Membership Benefits
These are the new Regulations governing membership of retirement Benefits schemes and payment of Benefits to scheme members
- Scheme membership cannot be limited on the basis of discrimination or discretion
- Scheme rules may provide option for member to withdraw, defer Benefits or transfer funds to another scheme on cessation
- Member cannot withdraw from scheme while still in employment of sponsor
- Payments of Benefits upon withdrawal following cessation of service to be in accordance with scheme rules
- Benefits to vest immediately
- Benefits cannot be assigned
- Benefits to be paid to nominated beneficiary but trustees may vary on proper written grounds
- Benefits to be commuted upto 1/3 in case of contributory scheme, upto 1/4 in non-contributory scheme, and fully in case of additional voluntary contributions
- Provision for payment of Benefits in case of disability or death