Transfer of Class G policies from FWD Life to Sun Life

What is ORSO?

  • ORSO stands for "Occupational Retirement Schemes Ordinance".
  • ORSO was enacted in December 1992 and came into operation in October 1993.
  • The objective of ORSO is to establish a registration system for voluntarily established occupational retirement schemes, to ensure that such schemes are properly regulated, and to provide greater certainty that retirement scheme benefits promised to employees will be paid when they fall due.

What is the meaning of Defined Contribution Scheme?

A Defined Contribution Scheme is a scheme where the contribution rates are defined and the amount of benefits accrued is based on the accumulated contributions with investment income. Members usually do not get the full benefits funded by their employers unless they meet certain criteria, such as age, years of service or a combination of the two.

What is the meaning of Defined Benefit Scheme?

A Defined Benefit Scheme is a scheme where the employer's contribution rates are not defined and the amount of benefits a member can get is based on a formula with reference to his age, years of service, final average salary etc.

What is MPF Exempted ORSO Registered Scheme?

  • An MPF exempted ORSO registered scheme means a scheme in respect of which an exemption certificate has been issued.
  • A condition for MPF exemption is that the employer must give all existing members and new eligible employees (if applicable) an one-off option to choose between the existing ORSO scheme and an MPF scheme.
Existing Members
Existing Members
New Eligible Employees
New Eligible Employees

What is Minimum MPF Benefits?

A new member's benefits accrued under an MPF Exempted ORSO Registered Scheme will be subject to the preservation, portability and withdrawal requirements up to an amount equivalent to the "Minimum MPF Benefits".

"Minimum MPF Benefits" in relation to a member of a relevant scheme, means the lesser of -
1. The member's benefits accrued and held under the scheme during the years of post-MPF service; and
2. 1.2 x final average monthly relevant income x years of post-MPF service
Years of Post-MPF Service
Years of Post-MPF Service
Final Average Monthly Relevant Income
Final Average Monthly Relevant Income

Our ORSO Product

ORSO Fund Performance

FWD Multi-Funding Provident Plan

Explanatory Memorandum (year/month)


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