National Retirement Scheme Act · 2024 Revised Edition · Part · Contributions by Permanent Residents Holding Foreign Citizenship
26. Authority for payment from retirement account
Official textFrom Attorney General's Chambers, unchanged
Where a member has attained the minimum retirement age and on application by the member, there shall be paid to him monthly amount of at least $500 and such member shall receive such monthly payment until such amount is expended or for a period of 20 years.
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;
Where a member dies, there shall be paid to the administrator nominee the balance of amount in the member’s retirement account.
administrator nominee
“administrator nominee” means any person who is of sound mind and above the age of 18 years and includes — (a) the member’s father, mother, spouse, children or siblings; or (b) a certified lawyer;
National Retirement Scheme 28
Scheme
“Scheme” means the National Retirement Scheme established and maintained under section 8;
Terms defined in s 2
administrator nominee
Defined · s 2“administrator nominee” means any person who is of sound mind and above the age of 18 years and includes — (a) the member’s father, mother, spouse, children or siblings; or (b) a certified lawyer;
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;
minimum retirement age
Defined · s 2“minimum retirement age” means the retirement age provided in section 4 of the Retirement Age Act;
retirement account
Defined · s 2“retirement account” means an account maintained under section 16(4);
Scheme
Defined · s 2“Scheme” means the National Retirement Scheme established and maintained under section 8;
Part
Administrator Nominees
Part
Offences, Penalties and Proceedings
Part