LEAVING SERVICE BENEFITS
A registered employee shall be entitled to claim his leaving service benefits when he ceases service with a registered employer after reaching his retirement age.
(2) The registered employee shall complete the prescribed application form with all related information and submit it to the Organisation for processing.
(3) The leaving service benefit may be paid in lump sum or instalments, or a combination of both.
23 Amount of leaving service benefits
The leaving service benefit is an amount equal to the sum of the balances of: (a) the employee contribution account;
(b) the employee voluntary contribution account;
(c) the employer contribution account;
(d) the employee’s transfer contribution account;
(e) the employee’s interest accrued account; and
(f) less any deduction due and outstanding insurance premium
at the date the registered employee ceases employment with a registered employer.
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Regulations 2012 Regulation 24
24 Voluntary contributor
(1) A voluntary contributor is entitled to claim a leaving benefit when he reaches his retirement age.
(2) The voluntary contributor’s leaving benefit is equal to the balances of his contributions account and interest accrued account at the date of retirement.
25 Preservation
A registered employee’s leaving service benefit shall be preserved when he leaves the service of a registered employer before attaining his retirement age, except the employee’s voluntary contribution account.
26 Early release of benefits
A registered employee may submit a leaving service benefits claim before attaining retirement age, and the Organisation may release all or part of his leaving service benefits if the Chief Executive Officer is satisfied that the registered employee has ceased service with the registered employer due to:
(a) redundancy;
(b) medical grounds, and such grounds are confirmed by the Medical Board; (c) migration overseas; or
(d) financial hardship, in accordance with policy set by the Board from time to time, which can be alleviated by an early release of the leaving service benefits.
27 Amount of death benefit
(1) If an employee dies, the Organisation shall pay a death benefit payment to the registered employee’s prescribed beneficiary, otherwise to his estate.
(2) The death benefit is an amount equal to the sum of the balances of: (a) the employee contribution account;
(b) the employee voluntary contribution account;
(c) the employer contribution account;
(d) the employee transfer contribution account;
(e) the employee interest accrued account;
(f) the life insurance claim; and
(g) less any deductions due and outstanding premium account
at the registered employee’s date of death.
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Regulation 28
28 Death benefit payment
National Retirement Benefits Scheme (Administration) Regulations 2012
(1) The death benefit payment is paid as a lump sum.
(2) A registered employee may nominate any person to receive his death benefit payment.
(3) A nomination under sub-regulation (2) shall be made by a memorandum of nomination in the prescribed form.
(4) The memorandum of nomination shall be signed by the registered employee in the presence of two officers of the Organisation, who shall countersign it as witnesses and shall be duly registered by the Chief Executive Officer.
(5) A nomination may be revoked by:
(a) the death of a nominee during the lifetime of the registered employee; (b) a subsequent nomination; or
(c) a subsequent will of the registered employee.
(6) In the event that there is no nomination made by the registered employee under sub-regulation (2), the Organisation shall pay the death benefit to the spouse of the registered employee at the time of the registered employee’s death, or if the registered employee had no spouse at the time of death then to the registered employee’s surviving legitimate children in equal portions, or if there are no surviving legitimate children at the time of death, then to the father or mother, and if there is no surviving parent, then to the registered employee’s legal representative.
29 Life insurance
(1) Life insurance benefits payments shall be the amount approved by the Board as per the registered employees’ life insurance policy.
(2) Life insurance benefits shall not be payable if:
(a) a registered employee’s employment with a registered employer ceased before the date of death;
(b) a registered employee had already attained the retirement age at the date of death;
(c) the insurer has refused to cover the registered employee; or
(d) the death of the registered employee was due to an event for which the insurer had excluded liability.
30 Disablement benefit
If a registered employee ceases service with a registered employer because of permanent and total disablement as approved by the Medical Board, the
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Regulations 2012 Regulation 31
Organisation shall pay the permanent and total disablement benefit to the registered employee.
31 Amount of permanent and total disablement benefit
(1) The permanent and total disablement benefit is an amount equal to the sum of the balances of:
(a) the employee member contribution account;
(b) the employee voluntary contribution account;
(c) the employer contribution account;
(d) the employee transfer contribution account;
(e) the employee interest accrued account; and
(f) less any deductions due and outstanding premium account.
(2) The permanent and total disablement benefit is paid as a lump sum.
32 Transfer of benefit entitlements to the Scheme
The Board may accept a transfer of funds from another retirement benefit scheme, or like arrangement for the provisions of entitlement benefits, in respect of a registered employee’s entitlement in that other retirement benefits scheme.
33 Certification of benefits
All benefit entitlements under the Scheme shall be certified by the Organization’s internal auditor or, where appropriate, the Organization’s external auditor, before such benefit entitlement is paid.