On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 01/01/2013.
7.
—(1) Where —
(a)
2 members of the Fund are parties to a marriage, and neither member is a relevant member;
(b)
one member —
(i)
has already set aside an amount in part or full satisfaction of the minimum sum applicable to him; and
(ii)
(c)
both members desire to set aside jointly an amount which is less than 2 times the minimum sum;
(d)
each member has executed before 1st January 2013 a memorandum in accordance with section 15(6A) of the Act; and
(e)
both members agree, as a condition precedent to the Board permitting them to set aside jointly an amount which is less than 2 times the minimum sum, that in the event of the death of either member, the Board may transfer to the retirement account of the surviving member such amount in cash standing to the credit of the deceased member in the deceased member’s retirement account as he has nominated the surviving member to receive,
the Board may permit the members to set aside jointly such amount, being an amount which is less than 2 times the minimum sum, as the Board may specify.
(1A) On the death of any one of the 2 members of the Fund referred to in paragraph (1), the Board may —
(a)
transfer to the retirement account of the surviving member an amount standing to the credit of the deceased member in the deceased member’s retirement account, being an amount not exceeding the minimum sum applicable to the surviving member; and
(b)
pay to the surviving member the remainder, if any, of the amount that the deceased member has nominated the surviving member to receive.
(2) Subject to paragraph (3), where —
(a)
2 members of the Fund are parties to a marriage, and neither member is a relevant member;
(b)
the Board permits them to set aside jointly an amount which is 1.5 times the minimum sum; and
(c)
one member (referred to in this regulation as the first member) has already set aside an amount in full satisfaction of the minimum sum applicable to him,
the other member (referred to in this regulation as the second member) shall set aside an amount which is 0.5 times the minimum sum applicable to him under regulation 4.
(3) Where the 2 members of the Fund wish to vary the amount already set aside by the first member under paragraph (2), the amount which the second member shall set aside under that paragraph shall be varied accordingly.
(4) Where the Board permits 2 members of the Fund to set aside jointly an amount which is less than 2 times the minimum sum, both members shall ensure that there is no shortfall in that amount.
(5) The amount which the 2 members of the Fund set aside jointly under this regulation shall include —
(a)
a proportion in cash that is in direct proportion to that required of the first member; and
(b)
a proportion in cash that is in direct proportion to that required of the second member.
(6) Where the amount already set aside by the first member in part or full satisfaction of the minimum sum applicable to him does not include the amount in cash required under paragraph (5), the second member shall be liable to ensure that the amount which the 2 members set aside jointly under this regulation includes the required amount in cash.
(7) Subject to section 15(6)(b) of the Act, the second member may withdraw the whole of the balance of the moneys standing to his credit in the Fund after he has made his contribution in accordance with this regulation.