Versions

 

COB 12.3.6A

The Operator of a Scheme may accept a Member’s voluntary contributions to the Scheme, on the following conditions:

(a) the voluntary contributions must be made by Salary Sacrifice by the Member and paid by the Member’s Participating Employer to the Scheme;
(b) the voluntary contributions must be managed in the same manner as the mandatory contributions made in respect of that Member; and
(c) if the voluntary contributions, or any part of them, are permitted to be withdrawn, the withdrawal must:
(i) under the Constitution of the Scheme not be permitted to:
(A) be made more than twice yearly; and
(B) exceed, for any withdrawal, 30% of the amount that represents the Member’s voluntary contributions and earnings on those contributions, except on the grounds of extreme financial hardship as defined in the Constitution; and
(ii) not adversely affect the rights and interests of:
(A) the Member’s Core Benefits;
(B) the Core Benefits of the other Members of the Scheme; or
(C) the Scheme itself.

 

Derived from DFSA RMI302/2021 (Made 30th June 2021). [VER38/09-21]