(1) A self-employed person may join and pay contributions to a personal pension scheme if the person is more than the statutory retirement age or is exempted under this Act or is not more than fifteen years of age.

(2) Contributions by self-employed persons in the informal sector who are not covered under the mandatory scheme shall be credited to two separate individual subaccounts

(a) the personal savings account, and

(b) the retirement account.

(3) The proportions to be credited to each account shall be prescribed in the governing rules of the scheme.

(4) A contributor may withdraw part of the contributor’s personal savings account in accordance with this Act and the governing rules of the scheme.

(5) The proceeds of the retirement account shall only be paid on the retirement of the contributor as monthly or quarterly pensions.

(6) The provisions of this Act on accrued benefits and the governing rules of the scheme which do not conflict with this Act shall apply to accrued benefits derived from voluntary contributions paid to a scheme under the provident fund and personal pension scheme.