Gazette amending-2023-0023 — National Pensions Act

Gazette

amending-2023-0023

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Section 3

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s3Inserted definition of 'mortgage' with reference to the Registered Land Act.

Section 47

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s47Revised contribution rate for housing purposes to include reduction payments on mortgages and strata fees.

Section Part VIIA

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

sPart VIIAUpdated Part VIIA heading to include reduction payment on residential land loan or existing mortgage and arrears in strata fees.

Section 52A

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s52AAmended definitions for 'deposit' and 'residential land', and inserted new definition for 'reduction payment'.

Section 52B

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s52BIncreased maximum withdrawal amount to fifty thousand dollars and added new requirements, subsections, and provisions for primary residence.

Section 52BA

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s52BAAdded new section allowing withdrawal for reduction payment on existing mortgage or residential land loan, including strata fees arrears.

Section 52C

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s52CIncreased maximum withdrawal to one hundred thousand dollars, added provisions for strata fees, and amended definitions and requirements.

Section 52D

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s52DRevised additional contribution requirements and added provision for lump sum payments to facilitate faster repayment.

Section 52E

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s52EIncreased maximum total withdrawal to fifty thousand dollars for sections 52B and 52BA, and added subsection for section 52C with one hundred thousand dollars.

Section 78A

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s78AAdded new section on remuneration and immunity of members of the Board.

Section 78B

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s78BAdded new section on appointment and functions of committees.

Section 78C

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s78CAdded new section on meetings of the Board.

Section 78D

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

s78DAdded new section on duty of confidentiality.

Section Schedule

Legislation Gazette No. 40, Supplement No. 1, dated 8th December, 2023 —

sScheduleReplaced the Schedule with a new form.