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{
    "id": 800401,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/800401/?format=api",
    "text_counter": 221,
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    "content": "Madam Temporary Speaker, beyond that, Clause 25(1) and (2) provides that- “A member shall, so long as he remains in the employment of a sponsor, contribute not less than seven and a half per cent of his pensionable emoluments to the scheme. (2) A sponsor shall contribute to the scheme fifteen percent of the pensionable emoluments of every employee who is a member of the scheme and amounts necessary to cover the premiums for the Insured Benefit.” It is important to define these amounts in a manner that is not prohibitive for greater contributions. That is why we are using the words “not less.” Clause 27(1) of the Bill provides that- “A member shall not withdraw membership or retirement benefits on the scheme while the member is in the employment of a sponsor.” Further, Clause 27(2) states- “A member may withdraw benefits from the account before Normal Retirement Age in the following circumstances – (a) resignation; (b) dismissal (c) ill health; or (d) immigration;” Of course, that one is qualified. I was having a discussion with Sen. Farhiya that if one is still under the employ of a sponsor and is a member, they can withdraw if they are on contract after retirement. For instance, if a person worked for the Parliamentary Service Commission (PSC) for 40 years, they then resign and get a contract immediately, their retirement benefits for 40 years are payable to them even as they remain under the contractual employ of a sponsor when they are members. It is important to put that distinction because many people who retire sometimes get engaged by the same employer and have a hard time accessing the retirement benefits because of that lacuna. Madam Temporary Speaker, Clause 28(2) of the Bill provides that- “The proof of age of a retiring member for the purposes of subsection (1) is the date of birth in any of the following documents – (a) birth certificate; (b) national identification card; or (c) a valid passport; (d) at the discretion of the Board as to acceptance a written declaration of date of birth by the member on the first appointment.” That is the one which is relied on; the dates declared when a person is first appointed and joined the scheme. We assume that everybody grows at the same rate every year, so that should not change when you retire. Madam Temporary Speaker, Clause 30(1) provides that- “Where a member retires as provided for in this Act, the member may request the board in writing to pay to him– (a) a lump sum from the balance in his or her retirement savings account that shall not exceed the equivalent of one third of that balance; The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}