Section 45: Transfers

45. Transfers (1) (a) Where an employee who is a member of any insuring employer’s pension fund leaves the service of that insuring employer and enters that of any employer, the insuring employer shall, within 3 months, pay into the Fund to the employee’s credit, an amount to be actuarially assessed, representing the value at the date of leaving the insuring employer’s service of the deferred pension payable on his reaching normal retiring age under the insuring employer’s pension fund that would be produced by the appropriation at the above-mentioned date of the employee’s own contributions and his proportion of the insuring employer’s contributions, both calculated with interest up to such date. (b) The total amount thus paid into the Fund shall be converted into a deferred pension payable to the employee on retirement to be added to any other pension payable to him. (2) Where a member qualifies for membership of an insuring employer’s pension fund, the Board shall, within 3 months, pay into the insuring employer’s pension fund an amount to be actuarially assessed, representing the value at the date of such qualification of all benefits accrued in respect of his service up to that date. (3) Subject to subsection (5), where an employee leaves the service of his employer before reaching the normal pension age but after having completed at least 2 years’ service, the accrued benefits of the employee under section 37 shall, at the option of the employee— (a) be transferred to any superannuation fund established by his new employer; (b) be retained in the Fund for the payment of a pension to him upon reaching the normal pension age; or (c) be transferred to a personal pension scheme approved by the Director-General of the Mauritius Revenue Authority under the Income Tax Act. (4) Where an employee leaves the service of his employer before completing 2 years’ service, he shall be entitled to a refund of his accumulated contributions, provided that the actuarial value of the accrued retirement benefits of the employee from a previous employment has not been transferred to the Fund. [Issue 3] S51 – 18 Revised Laws of Mauritius (5) The accrued benefits under subsection (3) shall— (a) apply in respect of employees in the service of the employer as at 1 July 2000; (b) take effect as from the date the employee first contributed to the Fund; and (c) be determined by the Board on the advice of the actuary. [S. 45 amended by Act 25 of 2000; s. 43 of Act 14 of 2009 w.e.f. 30 July 2009.]