Section 8
Establishment of National Retirement Scheme
of National Retirement Scheme Act
ActIn forceProvision 8 of 49
Section 8
(1)
The Board shall establish and maintain a scheme to be known as the National Retirement Scheme into which shall be paid all contributions collected under this Act and out of which shall be met all payments to be made by the Board under this Act (including any costs and expenses incurred by the Board in establishing and maintaining the Scheme).
(2)
If the Board is, at any time, unable to pay any sum which the Fund is required to pay under this Act, the sum required to be paid shall be charged on and advanced to the Board from the Consolidated Fund and the Board shall, as soon as practicable, repay the sum advanced to the Government.