Section 16
Crediting of contributions into account
of National Retirement Scheme Act
(1)
Subject to subsection (2), the following accounts are to be maintained under the Scheme —
(a)
a member account; and
(b)
a retirement account.
(2)
The Board shall credit to the accounts specified in subsection (1)
every contribution paid into the Scheme for a member in such manner as the
Minister may direct and the Minister may give different directions in respect of different classes of members.
(3)
A member account referred to in subsection (1)(a) is an account maintained for the crediting of every contribution paid into the Scheme by a member, or voluntary contribution by a self-employed person or employer, under this Act in such manner as the Minister may direct and the Minister may give different directions in respect of different classes of members.
(4)
A retirement account referred to in subsection (1)(b) is an account maintained for the crediting of every contribution paid into the Scheme by an employer or self-employed person under this Act in such manner as the
Minister may direct.