Regulation 21

If any member is insured with an assurance company under a life or endowment policy and lodges with the Accountant-General his policy free from any lien or charge and the receipts for any premiums paid by him, and the Accountant-General is satisfied that provision is being made thereby against such member’s old age or for the support of his family in the event of his demise, the Accountant-General may refund to him from his own contributions and the interest thereon and the accumulations thereof a sum not exceeding the total amount of the premiums and the Accountant-General may continue to pay any future annual premium on such life or endowment policy:Provided that such future annual premium shall not exceed the difference between the amount of the member’s contributions for a period of one year and the sum of $300.

Where an endowment policy taken out by any member is lodged with the Accountant-General in accordance with paragraph (1) falls due for payment or a cash bonus thereon is declared and paid before the member ceases to be a member of the Fund then the policy moneys or bonus shall be paid into the Fund and be credited to the member’s contributions account.

Where a member who has attained the age of 50 years makes application to the Committee for the purchase from an assurance company of an annuity for the support of himself or of his family after his retirement from the service of the Council and the annuity, contract or deed is lodged with the Accountant-General, the Committee may authorise the Accountant-General to pay the single or annual premium on such annuity from the amount standing to the credit of the member’s contributions’ account.

Any income from any such annuity which may fall due for payment before the member ceases to be a member of the Fund shall be paid into the Fund and be credited to the member’s contributions account.

As regards any such arrangements as is referred to in paragraph (3) no annual premium shall exceed the difference between the total amount of the member’s contributions for a period of one year and the sum of $300.

Notwithstanding rule 17 the Council may whenever any insurance premium or annuity premium has been paid from the contributions side of the member’s account take into account such payment in calculating the interest to be credited from the Income Account to the contributions account on the 30th June or 31st December following, as the case may be.