Section 11
Rules for establishment of pension or provident fund scheme
of Economic Development Board Act 1961
(1)
Subject to the approval of the Minister, the Board may make rules for the establishment of a scheme or schemes for the payment of pensions, gratuities, provident funds or other superannuation benefits to such officers or classes of officers of the Board as it may determine, on their death or retirement from, or on their otherwise leaving, the service of the Board.
(2)
The following provisions apply to any scheme established under this section:
no assurance on the life of any contributor under the scheme, and no moneys or other benefits payable under any such assurance, and no payment made under the scheme to any person who has been employed by the Board, 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 Board or to the Government;
no donation by the Board or contribution by its officers made under the 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 Board or to the Government;
no such donation, contribution or interest shall be subject to the debts of the contributor, nor shall such 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 is, subject to the provisions of this Act, deemed to be subject to a trust in favour of the persons entitled thereto on the death of the contributor;
the bankruptcy of a contributor does not affect the making of deductions from the salary of the contributor in accordance with the scheme, but the deductions must continue to be made despite the provisions of any written law, and the portion of salary so deducted is not to be deemed to form part of the contributor’s after-acquired property;
subject to the provisions of the scheme, all moneys paid or payable under the scheme on the death of a contributor is 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 the form prescribed in the scheme, and is not to be deemed to form part of the contributor’s estate or be subject to the payment of the contributor’s debts, but those moneys are deemed to be property passing on the contributor’s death for the purposes of the Estate Duty Act 1929;
any contributor may, by a memorandum under the hand of the contributor, appoint a trustee or trustees of the moneys payable on the contributor’s death out of the scheme and may make provision for the appointment of a new trustee or new trustees of those moneys and for the investment thereof, and the memorandum must be in the form prescribed in the scheme and must be deposited with the Board;
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 that case a trustee or trustees or a new trustee or new trustees may be appointed by the General Division of the High Court; and
the receipt of a trustee or trustees duly appointed, or in default of the appointment and of written notice thereof to the Board, the receipt of the legal personal representative of a deceased contributor is a discharge to the Board for any moneys payable on the contributor’s death out of any such scheme.