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*** Sun Life Launches MPF Tax Deductible Voluntary Contributions and “Save Tax Together” Welcome Offers ***
Hong Kong, October 2, 2019 – - Sun Life Hong Kong Limited (“Sun Life”) today announced the launch of Tax Deductible Voluntary Contributions (“TVC”) under its MPF scheme (the “Scheme”). Sun Life believes that the launch of TVC can encourage the working population to plan ahead for their retirement while enjoying tax benefits.
TVC is a simple, convenient and flexible arrangement for retirement investment. Members can either make regular contributions or lump-sum contributions, with an allowance to adjust contribution amounts based on different stages of life and personal financial circumstances. Pursuant to Hong Kong Inland Revenue Ordinance (“IRO”), with effect from the assessment year 2019/2020, the tax deduction for TVC caps at HK$60,0001 and the maximum amount of tax savings is HK$10,200.
With the launch of TVC, Sun Life is proud to present with “Save Tax Together” welcome offers with a preferential rate of management fees at 0.99% per annum upon successful enrolment in a new TVC account under the Scheme between October 2, 2019 and March 31, 2020 (both dates inclusive). This offer will be for TVC benefits within a defined period and including TVC benefits transferred from other MPF schemes to the Scheme, if applicable. The preferential rate of management fees will be in the form of bonus unit rebate. Details of the welcome offers and its terms and conditions, please refer to the Appendix to Sun Life Rainbow MPF Scheme – Tax Deductible Voluntary Contributions Account leaflet.
Belinda Luk, General Manager, Wealth & Pensions of Sun Life Hong Kong Limited, said, “Insufficient retirement savings is the root cause for a worrying retirement life. With facing long-term retirement living expenses, cost of inflation and medical fees, we should have a comprehensive retirement plan in order to achieve a worry-free retirement. Enjoying tax benefits from making TVC is already a massive incentive, as well as the flexibility of TVC contribution amount that can be adjusted at any time, it is believed that TVC can attract those working class who need to pay tax.”
About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2019, Sun Life had total assets under management of CAD$1,025 billion. For more information please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company of Canada.
Note to editors
1. This is the maximum tax concession amount in the year of assessment 2019/2020. This cap is an aggregate limit for both TVC and premiums paid for qualifying deferred annuity policies (“QDAP”).