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Vanuatu National Provident Fund (Amendment) Act 2007

Commencement: 1 January 2008

REPUBLIC OF VANUATU

VANUATU NATIONAL PROVIDENT FUND (AMENDMENT)
ACT NO. 8 of 2007

Arrangement of Sections

1. Amendment
2. Commencement

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REPUBLIC OF VANUATU

Assent: 24/12/2007
Commencement: 01/01/2008

VANUATU NATIONAL PROVIDENT FUND (AMENDMENT)
ACT NO. 8 of 2007

An Act to amend the Vanuatu National Provident Fund Act [CAP 189].

Be it enacted by the President and Parliament as follows:

1 Amendment

The Vanuatu National Provident Fund Act [CAP 189] is amended as set out in the Schedule.

2 Commencement

This Act commences on 01 January 2008.

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SCHEDULE

AMENDMENTS OF THE VANUATU NATIONAL PROVIDENT FUND
ACT [CAP 189]

1 Section 11

Delete "5,000" substitute "20,000"

2 Section 16AB (heading)

Delete the heading, substitute "APPOINTMENT OF FUNDS MANAGERS"

3 Subsection 16AB (1)

Repeal the subsection, substitute
"(1) The Board may appoint more than one Funds Manager who must meet the criteria set out in subsections (2) and (3)."

4 Subsection 16AB (2)

Delete "the Funds Manager", substitute "a Funds Manager"

5 Subsection 16AB (3)

Delete "the" (third occurring), substitute "that"

6 Section 16B (Heading) and subsections 16B (1) and (2)

Delete "Manager", substitute "Managers"

7 Subparagraph 16B (3)(a)(i)

(a)Delete "the" (fourth occurring), substitute "a"

(b) Delete "United States dollars", substitute "relevant currency that the Fund is investing in"

8 Subparagraph 16 B (3)(a)(ii)

Delete "the"(fourth occurring), substitute "a"

9 Section 16C

(a) Delete "the" (first occurring), substitute "a"

(b) Delete "the" (fourth and sixth occurring), substitute "that"

10 Subsection 16D (1)

Delete "the" (second occurring), substitute "a"

11 Section 16E (Heading) and subsections 16E(1), (2) and (3)

Delete "Manager", substitute "Managers"

12 Subsection 20(2)

Repeal the subsection, substitute

"(2) The Board must appoint a qualified auditor who is responsible for auditing the accounts of the Fund annually.

(3) The Board must not appoint a person under subsection (2) if that person is disqualified for appointment as auditor under section 166 of the Companies Act [CAP 191]."

13 Subsection 21(1)

Delete "4", substitute "3"

14 Subsection 30(2)

Delete "an account", substitute "a retirement account, an investment account and a medi-save account"

15 Paragraph 30(2)(a)

Repeal the paragraph, substitute

"(a) 50% of the amount of the contributions paid by and in respect of him or her to the retirement account; and

(b) 25% of the amount of contributions paid by and in respect of him or her to the investment account; and

(c) 25% of the amount of the contributions paid by and in respect of him or her to the medi-save account; and

16 Paragraph 30(2)(b)

Re-letter the paragraph as (d).

17 Paragraph 30(2)(d)

After "Fund", insert ", as stated in paragraphs (a), (b), and (c)"

18 After subsection 30(2)

Insert

"(2A) The accounts referred to in paragraphs (2)(a), (b) and (c), will accumulate as the contributions paid by and in respect of a member are made to the Fund only on and after 01 January 2008.

(2B) Upon the commencement of this Act, the Fund is to transfer 25% of an existing member’s credit standing with the Fund immediately before the commencement of this Act, to the member’s investment account referred to in paragraph (2)(b).

(2C) To avoid doubt:

(a) subsection (2B) only applies to members of the Fund who have an account with the Fund immediately before the commencement of this Act and the transfer made pursuant to that subsection occurs only once for that purpose; and

(b) 75% of an existing member’s credit standing with the Fund upon the transfer of the 25% referred to in subsection (2B) will remain in the member’s retirement account."

19 Subsection 30(5)

Delete "Subsection (4)" substitute "This section"

20 Paragraph 38(1)(d)

Delete ".", substitute "; or"

21 After paragraph 38(1)(d)

Insert

"(e) upon obtaining a loan under the microfinance scheme of the Fund with a financial institution approved by the Board, that member is unable to settle his or her outstanding debt with the financial institution."

22 After subsection 38(2)

Insert

"(2A) A withdrawal under:

(a) paragraph (1)(a), (b), (c) or (d) is to be made from all three accounts of a member referred to in paragraphs 30(2)(a), (b) and (c);

(b) paragraph (1)(e) is to be made only from the member’s investment account."

23 Paragraph 43(6)(b)(i)

Delete "his dependant parents", substitute "in the event that the deceased has no family, his dependant parents, brothers and sisters"

24 Subparagraph 43(6)(b)(ii)

Delete "her dependant parents", substitute "in the event that the deceased has no family, her dependant parents, brothers and sisters"

25 Subsection 45(1)

Delete "section 38", substitute "paragraph 38(1)(a),(b),(c) or (d)"

26 Subsection 54(2)

Repeal the section.

27 Subsection 61(1)

Delete "shall" (first occurring) substitute "may subject to the approval of the Board,"

28 Subsection 63(1)

After "The Minister may", insert "after consultation with the Board,"

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