16.—(1) The Corporation may, with the approval of the Minister, make rules for the establishment of a scheme or schemes for the payment of pensions, gratuities, provident fund or other superannuation benefits to such officers and employees or classes of officers and employees of the Corporation as it may determine, on the retirement of those officers and employees from the service of the Corporation or on their otherwise leaving the service of the Corporation, or to their legal personal representatives or dependants on the death of those officers and employees.(2) The Corporation in making under subsection (1) any pension, provident fund or other superannuation rules which affect any person transferred to the service of the Corporation under section 14 shall in such rules provide for the payment to those persons or their legal personal representatives or dependants of benefits not less in value than the amount of any pension, provident fund, gratuity or allowance for which those persons would have been eligible under the Pensions Act [Cap. 225] had they continued in the service of the Government and any such pension, provident fund or superannuation rules relating to length of service of those persons shall provide for the recognition as service under the Corporation of service by them under the Government. |
(3) The following provisions shall apply to any scheme established under this section:(a) | no assurance on the life of any contributor under any such scheme, and no moneys or other benefits payable under any such assurance, and no payment made under any such scheme to any person who has been employed by the Corporation, shall be assignable or transferable, or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim whatsoever other than a debt due to the Corporation or to the Government; | (b) | no donation by the Corporation or contribution by its officers and employees made under any such scheme and no interest thereon shall be assignable or transferable or liable to be garnished, attached, sequestered or levied upon for or in respect of any debt or claim whatsoever other than a debt due to the Corporation or to the Government; | (c) | no such donation, contribution or interest shall be subject to the debts of the contributor, nor shall the donation, contribution or interest pass to the Official Assignee on the bankruptcy of the contributor, but, if the contributor is adjudicated a bankrupt or is declared insolvent by a court, the donation, contribution or interest shall, subject to the provisions of this Act, be deemed to be subject to a trust in favour of the persons entitled thereto on the death of the contributor; | (d) | the bankruptcy of a contributor shall not affect the making of deductions from the salary of the contributor in accordance with any such scheme, but those deductions shall continue to be made notwithstanding the provisions of any written law, and the portion of salary so deducted shall not be deemed to form part of his after-acquired property; | (e) | subject to the provisions of any such scheme, all moneys paid or payable under any such scheme on the death of a contributor shall be deemed to be subject to a trust in favour of the persons entitled thereto under the will or intestacy of the deceased contributor, or under a nomination in such form as may be prescribed in the scheme, and shall not be deemed to form part of his estate or be subject to the payment of his debts but shall be deemed to be property passing on his death for the purposes of the Estate Duty Act [Cap. 96]; | (f) | any contributor may, by a memorandum under his hand, appoint a trustee or trustees of the moneys payable on his death out of any such scheme and may make provision for the appointment of a new trustee or new trustees of those moneys and for the investment thereof; the memorandum shall be in the form prescribed in the scheme and shall be deposited with the Corporation; | (g) | if, at the time of the death of any contributor or at any time afterwards, there is no trustee of those moneys or it is expedient to appoint a new trustee or new trustees, then and in any such case a trustee or trustees or a new trustee or new trustees may be appointed by the High Court; | (h) | the receipt of a trustee or trustees duly appointed, or in default of any such appointment and of written notice thereof to the Corporation, the receipt of the legal personal representative of a deceased contributor shall be a discharge to the Corporation for any moneys payable on his death out of any such scheme. |
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(4) In every case where a person has been transferred to the service of the Corporation under section 15, the Government shall be liable to pay to the Corporation such portion of any gratuity, pension or allowance payable to such person on his retirement as the same shall bear to the proportion which the aggregate amount of his pensionable emoluments during his service with the Government bears to the aggregate amount of his pensionable emoluments during his service under both the Government and the Corporation. [9/76] |
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