Regulation 20

Where the accounts of any member or former SAVER member in the SAVER-Premium Fund have been closed and no person authorised to be paid or to withdraw the moneys in those accounts under regulation 17A or 18 has applied for payment or withdrawal of the moneys within a period of 12 months starting on the date of such closure, such amount shall be accounted for as unclaimed and shall be transferred to the Forfeiture Account of the SAVER-Premium Fund.

Where any amount has been transferred to the Forfeiture Account under paragraph (1), the Board shall, upon the application of any person eligible to the whole or part of the amount, authorise payment to or withdrawal by that person of the amount due to the applicant as if it had not been transferred out of the member’s or former SAVER member’s account.