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Occupational Retirement Schemes Ordinance
The Occupational Retirement Schemes Ordinance (“ORSO”) came into force on 15 October 1993, and is the governing legislation for the regulation of voluntary occupational retirement schemes operating in or from Hong Kong.

The ORSO aims to regulate the retirement schemes industry through a registration system to ensure that all voluntarily established ORSO schemes are properly administered and funded, and to provide greater certainty that retirement scheme benefits promised to employees will be paid when they fall due.

The ORSO applies to all ORSO schemes operated in and from Hong Kong. It also covers offshore schemes (i.e. schemes whose domicile is outside Hong Kong, where the scheme or trust is governed by a foreign system of law) which provide retirement benefits to members employed in Hong Kong. All ORSO schemes must be registered or granted an exemption certificate by the Registrar in accordance with ORSO.

The rules of individual ORSO schemes such as coverage, enrolment arrangements, contribution rate and vesting scale are specified in the respective governing rules of the schemes.

Basic Requirements for ORSO Schemes Employers who operate occupational retirement schemes that fall under the ambit of ORSO are required to apply to MPFA for registration or exemption of their schemes under ORSO. In respect of a new scheme, the application must be made to MPFA within three months after the employer has entered into a contract with his or her employees for the setting up of the scheme. It is an offence for any employer to operate, contribute to, or otherwise participate in a scheme or enter into a contract with his employees under which membership of a scheme is provided without the necessary approval of registration or exemption from MPFA.
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