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Provident Fund Act - Provident Fund (Nominations) Regulations

LAWS OF TUVALU
2008 Revised Edition

PROVIDENT FUND (NOMINATIONS) REGULATIONS

CAP. 32.08.2

Arrangement of Regulations

Regulation

1 Citation and interpretation
2 Nomination of beneficiaries
3 Execution of the memorandum
4 Members not wishing to nominate beneficiaries
5 Submission of memoranda

SCHEDULE

TUVALU PROVIDENT FUND

Supporting Documents

ENDNOTES

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PROVIDENT FUND (NOMINATIONS) REGULATIONS MADE UNDER SECTION 22 OF THE PROVIDENT FUND ACT¹

1 Citation and interpretation

(1) These Regulations may be cited as the Provident Fund (Nominations) Regulations.

(2) In these Regulations, unless the context otherwise requires —

"person of standing" means a person of standing in the community authorised to witness signatures on important documents; and

"portion" means the portion of death benefit indicated by a member to be payable to each person nominated under section 25(1).

2 Nomination of beneficiaries

For the purposes of section 25 a member may nominate a person or persons to receive the amount of death benefit or portion thereof payable upon his death by executing a memorandum in the form prescribed in the Schedule to these Regulations.

3 Execution of the memorandum

The memorandum executed under regulation 2 shall be accepted as valid only if —

(a) it is completed to indicate the portion to be paid to each nominated person;

• (b) it is signed by the member in the presence of a person of standing who shall witness the signature; and
  

(c) the person witnessing the member's signature is not a person nominated by the member concerned.

4 Members not wishing to nominate beneficiaries

A member who does not wish to nominate any person or persons to be a beneficiary under section 25 shall be required to make a declaration to that effect on the form prescribed in the Schedule to these Regulations.

5 Submission of memoranda

After execution of the memorandum under regulation 3 or 4 a member shall submit it forthwith to the Fund.

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SCHEDULE

1. Form of memorandum
The memorandum shall be in the following form —

TUVALU PROVIDENT FUND

Memorandum of Nomination

(To Receive Death Benefit)

MEMBERSHIP IDENTITY NO: ...........................................

I, ..........................................................of .......................................................................

(full name of member) (address of member)

*1. hereby nominate the person named below to receive any death benefit payable in the event of my death; or

*2. hereby nominate the persons named below to receive the portion indicated of any death benefit payable in the event of my death; or

*3, do not wish to nominate anyone to receive death benefit in the event of my death

*Please delete the declaration not applicable.

I understand that this memorandum will be rendered null and void if I marry (or re-marry) after the date below and that I should execute a fresh memorandum as soon as possible after marriage.

Signature of Member, ............................................... Date ........................20..........

Signature of Witness ........................................................................................................

Full Name and Address of Witness,...........................................,....................................,
...........................................................................................................................................

Status/Occupation of Witness ..........................................................................................
(See Notes)

Important Notice:

A person nominated on this form may NOT be a witness.

Form B.1

ENDNOTES
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1 LN 14/1985