Tax Deductible Voluntary Contributions
Such tax concession amount is an aggregate limit for both TVC and other qualifying annuity premiums rather than TVC only; and any claim for tax deductions will be applied to TVC before qualifying annuity premiums.
This withdrawal restriction also applies to TVC that exceed the maximum tax deductible amount per assessment year.
China Life MPF Master Trust Scheme offers 8 constituent funds and Default Investment Strategy, for further details including product features and risks involved, please refer to the MPF Scheme Brochure for the China Life MPF Master Trust Scheme (“MPF Scheme Brochure”). Default Investment Strategy is made up of two mixed assets constituent funds, namely the China Life Core Accumulation Fund and China Life Age 65 Plus Fund. Please refer to the MPF Scheme Brochure for details.
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We will provide a “Tax Deductible Voluntary Contribution Summary” to facilitate your tax return filing. Moreover, you can access free e-channels to manage or enquire about your TVC account anytime, anywhere.
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Comparison of 3 Types of Voluntary Contributions
|Tax Deductible Voluntary Contributions
|Special Voluntary Contributions
|Employee Voluntary Contributions
|Tax Concession||Eligible^||Not eligible||Not eligible|
|Account Opening||Arrange with the trustee by member||Arrange with the trustee by member||Via employer|
|Contribution Arrangements||Make contributions directly from member||Make contributions directly from member||Deduct from payroll via employer|
|Transferability||Can transfer all TVC accrued benefits to another TVC account under another MPF scheme||Not transferrable in general situation||Upon termination of employment in general situation|
|Withdrawal||Same as mandatory contributions, TVC can only be withdrawn upon retirement at age 65 or on other statutory grounds under the MPF legislation||Anytime*||Upon termination of employment in general situation|