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TVC Tax Deductible Voluntary Contributions

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  1. #101

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    Thanks. So I guess it's just a matter of weighing up the incentive offers then.

    Manulife offers a $1,000 bonus: https://www.manulife.com.hk/content/...vc-leaflet.pdf

    HSBC offers $600 upfront, but another $800 in 2021 and another $1,600 in 2022 if you contribute the 60k each year: https://www.hsbc.com.hk/mpf/products...bonus-rebates/

    Any others with a better offer?

  2. #102

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    If you call the HSBC MPF hotline and agree to open a TVC account they will send someone with an iPad to visit you in your office as long as you are within a sensible distance of an MTR station. There's no need to come into a branch.


  3. #103

    Freeier:

    Checked, HSBC have an MPF conservative fund, 100% bonds and cash with 0.75% man. fee.

    You cannot time your entry, just as some point 'after a few days', but switching is free.


  4. #104

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    Fidelity has an interesting long term promotion that's a bit complicated, and you should check the fees of the funds that your interested in, but anyway https://www.fidelity.com.hk/static/h...t_EN_FINAL.pdf


  5. #105

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    Quote Originally Posted by Chip Douglas:
    Freeier:

    Checked, HSBC have an MPF conservative fund, 100% bonds and cash with 0.75% man. fee.

    You cannot time your entry, just as some point 'after a few days', but switching is free.
    That's a practical way of doing. Should have thought of it. But even bonds, at this market, still corrected significantly when everyone is trying to cash out.


    As to those promotion, if you look at the fees differences its still the fees that are important as they pile onto new and old funds.

  6. #106

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    Quote Originally Posted by aw451:
    If you call the HSBC MPF hotline and agree to open a TVC account they will send someone with an iPad to visit you in your office as long as you are within a sensible distance of an MTR station. There's no need to come into a branch.
    That's very handy to know. I suspect the Manulife guy would come to my office too - HR seem to email us a lot saying he's coming over and we can meet him if we like.

  7. #107

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    Quote Originally Posted by loganhair:
    Fidelity has an interesting long term promotion that's a bit complicated, and you should check the fees of the funds that your interested in, but anyway https://www.fidelity.com.hk/static/h...t_EN_FINAL.pdf
    Relies on 10 years of contributions to max out though.

  8. #108

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    As for BEA, I submitted my application online on March 10th, and I went in person to get them to send a certified copy of my HKID to their MPF/TVC office on March 10th. After calling their MPF Hotline twice, they finally opened my account on March 24th. I then made FPS transfers to the account number they don't have anywhere online (they e-mailed me), but funding a BEA TVC account via FPS is in their TVC pamphlet and it's more convenient for me than writing a crossed cheque and bringing it to one of their branches. One issue is they still manually process and buy the shares of the MPF/TVC fund you specify in your application form. Thus, you don't know exactly which date and at what price they'll buy it ahead of time. They were willing to confirm that they'll process my contributions by the end of March, so I'll just meet the 19/20 cut-off date.

    Also after registering via their MPF hotline for Cyberbanking login credentials, they said I'll receive my PIN and account number within 2 weeks (that was on March 24th) in two separate letters.

    In summary, I can't recommend BEA. I remember many years ago trying to open a business account with them and it took like 5 weeks, and I'd moved on to a different plan by then. I also tried to use them for my latest mortgage, but after spending lots of time filling out the relevant application forms, ~two weeks after submitting everything they said it would take them ~65 days to process my mortgage application after getting my HKPR ID, and that meant it would be too late to use them, oh and they were increasing their mortgage interest rate. They just seem like a slow bank or maybe they just have no desire to cater towards my financial means in an efficient and timely manner.

    Good luck to anyone else trying to confirm and make last minute TVC contributions by the first March 31st, 2020 deadline. The smarter thing would have been to open a TVC account whenever (anytime before March), and then making contributions as close to the deadline or whenever you want as you'd already have all the information needed to make a last-minute/regular contribution.

    pin likes this.

  9. #109

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    I emailed my HSBC Premier RM and she promptly arranged for me to go to Main Branch today with the form to set everything up. Was done within 5 minutes - very easy, although I had taken the trouble of filling out the form before I went. She asked me if I would consider a deferred annuity instead (to which I said no) which apparently also qualifies for the tax deduction but wasn't pushy at all.


  10. #110

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    If looking at last-minute TVC contributions to HSBC, the guy I was dealing with (when pressed) recommended getting it done by Friday. He was not sure those on 30/31st would be processed in time.


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