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LN 241 of 2015 - Personal Retirement Scheme (Amendment No. 2) Rules, 2015

The conditions for long term contract of insurance in order to be considered as a

qualifying scheme for the personal retirement scheme purposes, have been amended by

means of legal notice 241 of 2015.

The conditions are the following:

i. The contract must provide for the commencement of payment of benefits to a

ii. The contract must provide for programmed withdrawal arrangements as

qualifying individual at an age not earlier than fifty or not later than the date

when the individual attains the age of seventy or any other age specified in

pension rules applicable to personal retirement schemes in terms of the

Special Funds (Regulation) Act or any other law substituting the said Act,

except in those cases where the long term contract of insurance provides that

the payment is made by reason of the permanent invalidity or death of the

beneficiary;

provided for in the Directives issued under the Special Funds (Regulation) Act

or any Act substituting the said Act.