National Retirement Scheme Act · 2024 Revised Edition · Part · Withdrawal of Contributions
20. Authority for withdrawals from member account
Official textFrom Attorney General's Chambers, unchanged
No sum of money standing to the credit of a member of the
member
“member” means any person who has contributed to the member account to whose credit any amount is standing in the account and includes — (a) a self-employed person who has contributed voluntarily under section 15; (b) a self-employed person who has transferred his member account to the retirement account under section 17; and (c) any person who is or was a member in a SCP account;
Scheme may be withdrawn from the member account except with the authority of the Board and, subject to any regulations made under section 53, such authority shall not be granted unless the Board is satisfied that —
Scheme
“Scheme” means the National Retirement Scheme established and maintained under section 8;
the member has died;
the member has attained the minimum retirement age;
National Retirement Scheme 20
the member is physically or mentally incapacitated from engaging in any further employment or is otherwise incapable of performing his duties at any time before he attains the minimum retirement age;
the member is suffering from terminal illness or disease; or
the member is renouncing his citizenship of
Brunei Darussalam or decides not to renew his Entry Permit issued under the Immigration Act (Chapter 17) or his Entry Permit is cancelled.
Notwithstanding subsection (1), the Board may, either in one or all of the following instances, on application by a member who —
Board
“Board” means the Tabung Amanah Pekerja Board established by section 3 of the Tabung Amanah Pekerja Board Act;
has attained the age of 40 years, for the purpose of —
building or purchasing a house;
paying outstanding housing loan or repairs; or
renovating a house, authorise not more than one withdrawal from the member account a sum representing 50 per cent of the balance amount standing to the credit of the member after deductions of authorised withdrawals in paragraph (b);
has attained the age of 45, 50 and 55 years, for each years of age, authorise a withdrawal of a sum representing 30 per cent of the balance amount standing to the credit of the member or after deductions of authorised withdrawals for the respective years of age, and on such conditions as the Board may impose.
When authority is granted under subsection (1)(a), (b), (d) and (e), withdrawal shall be made in lump sum.
Without prejudice to subsection (3), a member who is entitled to withdraw under subsection (1)(b) may apply to the Board to be paid monthly for such period as the Board may determine.
National Retirement Scheme
For a withdrawal under subsection (1)(c), withdrawal shall be paid —
pro-rated to the member monthly until he attains the minimum retirement age;
for a minimum monthly payment of $250 until such remaining amount is expended; or
in any other manner of payment as the Board may determine and approve.
Without prejudice to subsections (2)(b) and (3), the Board may, on application by a member who has attained the age of 55 years and unemployed, authorise the withdrawal of the member from his member account and such withdrawal shall be paid monthly based on the amount standing to the credit of the member account.
member account
“member account” means an account maintained under section 16(3);
Terms defined in s 2
Board
Defined · s 2“Board” means the Tabung Amanah Pekerja Board established by section 3 of the Tabung Amanah Pekerja Board Act;
member
Defined · s 2“member” means any person who has contributed to the member account to whose credit any amount is standing in the account and includes — (a) a self-employed person who has contributed voluntarily under section 15; (b) a self-employed person who has transferred his member account to the retirement account under section 17; and (c) any person who is or was a member in a SCP account;
member account
Defined · s 2“member account” means an account maintained under section 16(3);
minimum retirement age
Defined · s 2“minimum retirement age” means the retirement age provided in section 4 of the Retirement Age Act;
Scheme
Defined · s 2“Scheme” means the National Retirement Scheme established and maintained under section 8;
Part
Contributions by Permanent Residents Holding Foreign Citizenship
Part
Administrator Nominees
Part
Offences, Penalties and Proceedings
Part