On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 18/09/2007.
8. Section 18 of the principal Act is amended —
(a)
by deleting subsection (1) and substituting the following subsections:
“(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 whose parent, grandparent, spouse or sibling has attained the age of 55 years to transfer such portion of the sum standing to his credit in the Fund as may be prescribed to the retirement account of the parent, grandparent, spouse or sibling, as the case may be;
(b)
any person whose parent, grandparent, spouse or sibling has attained the age of 55 years to pay money into the retirement account of the parent, grandparent, spouse or sibling, as the case may be; 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.”;
(b)
by deleting paragraphs (a) and (b) of subsection (2) and substituting the following paragraphs:
“(a)
a member to transfer such portion of the sum standing to his credit in the Fund as the Board may determine to the retirement account of his parent, grandparent, spouse or sibling; or
(b)
any person to pay money into the retirement account of his parent, grandparent, spouse or sibling.”;
(c)
by inserting, immediately after subsection (2), the following subsections:
“(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 whose spouse or sibling has not attained the age of 55 years to transfer such portion of the sum standing to his credit in the Fund as may be prescribed to the special account of the spouse or sibling; or
(b)
any person whose spouse or sibling has not attained the age of 55 years to pay money into the special account of the spouse or sibling.
(4) Subject to subsection (6) —
(a)
any moneys transferred by a member to his spouse’s or sibling’s special account under subsection (3)(a); and
(b)
any interest that would have accrued thereto,
shall be transferred by the Board to the spouse’s or sibling’s retirement account when the spouse or sibling attains the age of 55 years.
(5) Subject to subsection (6) and section 13B(4) and (5) —
(a)
any moneys paid by any person into his spouse’s or sibling’s special account under subsection (3)(b); and
(b)
any interest that would have accrued thereto,
shall be transferred by the Board to the spouse’s or sibling’s retirement account when the spouse or sibling attains the age of 55 years.
(6) The total amount to be transferred by the Board under subsections (4) and (5) shall not exceed the minimum sum applicable to the spouse or sibling.
(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.”; and
(d)
by deleting the section heading and substituting the following section heading:
“Transfer or payment of moneys to parent’s, grandparent’s, spouse’s or sibling’s retirement account, or to spouse’s or sibling’s special account, and voluntary maintenance of sum in retirement account”.