Benefits

(ii) If an employee terminates his service with the employer for a reason other than those listed in (i) above, his accrued benefits attributable from the contributions could be:

• Preserved in the Chamber CMG Choice
• Transferred to another registered MPF scheme
• Paid-out (for voluntary contributions only).

Procedures and Payments

You must inform the Administrator within 30 calendar days after cessation of employment of any employee by completing the Leaving Member Notification Form indicating details of the terminating employee(s) as well as the amount(s) of offset for long service payment(s) or severance payment(s) (if any). This form should be passed on to the Administrator.

(Note: If the amount of accrued benefit from the employers mandatory and voluntary contributions is insufficient to offset such payments, the employer has to pay the balance to the departing employee out of his own funds.)

The employer must provide the Scheme Members Request for Fund Transfer Form (Form MPF(S)-P(M)) to an employee before he/she leaves the company. The member should indicate whether his/her accrued benefits will be retained in the scheme or not. The member is deemed to have elected to retain his/her accrued benefits in a preserved account within the Chamber CMG Choice if he does not pass the form on to the Administrator within 3 months after being notified of the cessation of employment.

Should the member wish to transfer his/her accrued benefits to another registered scheme, the payment made to the new trustee will be paid within 30 calendar days upon receipt of completed information from the new trustee provided all contributions are up to date.

You are required to keep the salary and contribution records of terminated employees for at least 6 months. Please refer to Appendix III for employer obligations in more details.