AI-assisted research summary: These Rules apply to certain registered schemes, and benefits must generally be paid in the section 5 manner, subject to listed exceptions for deceased members, scheme transfers, and some employer debt payments.
Occupational Retirement Schemes (Payment of Benefits) Rules(Cap. 426, section 73)(Enacting provision omitted—E.R. 6 of 2019)[15 October 1993] L.N. 407 of 1993(Format changes—E.R. 6 of 2019) 1. (Omitted as spent—E.R. 6 of 2019) 2. Application (1) These Rules apply to registered schemes which are the subject of or regulated by an insurance arrangement.(2) Notwithstanding any provision of the terms of a registered scheme, such terms shall be construed and have effect as though they were made subject to these Rules. 3. Direct payment of benefits Subject to section 4, any benefits due to be paid under a registered scheme to which these Rules apply in respect of a member of the scheme shall be paid to the member in the manner described in section 5. 4. Exceptions (1) Any benefit due to be paid under a registered scheme to which these Rules apply in respect of a deceased member of the scheme shall be paid—(a) where the member has by a written notice to the administrator of the scheme nominated a person to receive such benefits in the event of the member’s death, to such person; or(b) where more than one such person is so nominated, to the nominated persons in such proportion as may be specified in the notice or, if no such proportion is specified, in equal share; or(c) where no such nomination has been made, to the deceased member’s personal representative within the meaning of the Probate and Administration Ordinance (Cap. 10),in the manner described in section 5.(2) Where the membership of a member of a registered scheme employed by the relevant employer of the scheme is to be transferred, at the member’s request, to another registered scheme also operated by that employer, the benefit due to be paid under the first-mentioned scheme in respect of that member upon the cessation of his membership consequential on such transfer shall be paid to the administrator of the second-mentioned scheme.(3) Where the terms of a registered scheme allow the administrator of the scheme to pay, to the relevant employer of the scheme, any part of any benefit due to be paid under such terms to a member of the scheme for the purpose of effecting repayment of a debt owed by that member to that employer upon the production of a written acknowledgment of such debt made by that member, section 3 does not apply to such benefit paid to that employer to the extent that such payment is allowed under the terms of the scheme. 5. Method of payment A payment referred to in section 3 or 4(1) shall be effected—(a) by—(i) delivering by hand to the person to whom the payment is due to be made;(ii) sending to such person by post at the address at which he ordinarily resides or, if such address is unknown, at his last known address,a cheque or banker’s draft crossed and made payable to such person;(b) by paying into an account of the person to whom the payment is due to be made kept solely in his name with an authorized institution within the meaning of the Banking Ordinance (Cap. 155);(c) by paying to an authorized insurer in accordance with a written instruction of the person to whom the payment is due to be made.