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