17CEmployment continued after retiring age

17C Employment continued after retiring age

17C Employment continued after retiring age

(1) Where any permanent servant on whose life a policy has been effected under this Act reaches the retiring age as fixed by this Act and still continues in the employment of a council, the board, instead of delivering such policy to the permanent servant as elsewhere provided in this Act, shall deliver such policy to the company or companies concerned and the company or companies shall upon demand made by the board in that behalf pay to the board the amount payable under such policy. An acknowledgment signed by or on behalf of the board shall be sufficient discharge to the company or companies for payment of such policy moneys and for the release of the company or companies from any further liability in respect of such policy.

Such moneys shall be paid into the Provident Fund and rank pari passu with moneys standing at the credit of other permanent servants in the Fund and shall in all respects be deemed to be moneys paid into the Fund under Part 3 and shall be dealt with by the board accordingly.

(2) In the case of a permanent servant to whom Part 3 applies remaining in the employ of a council after he reaches the retiring age as fixed in section 14, the moneys at his credit in the Provident Fund shall continue to be held by the board in the Fund and shall participate in any interest distribution provided for in Part 3 until he ceases to be employed by a council.

(3) No further premiums or contributions shall be payable in respect of any such permanent servant.

s 17C: Ins 1935 No 24, sec 5 (c). Am 1975 No 101, Sch 5 (16).