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Except as hereinafter provided in section 34-

(a) the accumulations to the credit of any member of the Scheme, or contribution in transit to the Scheme or lying with an employer, shall be incapable of being assigned or charged and shall not be liable to attachment under any law or order of any court in respect of any debt or liability by the member, even in the event of his bankruptcy or insolvency;

(b) subject to section 54 (A) of the Income Tax Decree, 1975 (S.M.C.D. 5), any amount actually or potentially standing to a member's credit in the Scheme at the time of his death and payable to his dependants shall before it is paid to the dependants be free from attachment by process of law;

(c) accrued contributions to the Scheme shall be paid notwithstanding the bankruptcy or insolvency of an employer.