14Minimum benefit for transferred contributors who were formerly holders of current insurance policies or Provident Fund contributors

14 Minimum benefit for transferred contributors who were formerly holders of current insurance policies or Provident Fund contributors

14 Minimum benefit for transferred contributors who were formerly holders of current insurance policies or Provident Fund contributors

(1) The employer-financed benefit is to be not less than the notional accumulation if any of the benefits specified in subclause (2) becomes payable to a transferred contributor who is a former holder of a current insurance policy or a former contributor to the Provident Fund.

(2) The following benefits are specified for the purposes of subclause (1):

(a) a benefit under section 37 of the current Act (benefit at or after early retirement or on death at or after early retirement age), or

(b) a benefit under section 38 of that Act (benefit on death before early retirement age), or

(c) a benefit under section 39 of that Act (benefit on total and permanent invalidity before early retirement age), or

(d) a benefit under section 40 of that Act (benefit on partial and permanent invalidity before early retirement age), or

(e) a benefit under section 41 of that Act (benefit on resignation, dismissal or discharge before early retirement age).

(3) However, if the employer-financed benefit payable to or in respect of a transferred contributor referred to in subclause (1) would, but for this subclause, be reduced by the operation of clause 15, then that benefit is to be not less than the notional accumulation.