Occupational Retirement Schemes (Amendment) Bill 1999
Amend the Occupational Retirement Schemes Ordinance.
Enacted by the Legislative Council.
1. Short title
This Ordinance may be cited as the Occupational Retirement Schemes (Amendment) Ordinance 1999.
2. Interpretation
Section 2 of the Occupational Retirement Schemes Ordinance (Cap. 426) is amended by adding---
"(8) For the purposes of an application for an exemption certificate under section 16 of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap. 485 sub. leg.) ("the Regulation"), where---
(a) an occupational retirement scheme was established; and
(b) an application for its registration under section 15 or its exemption under section 7, as the case may be, was made,
within the times required to qualify as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation, if subsequently---
(i) as a result of a provision of this Ordinance, an application to register the scheme again was required; or
(ii) any other change to the scheme took place that is not prohibited by this Ordinance but might create doubt that it continued to qualify as such a scheme,
such an application or other change shall not affect the continuity of the scheme nor its qualification as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation.
(9) Without limiting subsection (8), the following shall not affect the continuity of a scheme nor its qualification as a "relevant ORSO registered scheme" within the meaning of section 2 of the Regulation---
(a) application for subsequent registration of a scheme where the scheme has ceased to be registered under section 23(5);
(b) conversion of a scheme from being the subject of, or regulated by, an insurance arrangement into a scheme governed by a trust.
(10) Notwithstanding subsection (8), where---
(a) an occupational retirement scheme referred to in that subsection is terminated; and
(b) the benefits payable to each member of the scheme have been paid out to such member,
for the purposes of the Regulation, such a scheme shall cease to qualify as a "relevant ORSO registered scheme" under section 2 of the Regulation, and no application shall be made for an exemption certificate under section 16 of the Regulation in respect of it.".
Explanatory Memorandum
The purpose of this Bill is to clarify that an Occupational Retirement Scheme that qualifies for exemption under the Mandatory Provident Fund Schemes Ordinance (Cap. 485) because of its date of application for registration or exemption under the Occupational Retirement Schemes Ordinance (Cap. 426) shall not be disqualified from receiving a certificate of exemption by reason only that certain subsequent changes (e.g. conversion from an insurance scheme into a trust scheme) have taken place in accordance with, or that are not prohibited by, the Occupational Retirement Schemes Ordinance (Cap. 426).
