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bruneilawsby aturio
In force2024 Revised Edition
Contents

Part · Withdrawal of Contributions

22. Authority for payment from retirement account

(1)

Where a member has attained the minimum retirement age and on application by the member, there shall be paid to him monthly amount as the

Board may determine for a period of lifetime with effect from the date of payment.

(2)

Where a member has attained the minimum retirement age and has reached productivity, the amount of the monthly payment shall be determined based on the formula set out by the Board and shall reflect, among other factors, the size of the member’s retirement account balance at the time he attains the minimum retirement age and in accordance with the following formula —

(average salary x income replacement rate) x (years of contribution/

productivity), where —

“average salary” means the average of salary applicable to an employee in accordance with such manner and calculations as the

Minister may determine;

“income replacement rate” means the percentage of an employee’s pre-retirement monthly income that he receives each month after retiring in accordance with such manner and calculations as the

Minister may determine.

(3)

Where a member has attained the minimum retirement age and has reached productivity and does not have sufficient amount in his retirement account to finance a minimum monthly payment of at least $250, in accordance with the approved payment formula for the monthly payment prevailing at that time, such member shall receive such minimum monthly payment of at least $250 for a period of lifetime.

(4)

Where a member has attained the minimum retirement age and has not reached productivity and does not have sufficient amount in his retirement account to finance a minimum monthly payment of at least $250, in accordance with the approved payment formula for the monthly payment

National Retirement Scheme prevailing at that time, such member shall receive such minimum monthly payment of at least $250 until the amount in his retirement account is expended or for such period as the Board may determine.

(5)

The monthly payment may be adjusted periodically pursuant to regulations made under section 53.

(6)

Where a 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 and is about to leave Brunei Darussalam, such member is entitled to withdraw a lump sum of such expected annuity as the Board may determine.

(7)

Where a member dies before attaining the minimum retirement age, there shall be paid to —

(a)

a widow or husband;

(b)

a widow or husband and children of the member;

(c)

children of the member; or

(d)

parents, if such member has no widow or husband and children, a monthly derivative payment of an amount of 50 per cent of expected annuity or an amount of at least $400 collectively for a period of 15 years with effect from the date immediately following the death of the member:

Provided that the member has made contributions of at least 25 per cent of total membership years of registration with the Board or has made active contributions to the Scheme within 3 months before the month in which his death occurs.

(8)

Where a member dies after attaining the minimum retirement age, there shall be paid to —

(a)

a widow or husband;

(b)

a widow or husband and children of the member;

(c)

children of the member; or

National Retirement Scheme 24

(d)

parents, if such member has no widow or husband and children, a monthly derivative payment of at least $250 or an amount of 50 per cent of expected annuity to them collectively, or an amount as the Board may determine, with effect from the date immediately following the death of the member and continuing up to the time the deceased member would have attained the age of 75 years, if living.

(9)

Where a widow or husband in respect of whom a monthly derivative benefit is granted under this section remarries or dies, such benefit shall be paid to the children to whom a monthly derivative payment is paid or payable under subsections (7) and (8).

(10)

A child in respect of whom a monthly derivative payment is paid under this section shall cease to be eligible for such benefit on such child attaining the age of 21 years or on marriage below such age and such benefit shall be paid to other eligible beneficiaries under subsections (7) and (8).

(11)

If there is no eligible beneficiary —

(a)

the remaining monthly derivative payment; or

(b)

in the case of self-employed person, the remaining balance of the self-employed person’s contributions, shall be paid to the administrator nominee in lump sum.

(12)

For the purposes of this section, a husband in respect of whom a monthly derivative benefit is granted shall be entitled to receive one derivative benefit only.

(13)

In this section —

“child” means a person under 21 years of age and includes —

(a)

a posthumous child;

(b)

a stepchild or illegitimate child born before the death of the member and wholly or mainly dependent on him for support; and

National Retirement Scheme

(c)

an adopted child who is adopted in a manner recognised by any written law before the death of the member and dependent on him for support;

“widow” means, in the case of a deceased member who was a

Muslim, all his legal wives living at the time of his death.

Report

Part

Contributions by Permanent Residents Holding Foreign Citizenship

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Part

Administrator Nominees

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Part

Offences, Penalties and Proceedings

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Part

General

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Schedules