep proper accounts and records of the participating scheme and to prepare annual financial statements of the participating scheme for audit and filing purposes;
  2. to assist in participating scheme design and advise on ?subsequent improvement and changes;
  3. to obtain registration from relevant authorities;
  4. to assist in organizing enrollment;
  5. to calculate and pay benefits; and
  6. to prepare annual statements for both employers and ?employees.

? Investment Manager

All assets under the China Life Central Provident Fund will be ?invested and managed by Taiping Assets Management (HK) Limited (“TAMHKL”). TAMHKL is a professional investment manager and has a team of experienced investment personnel including accountants and investment ?experts ?who are able to react quickly to changes in the marketplace with first-hand knowledge of local conditions.

For further details, including product features and risk involved, please refer to Principal Brochure of China Life Central Provident Fund.

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