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On 18/04/2014, you requested the version in force on 18/04/2014 incorporating all amendments published on or before 18/04/2014. The closest version currently available is that of 21/04/2011.
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SRS members and SRS accounts
6.
—(1)  No person may be an SRS member unless he is an individual who —
(a)
has attained the age of 18 years;
(b)
is not an undischarged bankrupt; and
(c)
is not mentally disordered and is capable of managing himself and his affairs.
(2)  Subject to paragraph (3), any person who wishes to be an SRS member may apply to an SRS operator for an SRS account to be opened and his application shall be accompanied by —
(a)
his consent for the SRS operator to release to the Comptroller or Minister the information specified in regulation 4(2) and (3); and
(b)
such information or documents relevant to the opening of the SRS account as the SRS operator may require.
(3)  Subject to paragraph (6), an SRS member shall not apply to an SRS operator to open an SRS account if —
(a)
he already has an SRS account (including one that has been suspended) with the same or another SRS operator;
(b)
he has a pending application with another SRS operator to open an SRS account; or
(c)
he previously had an SRS account with the same or another SRS operator and all the moneys in the account had been withdrawn —
(i)
on the ground that he is physically or mentally incapacitated from ever continuing in any employment, is either (if withdrawal is made before 1st March 2010) found to be of unsound mind or (if withdrawal is made on or after that date) mentally disordered and incapable of managing himself or his affairs, or is suffering from a terminal illness or disease; or
(ii)
on or after reaching the prescribed retirement age prevailing at the time of his first contribution.
(4)  An SRS member who contravenes paragraph (3) shall be guilty of an offence.
(5)  Subject to paragraphs (5A) and (5B), where an applicant qualifies under paragraph (1) to be an SRS member, the SRS operator shall open an SRS account for that applicant, but only after —
(a)
obtaining a declaration from the applicant that —
(i)
he has no other SRS account (including one that has been suspended) at the time of application or, if he has an SRS account with another SRS operator, he has already taken all the necessary steps to close that account;
(ii)
he does not have a pending application with another SRS operator to open an SRS account at that time; and
(iii)
he did not previously have an SRS account all the moneys in which were withdrawn on the ground referred to in paragraph (3)(c)(i), or on or after reaching the age referred to in paragraph (3)(c)(ii); and
(b)
informing the applicant of the conditions of the SRS, including the following:
(i)
that an SRS member cannot have an SRS account with more than one SRS operator, a suspended SRS account being treated as an SRS account;
(ii)
the obligations of an SRS member under regulation 11(1);
(iii)
that the maximum amount of deduction under section 39(2)(o) of the Act is subject to the SRS contribution cap applicable to that SRS member;
(iv)
that SRS withdrawals are chargeable to tax in accordance with section 10L of the Act, and the circumstances in which a 5% penalty will be imposed under the Act on withdrawals;
(v)
that an SRS member cannot contribute to his SRS account if he had previously made a withdrawal from this or a previous SRS account of his on the ground referred to in paragraph (3)(c)(i), or on or after reaching the age referred to in paragraph (3)(c)(ii); and
(vi)
that an SRS member is subject to Part XX of the Act if he contravenes any provision of the Act relating to the SRS and regulation 20 if he contravenes these Regulations.
(5A)  A declaration in respect of the matter referred to in paragraph (5)(a)(iii) need not be obtained if the applicant informs the SRS operator that the SRS account is to take the place of an existing SRS account with another SRS operator.
(5B)  An SRS operator shall not open an SRS account for an applicant if —
(a)
the applicant already has an SRS account with the SRS operator, including one that has been suspended;
(b)
the applicant previously had an SRS account with the SRS operator and made a withdrawal from that account on the ground referred to in paragraph (3)(c)(i), or on or after reaching the age referred to in paragraph (3)(c)(ii), unless the SRS account to be opened is to replace an existing SRS account opened with another SRS operator; or
(c)
he knows or has reason to believe that any part of the declaration referred to in paragraph (5)(a) is false in a material particular.
(5C)  An SRS operator shall not be taken to have contravened regulation (5B)(b) if, without being in contravention of regulation 4(1)(c), it has no record or document evidencing such withdrawal.
(6)  Where an SRS member who has an existing SRS account informs the SRS operator that he wishes to open an SRS account with another SRS operator in place of the existing SRS account, the SRS operator with whom the existing SRS account of that SRS member is maintained shall —
(a)
transfer the sum standing in the SRS account of that SRS member to the SRS operator specified by the SRS member; and
(b)
upon such transfer, close the existing SRS account of that SRS member and hand over to the other SRS operator sufficient records and documents pertaining to that SRS account to enable the other SRS operator to operate the new SRS account of the SRS member.
(7)  An SRS operator who —
(a)
opens an SRS account without obtaining the consent of an applicant referred to in paragraph (2)(a); or
(b)
fails to comply with paragraph (5)(a), (5B) or (6),
shall be guilty of an offence.