Section 15
of Supplemental Contributory Pensions Trust Act
Section 15
(1)
All sums recovered or collected on account of contributions to the Trust under this Act shall be paid into or carried to the Trust in such manner as the Board may determine.
(2)
The Board shall cause to be credited to each member —
(a)
the amount of every contribution paid to the Trust for him, excluding that portion of contribution to be paid into the survivorship protection fund; and
(b)
annual dividend at the rate declared under section 7(6) at such intervals as the Board may determine and on the amount standing to his credit in the Trust at such time as the Board may determine.
Crediting of contributions into SCP account 17.
(1)
There shall be maintained for each member in respect of the money standing to his credit a SCP account in the Trust.
(2)
The Board shall credit to the SCP account every contribution paid into the Trust for a member, excluding that portion of contribution paid into the survivorship protection fund under sections 8, 9 and 10, in such manner as the Minister may direct, and the Minister may give different directions in respect of different classes of members.
Catch-up payment by Government for transition generation 18.
(1)
Where a member belongs to the transition generation, there shall be paid by the Government a lump sum catch-up contribution of such amount as the Minister may determine to be paid to his SCP account.
(2)
The lump sum catch-up contribution payable to a member under subsection (1) shall be —
(a)
for the period the member attains the age of 25 years at any time after 1st January 1993 up to 31st December 2009; and
Supplemental Contributory
Pensions Trust 22
(b)
determined after taking into account the number of months the member has contributed to Tabung Amanah Pekerja as at 31st December 2009.
(3)
For the purpose of this section, “transition generation” means citizens of Brunei Darussalam and permanent residents who are members of
Tabung Amanah Pekerja on 31st December 2009 and who have not attained the age of 55 years on that date.