Bill 29 2022 - Seychelles Pension Fund (Amendment) Bill 2022
AI-assisted research summary: This amendment defines “retirement” and “retirement age,” and gives the Minister power to make regulations about retirement and retirement age.
[16th Novem b e r 2 0 2 2 ] Seych elles Pension Fund (Amendment) 1 Bill, 2022 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE BILL SEYCHELLES PENSION FUND (AMENDMENT) BILL, 2022 (Bill No. 29 of 2022) OBJECT AND REASONS This Bill seeks to amend section 2 and section 68 of the Seychelles Pension Fund Act, 2005 (Cap 220) to provide a new definition for “retirement age”, “retirement” and amending provisions for the Minister to make regulations in respect of retirement and retirement age. Dated this 14th day of November, 2022. NAADIR HASSAN MINISTER OF FINANCE, NATIONAL PLANNING AND TRADE ——————— [16th Novem b e r 2 0 2 2 ] Seych elles Pension Fund (Amendment) 2 Bill, 2022 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE BILL SEYCHELLES PENSION FUND (AMENDMENT) BILL, 2022 (Bill No. 29 of 2022) A BILL FOR AN ACT TO AMEND THE SEYCHELLES PENSION FUND ACT, 2022 (CAP 220) TO PROVIDE ENABLING PROVISIONS FOR THE MINISTER TO MAKE REGULATIONS IN RELATION TO RETIREMENT AND RETIREMENT AGE. ENACTED by the President and the National Assembly. Short title 1. This Act may be cited as the Seychelles Pension Fund (Amendment) Act, 2022. [16th Novem b e r 2 0 2 2 ] Seych elles Pension Fund (Amendment) 3 Bill, 2022 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE BILL Amendment of section 2 2. Section 2 of the Seychelles Pension Fund Act, 2022, (Cap 220) (referred to in this Act as the “principal Act”) is amended by repealing the definition of “retirement” and substituting it with the following new definitions — “retirement” means ceased or largely ceased from the normal or habitual level of occupational activity which the person carried on prior to the person’s retirement; “retirement age” means the retirement at such age as may be prescribed under this Act or at such other age as may be prescribed under any other Act;”. Amendment of section 68 3. Section 68 of the principal Act is amended as follows — (a) in paragraph (a) by deleting the word “and” and inserting after the word “amounts” the words “ , the conditions and”; (b) by inserting after paragraph (e), the following new paragraph — “(f) for prescribing the age of retirement.”; (c) by renumbering section 68 as “68(1)” and inserting a new subsection (2) as follows — “(2) Upon the coming into operation of this Act, any change in the retirement age in respect of any member who would have been eligible to receive a pension but for the coming into operation of this Act, the Minister may, by way of regulations prescribe a mechanism to cater for the early retirement of such a member.”.