On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 18/04/2013.
Transfer or payment of moneys to retirement account or special account, and voluntary maintenance of sum in retirement account
18.
—(1) The Board may, for any of the purposes mentioned in section 15(6C), and subject to any regulations made under section 77(1)(o) and such terms and conditions as the Board may impose, permit —
(a)
a member to transfer such portion of the sum standing to his credit in the Fund as may be prescribed to the retirement account of a relevant individual, if the relevant individual has attained the age of 55 years;
(b)
any person to pay money into the retirement account of a member who has attained the age of 55 years; or
(c)
any person to voluntarily maintain, in a retirement account with the Board —
(i)
a minimum sum; or
(ii)
any other sum that the Board may allow, being a sum not exceeding such sum as may for the time being be specified by the Minister by notification in the Gazette under section 18B(3)(b).
(1A) All moneys transferred to or paid into a retirement account under subsection (1)(a) or (b) shall be applied in accordance with any regulations made under section 77(1)(o) and such terms and conditions as the Board may impose.
(2) The Board may, subject to such terms and conditions as it may impose, permit —
(a)
a member to transfer such portion (not exceeding such amount as the Minister may specify) of the sum standing to the member’s credit in the Fund as the Board may determine to the retirement account of a relevant individual, if any amount referred to in section 15(2A)(a), (7B)(a) or (8A)(a) is required to be set aside or topped-up in the retirement account of the relevant individual; or
(b)
any person to pay money (not exceeding such amount as the Minister may specify) into the retirement account of a member, if any amount referred to in section 15(2A)(a), (7B)(a) or (8A)(a) is required to be set aside or topped-up in the retirement account of the member.
(2A) All moneys transferred to or paid into a retirement account under subsection (2)(a) or (b) shall be applied in accordance with such terms and conditions as the Minister may impose.
(3) The Board may, subject to any regulations made under section 77(1)(oa) and such terms and conditions as it may impose, permit —
(a)
a member to transfer such portion of the sum standing to his credit in the Fund as may be prescribed to the special account of a relevant individual, if the relevant individual has not attained the age of 55 years; or
(b)
any person to pay money into the special account of a member who has not attained the age of 55 years.
(4) Subject to subsection (6), where a member is a relevant individual to whose special account any moneys have been transferred under subsection (3)(a) —
(a)
the moneys so transferred; and
(b)
any interest that would have accrued thereto,
shall be transferred by the Board to the member’s retirement account when the member attains the age of 55 years.
(5) Subject to subsection (6) —
(a)
any moneys paid by any person into a member’s special account under subsection (3)(b); and
(b)
any interest that would have accrued thereto,
shall be transferred by the Board to the member’s retirement account when the member attains the age of 55 years.
(6) Where, when a member attains the age of 55 years, the total amount of the moneys and interest referred to in subsections (4)(a) and (b) and (5)(a) and (b) exceeds the minimum sum applicable to the member —
(a)
the total amount to be transferred by the Board to the member’s retirement account under subsections (4) and (5) shall not exceed the minimum sum applicable to the member; and
(b)
the moneys and interest referred to in subsections (4)(a) and (b) and (5)(a) and (b) shall be transferred by the Board to the member’s retirement account in the following order of priority:
(i)
the moneys and interest referred to in subsection (4)(a) and (b); and
(ii)
the moneys and interest referred to in subsection (5)(a) and (b).
(7) All moneys transferred to or paid into a special account under subsection (3) shall be applied in accordance with any regulations made under section 77(1)(oa) and such terms and conditions as the Board may impose.
(8) Any moneys transferred under subsection (1)(a), (2)(a) or (3)(a), paid under subsection (1)(b), (2)(b) or (3)(b) or maintained under subsection (1)(c) shall be deemed to be contributions for the purposes of this Act.