Suncast Capital Brokerage Pension Fund

Additional Voluntary Contributions (AVC) - extra contribution of funds to a pension plan that is above the minimum amount that either an employer or employee is required to pay. Since March 31, 2017 employees can access their AVCs if they are needed prior to reaching the normal age of pension entitlement. Members are permitted, within defined criteria, to access their AVCs in 4 categories: housing, medical, temporary unemployment and educational needs

Retirement

Normal Age of Pension Entitlement is 65, Early Retirement is 55. On retirement, funds are used to set up a Retirement Savings Arrangement (RSA) or purchase an Annuity.

Refunds

Under the Law, refunds can be made for a commuted value of less than USD$5,000

Withdrawal of Pension for Property

In November 2011 the Law was amended to allow Hong Kong Members to withdraw up to $35,000.00 from their pension to purchase or construct a home, or fully pay off an existing mortgage or purchase residential land. Please contact the Administrator for the defined criteria

Applying for the Fund

• Employer Initial Application fee of $250.00
• No Fees Charged to Employees/Members
• No Annual Fees

All employees between 18 and 65 years if age must contribute to a pension plan; with the exception of HKs under the age of 23 who are pursuing full time education and non-Hong Kong and non-Permanent Resident "household domestics" (e.g. maid or gardener).

As per the Law, members of the Plan must contribute 5% of earnings, with employers matching 5% of Annual Pensionable Earnings. The Annual Pensionable Earnings is capped at $87,000.00.