Section 38 of the RB Act was recently amended to allow members of retirement benefits schemes to utilize a proportion of their accrued benefits to purchase a residential house. Pursuant to Section 55 of the RB Act, the Authority will be proposing to the Cabinet Secretary amendments to the Retirement Benefits (Mortgage Loans) Regulations to operationalize the new provision. In this regard, the Authority wishes to invite comments from members of the public, particularly the stakeholders in the retirement benefits sector, on the proposed amendments.
The Draft amendments can be downloaded from the links below. Due to restrictions in place arising from the COVID -19 pandemic, public participation sessions are not possible. Interested stakeholders are therefore invited to forward their written submissions to email@example.com on or before 13th May 2020.