Section 37: National Pensions Fund

37. National Pensions Fund (1) There is established a National Pensions Fund which shall be administered by the Minister in accordance with the Finance and Audit Act. (1A) The Fund shall, for the purposes of investment of any surplus of the Fund, be deemed to be a body corporate. (1B) For the purposes of subsection (1A), the Fund shall, in any proceedings, judicial or otherwise, be represented by the Permanent Secretary. (2) There shall be paid into the Fund— (a) all contributions payable under section 17 or 18; (b) all sums properly accruing to it, including— (i) all sums required to pay the benefits under Part II; and (ii) such other sums as may be approved by Parliament; and (c) subject to subsection (3) (c), all payments made in accordance with section 5 of the National Savings Fund Act. (3) There shall be paid out of the Fund— (a) the benefits payable under this Act; (b) the cost of the administration of Parts III to VI; N21 – 23 [Issue 1] National Pensions Act (c) the money received under subsection (2) (c), for the purpose of the money being credited to the Fund established under the National Savings Fund Act. [S. 37 amended by Act 7 of 1990; Act 14 of 1995; s. 35 (8) (f) of Act 20 of 2001 w.e.f. 17 September 2001.]