Provisions Applicable to University Provident Fund Scheme
1. No assurance on the life of any contributor under any scheme, and no moneys or other benefits payable under any assurance, and no payment made under the scheme to any person who has been employed by the University, shall be assignable or transferable, or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim whatsoever, other than a debt due to the University or to the Government.
2. No contribution to a fund established under any such scheme and no interest thereon shall be assignable or transferable or liable to be attached, sequestered or levied upon for or in respect of any debt or claim, other than a debt due to the University or to the Government.
3. No contribution or interest shall be subject to the debts of the contributor, nor shall such contribution or interest pass to the Official Assignee on the bankruptcy of the contributor, but if the contributor is adjudicated a bankrupt or is declared insolvent by a court, the contribution or interest shall be deemed not to form part of the property of the contributor for the purposes of the Bankruptcy Act (Cap. 20).
4. The bankruptcy of a contributor shall not affect the making of deductions from the salary of the contributor in accordance with the scheme, but the deductions shall continue to be made notwithstanding the provisions of any written law, and the portion of salary so deducted shall not be deemed to form part of his after-acquired property.
5. Subject to the provisions of any such scheme, all moneys paid or payable under any such scheme on the death of a contributor shall be deemed to be subject to a trust in favour of the persons entitled thereto under the will or intestacy of the deceased contributor, or under a nomination in such form as may be prescribed under the scheme, but shall, without prejudice to the operation of the Estate Duty Act (Cap. 96), be deemed not to form part of his estate or be subject to the payment of his debts.