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Provident Fund Act - Provident Fund (Crediting Accounts) (Amendment) Regulations 2003

LAWS OF TUVALU

PROVIDENT FUND (CREDITING ACCOUNTS) (AMENDMENT)
REGULATIONS 2003

LN 07/2003

PROVIDENT FUND ACT (Cap.86)

Citation and Interpretation

1. (1) These Regulations may be cited as the Provident Fund (Crediting Accounts) (Amendment) Regulations 2003.

Amendments to Provident Fund (Crediting Accounts) Regulations 1999

2. The Provident Fund (Crediting Accounts) Regulations 1999 is amended as follows:

(1) Regulation 4 is amended by repealing it and substituting it with the following:

"4(1) Subject to regulation 4(3), the rate of interest declared under section 10 shall be calculated in the following manner at the end of each financial year:

(a) the total of the contributions in respect of a member recorded under regulation 3(2) for the financial year shall be added to the member's opening credit for that financial year;

(b) any sums, other than contributions credited under regulation 3, added or credited to a member's account during that financial year shall be added to the member's credit for that year;

(c) the rate of interest declared under section 10 shall be applied to the sum arrived under paragraph (a) and (b);

(d) the rate of interest declared under section 10 shall be applied to the contributions by the member recorded under regulation 3(1) on a pro rata basis, being the ratio of the number of complete days between the date of payment and the end of the financial year.

(2) The interest calculated under paragraph (1)( c) and (d) above shall be added to the member's credit balance at the close of the financial year and the resultant amount shall become the opening credit for the following financial year.

(3) The rate of interest declared under section 10 shall not be below zero percent."