Section 11

No payments made by the authority of the Director from the Fund under section 8, 9 or 10, nor the rights of any member of the Fund acquired thereunder, shall be assignable or transferable or liable to be attached, sequestrated or levied upon for or in respect of any debt or claim whatsoever.

Every redundancy payment paid into the Fund under section 6 and every payment out of the Fund under section 8, 9 or 10 shall be exempt from income tax under the Income Tax Act [Cap. 134].

All moneys paid out of the Fund on the death of any member of the Fund shall be deemed to be impressed with a trust in favour of the person nominated under subsection (5) by the deceased member or if no such person has been nominated the person or persons determined by the Public Trustee in accordance with subsection (6) shall be entitled thereto but shall be deemed not to form part of the deceased member’s estate or to be subject to his debts. This subsection shall be without prejudice to the operation of the Estate Duty Act [Cap. 96].

No amounts standing to the credit of a member of the Fund shall be subject to the debts of the member of the Fund, nor shall such amounts pass to the Official Assignee on the bankruptcy of that employee, but if that employee is adjudicated a bankrupt or is declared insolvent by judgment of the court, that amount shall be deemed to be impressed with a trust in favour of the persons entitled thereto on the death of the member of the Fund.

Any member of the Fund may by a memorandum executed in the prescribed manner nominate a person or persons to receive in his or their own right the amount standing to his credit in the Fund on his death as the memorandum shall indicate and any employee who does not nominate such a person may be required by the Director to declare in writing that he does not desire to do so.

If at the time of the death of any member of the Fund there is no person nominated under subsection (5), the amount payable out of the Fund shall be paid to the Public Trustee for disposal in accordance with any written law for the time being in force, and if any person nominated, other than a widow, is under the age of 18 years at the time of payment of the amount payable out of the Fund, his portion of the amount payable shall similarly be paid to the Public Trustee for the benefit of such nominated person.

The receipt of a person or persons nominated under subsection (5) or of the Public Trustee shall be a discharge to the Director for such portions of the moneys payable out of the Fund on the death of a member of the Fund as are payable to that person or persons or the Public Trustee under this section.