|Name:||Provident Fund (Amendment) Act 2005 (No. 11 of 2005).|
|Subject(s):||Old-age, invalidity and survivors benefit|
|Type of legislation:||Law, Act|
|Entry into force:|
|Bibliography:||Act on-line Pacific Islands Legal Information Institute (PacLII), University of the South Pacific School of Law PDF (consulted on 2008-12-15)
|Abstract/Citation:||This Act introduces a number of amendments to the Provident Fund Ordinance (Cap.78A).
Section 3 amends section 7 of the Ordinance to take account the fact that the German currency was replaced by the euro with effect from 1 January 2002.
Section 4 acts to remove the proviso from section 13(5), which prevented those who continued working after reaching the age of 50 years from accessing their Provident Fund contributions. Under the new section 20(2) (inserted by section 8(d)), such persons will now be able to make multiple withdrawals, although the withdrawals must be at least six months apart.
Section 5 corrects an error made by section 4 of the Provident Fund (Amendment) Act 1996, which inadvertently repealed all of the original section 17, when the intention was to repeal only subsection (4) (dealing with death benefits).
Sections 6 moves section 17A to the end of Part VI of the Ordinance, which is considered a more appropriate placement.
Section 7 removes a reference to section 17(4), which was repealed in 1996.
Section 8 accomplishes two primary objectives, enabling members to-
a) make multiple withdrawals after reaching the age of 50 years, as discussed above; and
b) withdraw up to 50 per cent of their contributions upon reaching the of 45 years, without having to take early retirement, although those who wish to permanently leave the work force after turning 45 will still be able to withdraw all of their contributions at that time.