s.53Refunds
53
Section 53Part 8 — Locking In

Refunds

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Except as is otherwise provided under this Act, no member or former member is entitled to a refund from a pension fund of contributions made by that member or on that member's behalf in respect of employment in the Islands or investment earnings on the contributions or otherwise to receive a payment or transfer from the pension plan on or after 1st June, 1998.
Notwithstanding subsection (1), on application by the administrator, contributions and interest thereon may be refunded to a member with the approval of the Director if —
the pension plan provides for the refund; and
the pension plan meets prescribed requirements.
Subsection (2) shall only apply to a person who has attained the normal age of pension entitlement and provides evidence through the administrator to the satisfaction of the Director that the member cannot transfer that member's pension benefits to another pension plan, pension entitlement savings arrangement or life annuity.
Notwithstanding subsection (1), where a member's employment is terminated, that member ceases to reside in the Islands, and no mandatory contributions have been made to a pension plan by or on behalf of the member for a period of two years or more, the member may elect, after the expiration of two years from the termination of the member's employment, in the case of a defined contribution pension plan, to receive a lump sum payment of an amount equal to not less than the amount of the contributions made by or on behalf of the member and the investment earnings on the contributions made under the pension plan or to have the units allocated to the member's account realised by the approved provider and to have the amount transferred to another pension plan, and in the case of a defined benefit plan, to receive a lump sum payment of the commuted value of the member's accrued pension benefits.
a member's employment is terminated;
that member ceases to reside in the Islands; and
no mandatory contributions have been made to a pension plan by or on behalf of the member for a period of two years or more,
For the purposes of subsection (4), a person shall be deemed to have ceased to be resident in the Islands when the person has been absent from the Islands for a period of six months or more, and, in calculating a period of absence, no account shall be taken of a period of residence in the Islands for a continuous period less than three months.
Further to the requirements of subsection (4) an administrator shall provide, in the form that the administrator considers appropriate, a member leaving the jurisdiction details setting out that member's ability to access the member's pension benefits under this Act.
A person may only apply for a refund under subsection 4 within the time prescribed by Order made by Cabinet.

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