INLAND REVENUE (RETIREMENT SCHEME) RULES

INLAND REVENUE (RETIREMENT SCHEME) RULES

INLAND REVENUE (RETIREMENT SCHEME) RULES

(Cap. 112, section 85)

[22 March 1957.]

1. These rules may be cited as the Inland Revenue (Retirement
Scheme) Rules.

2. In these rules-

'retirement scheme' includes provident fund.

3. (1) An application for the approval of a retirement scheme
for the purposes of the Ordinance shall be made in writing to the
Commissioner and shall set out the full details of the retirement
scheme.

(2) The applicant for such approval shall furnish the Commis-
sioner with such further information relating to the retirement
scheme as the Commissioner may require.

4. The requirements for the approval of any retirement
scheme for the purposes of section 87A of the Ordinance are set out
in the Schedule:

Provided that such requirements shall not apply for the pur-
poses of approval at any time before 31 March 1959, in the case of
any retirement scheme in existence and operating at the coming into
operation of these rules.

5. If the terms or conditions of any retirement scheme are
altered at any time after an application for approval thereof has
been made, any approval thereof given by the Commissioner shall-

(a)where such alteration was made after the approval was
given, be deemed to have been withdrawn at the time of
such alteration; or

(b)where such alteration was made before the approval was
given, be deemed not to have been given:

Provided that the Commissioner may, if he is notified in writing
of such alteration within 1 month after such alteration is made,
approve the retirement scheme, as altered, and, where approval is so
given, any previous approval given by the Commissioner shall not
be deemed to have been withdrawn under this rule.





SCHEDULE [r. 4.1

REQUIREMENTS FOR APPROVAL OF RETIREMENT SCHEMES

1 . The retirement scheme shall be exclusively for the benefit of the
employee or employees and of the widow, children, surviving dependants, or legal
personal representatives of an employee.

2. Each employee concerned shall be entitled to defined benefits and the
terms and conditions of the retirement scheme shall have been made known to all
the employees concerned.

3. The benefits afforded by the retirement scheme shall accrue only-

(a)on retirement from the service of the employer at some specified age of
not less than 45 years; or

(b)on retirement after some specified period of service with the employer of
not less than 10 years; or

(c)on attaining the age of 60 years or some specified age for retirement
whichever is the later; or

(d) on earlier incapacity or death.

Where, however, the retirement scheme provides for proportionate or reduced
benefits in the event of an employee leaving the employer's service prior to
attaining the specified age or completing the specified period of service, the
provision for such benefits shall not in itself disqualify the scheme from approval.

4. The nature of the benefits afforded by the retirement scheme shall be the
same in relation to all the persons to whom the scheme relates but a scheme
relating to more than one class of employee may be regarded as so many separate
schemes for this purpose.

5. Where the retirement scheme is conducted by a third party to whom the
employer makes periodical contributions, the diversion of such contributions to
any purposes (other than those of the scheme) and the refund of such
contributions to the employer shall, except with the consent of the Commissioner
and subject to paragraph 6, be prohibited.

6. The employer shall have no lien on any sum or other benefit to which the
employee would be entitled under the retirement scheme except

(a)to the extent that the employer has suffered a loss due to a dishonest act
committed by the employee; or

(b)to the extent of a debt acknowledged in writing by the employee as owing
to the employer.

7. (1) Nothing in these rules shall prevent the Commissioner from approving
a retirement scheme which provides for the forfeiture of the employer's
contributions where an employee is dismissed upon any of the following grounds

(a) wilfully disobeying a lawful and reasonable order;

(b)misconducting himself, such conduct being inconsistent with the due and
faithful discharge of his duties;

(c) being guilty of fraud or dishonesty;

(d) being habitually neglectful in his duties; or

(e)upon any other ground on which the employer would be entitled to
terminate the contract of employment without notice at common law.







(2) If the retirement scheme is conducted by a third party being a trustee, the
trustee shall be satisfied that the dismissal was duly made upon one of the grounds
specified in sub-paragraph (1).
G.N.A. 24/57. G.N.A. 23/58. L.N. 90/69. L.N. 141/71. Citation. Interpretation. Application. Requirements. Schedule. G.N.A. 23/58. Alteration of retirement schemes. L.N. 141/71. L.N. 90/69.

G.N.A. 24/57. G.N.A. 23/58. L.N. 90/69. L.N. 141/71. Citation. Interpretation. Application. Requirements. Schedule. G.N.A. 23/58. Alteration of retirement schemes. L.N. 141/71. L.N. 90/69.

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