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(1) Where a member of a registered scheme attains the retirement age 

and does not lodge a claim with the approved trustee of the scheme for payment of the member's accrued benefits, the trustee shall within twelve months after the member has reached the retirement age, give a written notice to the member to

(a) inform the member of the member's entitlement to be paid in respect of the member's accrued benefits; and

(b) Request the member to reply in writing to the trustee specifying whether or not the member elects to retain the member's accrued benefits with the scheme.

(2) Where the trustee does not receive a reply to a request within six months after giving notice and is unable to locate the member by any other means, the accrued benefits of the member in the scheme shall be considered as unclaimed benefits  at the end of that period.

(3) Where the trustee receives a reply to a request indicating that the member elects to retain the member's accrued benefits within the scheme or does not receive a reply to the request but is able to locate the member, the trustee shall serve on the  member a benefit statement in accordance with regulation 39.  

(4) The benefit statement shall

(a) include only those particulars listed in regulation 39 (3) that are applicable to the member; and

(b) be accompanied by a notice informing the member that

(i) the member's accrued benefits are being retained in the  scheme; and

(ii) The member may at any time lodge with the approved trustee of the scheme a claim for payment of the member's accrued benefits in accordance with regulation 126.

(5) The trustee shall pay the member's accrued benefits to the member if the  trustee receives a reply to the written notice given to the member under sub regulation (1) indicating that the member elects not to retain the member's accrued benefits in the scheme