Page:Mandatory Provident Fund Schemes Ordinance (Cap. 485).pdf/15

A2164 :(a) where the Authority has reasonable grounds for believing that a loss in respect of accrued benefits has occurred in the circumstances described in that subsection; and
 * (b) in accordance with rules made by the Chief Justice for that purpose and those rules may include provisions as to procedure or otherwise.

(3) For the purpose of the compensation fund referred to in subsection (1) and the cost of the administration thereof, the Authority may impose such levies, and at such rates in respect thereof, to be payable by the trustee of a registered scheme out of contributions in relation to the registered scheme in accordance with, and subject to such limits as may be specified in regulations made under section 46.

(4) The regulations referred to in subsection (3) shall prescribe the rate of levy as a percentage of the value (as determined at a date or dates as may be prescribed in those regulations) of the assets of a registered scheme and may specify whether the payment of the levy is by way of a one off payment or by way of a continuing obligation.

(5) The Authority may make rules under section 47 for the purpose of this section and those rules may include provisions relating to the administration, management and maintenance of the compensation fund, the appointment of persons to act as administrators thereof, and for the payment of claims to make good losses in respect of accrued benefits.

(6) The Financial Secretary may provide grants or loans out of moneys from the general revenue that may be provided by the Legislative Council for that purpose to the persons appointed to act as administrators of the compensation fund for the purposes of that fund and on such terms as may be specified by the Authority.

(7) Any person (including the trustee of a registered scheme) whose act or omission causes, or has caused, any loss in respect of the accrued benefits of a scheme member and which loss is subsequently compensated from the compensation fund shall be liable to repay such sum (not exceeding the amount of the loss) and interest thereon as the court may order and that sum and interest (once recovered) shall be paid to the Authority for the purpose of reimbursing the compensation fund.

18. Default contributions

(1) Where the amount of any statutory minimum contribution is payable by any person in respect of a registered scheme (including for this purpose a Residual Provident Fund Scheme) in accordance with this Ordinance, but in respect of which no payment has been made by that person in default, then the amount of that non-payment (“arrears”) shall constitute a debt due and payable to the Authority.