You can open a TVC account and make contributions directly to the account. You can then enjoy tax deduction under salaries tax or tax under personal assessment for your TVC.

The maximum tax deduction cap per year is $60,000, which is an aggregate limit for TVC and qualifying deferred annuity policies premiums.

If you have more than one TVC account, the maximum tax deduction cap applies to the total amount of contributions of all of your TVC accounts.

To facilitate your filing of tax return, MPF trustee will provide a TVC contribution summary to you each year.

Majority of the master trust schemes would offer TVC accounts. You can call MPFA hotline 2918 0102 or refer to Trustee Service Comparative Platform in the MPFA’s website (www.mpfa.org.hk) to check the MPF schemes which offer TVC accounts.

The current tax deductions for mandatory contributions will not be affected by the implementation of TVC.

You can transfer all balance in a TVC account to another TVC account under a different scheme at any time.

If you wish to transfer the balance in a TVC account to another MPF scheme, all you need to do is to fill in the "Scheme Member's Request for Transfer of TVC" (Form MPF(S)-P(T)) and then send it to your new scheme trustee. The form can be obtained from your trustee or downloaded from MPFA’s website.

To meet the purpose of encouraging extra savings for retirement, TVC will be subject to preservation requirements. You can only withdraw TVC account balance upon reaching 65 years of age, or on other statutory grounds. Contributions exceeding the tax deduction cap cannot be withdrawn early either.

Withdrawal arrangement of TVC is the same as that of other MPF contributions. You should submit the completed claim form to your MPF trustee and provide the supporting documents required.

You can only have one TVC account in an MPF scheme, but you may have more than one TVC account in more than one MPF scheme.

If you wish to benefit from tax deductions under salaries tax or personal assessment, you must put the TVC in a TVC account. Your voluntary contributions made to your existing contribution account are not TVC and such contributions are not tax deductible.

Similar to other types of contributions, you have the right to choose the constituent funds offered by the MPF scheme. If you have not given any investment instructions, your TVC will be invested according to the Default Investment Strategy.