Intellectual Property Rights from Publicly Financed Research and
R 385
Government Employees Pension Law, 1996Schedule 1 : Rules of the Government Employees Pension Fund18. Payment of benefits |
| 18.1 | A lump sum benefit payable to a minor dependant or minor nominee may, with regard being had to the testamentary dispositions of a deceased member and in consultation with the Master of the Supreme Court be paid in more than one payment in such amounts as the Board may from time to time consider appropriate and in the best interests of such dependant or nominee: Provided that interest shall be added to the outstanding balance of such benefit from time to time, at a reasonable rate having regard to the investment return earned by the Fund: Provided further that any balance owing to such a dependant or nominee at the date on which he or she attains majority or dies, whichever occurs first, shall be paid in a lump sum. |
| 18.2 | A lump sum benefit payable to a major dependant or major nominee may be paid in more than one payment if the dependant or nominee has consented thereto in writing: Provided that— |
| (a) | the amount of the payment, intervals of payment and interest to be added and other terms and conditions are disclosed in a written agreement; and |
| (b) | the agreement may be cancelled by either party on written notice not exceeding 90 days. |
| 18.3 | If, in a specific case, a benefit other than an annuity is paid in instalments, interest is added to the remaining portion of the benefit in the Fund. |
| 18.4 | Contributions and benefits under the rules are payable at or by the registered office of the Fund in the legal tender of the Republic of South Africa: Provided that the Board may pay benefits elsewhere on such conditions as it may deem fit. |
[Rule 18.4, previously rule 18.5, renumbered by Notice No. 1073 of 8 August 2003]
| 18.5 | Any decision of the Board in terms of this rule, may from time to time be changed at it's discretion provided it does not prejudice the member, pensioner or beneficiary. |
[Rule 18.5, previously rule 18.4, renumbered by Notice No. 1073 of 8 August 2003]
