Section 62Part 9 — Termination and Winding Up
Notice of entitlements
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On the winding up of a pension plan in whole or in part, the administrator shall give to each person entitled to a benefit or to a refund in respect of the pension plan a statement setting out —
the person's entitlement under the pension plan;
the options available to the person; and
any other prescribed information.
Where a person to whom notice is given under subsection (1) is required to make an election, the person shall make the election within sixty days of receiving the notice or shall be deemed —
to have elected to receive immediate payment of a pension benefit, if eligible therefor; or
if not eligible to receive immediate payment of a pension benefit, to receive a pension commencing at the earliest date mentioned in paragraph (b) of section 63(l),
Cross References
- Section 63 of National Pensions Act
section 63(1)(b)