Page:Mandatory Provident Fund Schemes Ordinance (Cap. 485).pdf/14

A2162 permanently ceased his employment or self-employment, or is otherwise included in a class of persons specified for that purpose in regulations made under section 46, shall be entitled as of right to have paid to him by the trustee of that registered scheme the entirety of his accrued benefits in the registered scheme in a lump sum.

(3) The regulations referred to in subsection (2) may specify the circumstances in which the early withdrawal of accrued benefits in a registered scheme may be permitted and such circumstances may include the permanent departure from Hong Kong of the scheme member or the total disability or incapacity of the scheme member, or, in respect of that part of accrued benefits which are derived from a current employer’s contributions (quantified in accordance with rules made by the Authority under section 47), at such time as a relevant employee becomes entitled to severance payments or long service payments under the Employment Ordinance (Cap. 57) for the purpose of set-off as prescribed in that Ordinance.

(4) Upon the death of a scheme member the trustee of the registered scheme in respect of that scheme member shall pay to the personal representatives (within the meaning of the Probate and Administration Ordinance (Cap. 10)) of the deceased scheme member the entirety of his accrued benefits in a lump sum, or, if there are no personal representatives of the deceased scheme member or they are not willing to act as such, otherwise make such payment in accordance with regulations made under section 46.

16. Protection of accrued benefits

No part of any accrued benefits in a registered scheme in respect of a scheme member shall be taken in execution of a judgment debt or be the subject of any charge, pledge, lien, mortgage, transfer, assignment or alienation by or on behalf of the scheme member and any purported disposition to the contrary shall be void and of no effect.

17. Compensation for losses in respect of accrued benefits

(1) Subject to subsection (2), the Authority may establish a compensation fund for the purpose of compensating any scheme member for any losses in respect of accrued benefits attributable to his membership of a registered scheme caused by misfeasance or illegal conduct determined by the court on the application of the Authority by the trustee of the registered scheme or by any other person in respect of the administration, management and maintenance of the registered scheme.

(2) An application under subsection (1) shall only be made to the court by the Authority—