S.L. 123.175 Art. 7Generalconditions for a qualifying scheme. Subsitituted by: L.N. 114 of 2019. Cap. 514.

A qualifying scheme shall be one which satisfies the following conditions:

(a) in the case of an occupational retirement scheme, it is a scheme that is registered under the Retirement Pensions Act or any other law substituting that Act and, in the case of a long term contract of insurance issued by a licence holder, it provides for programmed withdrawal of arrangements as provided for in pension rules issued under the said Act or law; and

(b) it provides for the commencement of payment benefits to a qualifying individual on a date that is not earlier than the date on which the individual attains the age of sixty-one (61) and not later than the date when the individual attains the age of seventy (70), except in those cases where the scheme provides that the payment is made by reason of the permanent disability or death of the beneficiary; and

(c) it satisfies such further conditions as the Commissioner may deem appropriate to impose.