Unmatched/mis-calculated contributions

Please note that any unmatched/mis-calculated contributions (i.e. the receipt amount being less than the required contribution total) or the non receipt of employee enrolment information will cause delay in the investment process as the Trustee is not able to invest on the members behalf until the error has been rectified by you. In the meantime you will be in breach of the regulations and may be subjected to penalties. Please refer to Appendix IV for penalties imposed if you fail to rectify the discrepancy in contribution payment.

HINTS FOR YOU:

MAKE Contribution within 10 calendar days after contribution period Via any of the following ways:    OR

Direct Debit Authorization (DDA)

• Cheques must be made payable to "CMG Asia Trustee Co. Ltd. - CCC" with the MPF "Employer Number" marked on the back.
• The cheque should be accompanied by the completed Remittance Statement

Remittance Statement

When making your first payment, you need to prepare a Remittance Statement provided by the Administrator or using CMG e-payroll system which will list all the employees you have already enrolled in the Scheme. It should be returned together with the contribution payment.

The Statement should contain the following information:

• Employer Name and Employer Number
• Member details, i.e. name, HKID number, member category (if applicable) and membership number

You will need to state the following on the Remittance Statement:

• Amount of the relevant income for each member
• Employer contributions-mandatory & voluntary (if any)
• Member contributions-mandatory & voluntary (if any)
• Period that the Contributions cover
• Total Contributions

If you elect to generate the first Remittance Statement from your system on paper or electronically, please ensure your MPF "Employer Number" and other requirements as stated above are included.

From the second contribution onwards, the Administrator will prepare a computer generated Remittance Statement for your use.Therefore you may choose not to prepare a new Remittance Statement each time when a contribution is made, but you will need to provide for any changes in each employees relevant income level for the contribution period. Alternatively, you may continue to generate the Remittance Statement from your own system. Please ensure your MPF Employer Number is included.

Details and arrangements are as follows:

Subject to the Administrator receiving the previous months payment by the due date, the Administrator will, prior to the next contribution payment, forward a system generated Remittance Statement to you. This will contain:

• the exact details of the last contribution made,
• new employees for whom new Membership Enrolment forms have been received,
• exclude any employees that were noted on the previous Statement as terminated.

The Remittance Statement will also contain extra blank columns, to allow you to:

• provide details of any additional employees for whom Membership Enrolment forms must be attached,
• notify of any changes to employee details,
• notify of any employee who has terminated employment during the last pay period cycle.

This process will be repeated for every contribution payment.

Checklist for Completing the Remittance Statement

If any of the above is missing from the Remittance Statement, the Administrator will have to contact you, thereby causing delay. It may delay the allocation of contributions to your employees accounts and result in you breaching the MPF regulations and may be subjected to financial penalties. For details, please refer to the MPF Schemes Ordinance and MPF Schemes (General) Regulation.