Section 4A: Voluntary additional contribution

4A. Voluntary additional contribution (1) Notwithstanding section 4, an employee may at any time elect, in such form and in such manner as the Board may approve, to make, in addition to the contribution under section 4, such amount of voluntary contribution as he may specify. (2) Where an employee has made an election under subsection (1), the additional contribution shall be paid into his personal VAC account. (3) The Board may invest all sums which may be available from the VAC Fund with such bank, financial institution, fund or in such securities as the Board may approve. (4) Any income derived from the investments pursuant to subsection (3) shall accrue to the VAC Fund and shall be paid into that Fund. (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 balance standing to the credit of his personal VAC account in the VAC Fund shall, at the option of the employee— (a) be transferred to a superannuation fund established by his new employer; (b) be retained in his account for the payment of a pension as determined under section 33 (2) 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. (6) Where an employee leaves the service of his employer before completing 2 years’ service, he shall be entitled to a refund of the balance standing to the credit of his personal VAC account, provided that the actual real value of the accrued retirement benefits of the employee from a previous employment has not been transferred to his personal VAC account. (7) For the purpose of this section, “superannuation fund” has the same meaning as in the Income Tax Act. [S. 4A inserted by Act 25 of 2000; amended by s. 43 of Act 14 of 2009 w.e.f. 30 July 2009.]