Print Options

(1) Any person may, subject to section 23 (2) contribute to a Plan on that person's own behalf or on behalf of a named beneficiary.

(2) An employer may in accordance with an agreement with its employee contribute to a Plan on behalf of that employee.

(3) Any contribution made and any returns earned from investment of the contribution shall, subject to any deductions of fees in accordance with this Act and the Plan Rules, be credited to the account of the contributor.

(4) Contributions may be made to a Plan by or on behalf of a contributor after the retirement of the contributor from employment.

(5) A contribution shall not be made to a Plan on behalf of a contributor on or after the death of the contributor.

(6) Ownership of an employer's contributions on behalf of an employee shall not vest in the employee until at the end of the vesting period.

(7) Subject to subsection (6), an employer's contributions to a Plan on behalf of an employee shall be the personal property of that employee.

(8) Notwithstanding subsection (6), except for termination for proven misconduct, in the event of severance by the employer of the employment relationship with the contributor, or in the event of liquidation of the employer, an employer's contributions for its employee shall vest in the employee even if the vesting period has not expired.

(9) Subject to subsection (8) a contributor shall forfeit the total amount of the employer's contributions for that contributor if the contributor leaves the employment of the employer before the end of the vesting period.

(10) On the death of a contributor before the expiry of or after expiry of the vesting period, any contributions by the contributor's portfolio shall devolve on the estate of the contributor.

(11) Subject to the provisions of this Act and Regulations made under this Act, funds standing to the credit of an employee under a provident fund sponsored by an employer or employee group, may at any time within 9 months or such longer period as the Agency may by notice specify, be transferred to a Plan as contribution, pursuant to an agreement

(a) between the employer and the employee; or

 (b) among the employee group.

(12) The provisions of section 30 shall apply to contributions made pursuant to section 24 (11) after the coming into force of this Act.