Section 14: Transfer of accrued pension rights

14. Transfer of accrued pension rights (1) Where an officer in the public service or, having previously been in the public service is transferred to, or otherwise joins, a statutory body, and his pension benefits for his service under the Government are, subject to section 13A, payable to him on final retirement, such benefits shall be transferred to the Fund for payment to the officer on his final retirement from the statutory body. S42 – 7 [Issue 6] Statutory Bodies Pension Funds Act (2) Where an officer in the service of a statutory body or, having previously been in the service of a statutory body, joins another statutory body, his actuarial reserve in the Fund of the statutory body to which he belonged shall, subject to section 13A, be transferred to the Fund of his new employer, and shall be taken into account in the computation of his pension benefits on his final retirement. (3) Where an officer in the service of a local authority or, having previously been in the service of a local authority, is transferred to, or otherwise joins, a statutory body, the local authority shall, subject to section 13A, pay to the SICOM, towards the future pension benefits of the officer, such sum as may be determined by the Minister to whom the responsibility for the subject of local government has been assigned, after consultation with the SICOM. (4) Where an officer in the service of a statutory body or, having previously been in the service of a statutory body, is transferred to, or otherwise joins, the public service or a local authority, and his pension benefits are payable to him on final retirement, such benefits shall, subject to section 13A, be transferred to the Accountant-General or to the Pension Fund of the local authority, as the case may be, for payment to the officer on his final retirement. (5) (a) Where an officer leaves the service of a statutory body to take up employment in the private sector, or to become self-employed, his pensionable benefits shall, provided the officer has completed at least one year’s service, be transferred to such superannuation fund as may be established by the employer who employs him, or to such personal pension scheme to which the officer may have adhered to, on leaving the statutory body. (b) For the purpose of paragraph (a), the portable benefits of the officer shall be computed as if, at the time of his leaving a statutory body, he had become eligible for a gratuity under the Act. (c) Any transfer of accrued pension rights from past service of an officer shall be subject to any one of the circumstances specified in this section. (6) — [S. 14 amended by Act 5 of 1991; repealed and replaced by Act 7 of 2000; amended by s. 17 (a) of Act 23 of 2001 w.e.f. 11 August 2001; s. 35 (f) of Act 18 of 2008 w.e.f. 1 July 2008; s. 27 (c) of Act 26 of 2013 w.e.f. 1 January 2013.]