HomeCommitteesFamily Law Division of Matrimonial Assets: Monies in Employees Provident Fund Accounts
Division of Matrimonial Assets: Monies in Employees Provident Fund Accounts
Friday, 29 October 2010 09:42am
The Employees Provident Fund (Amendment) Act 2007 amended the Employees Provident Fund Act 1991 by inserting a new part after part V. Members of the Bar are advised to take note of the new part VA, which came into force on 1 July 2008 (PU(B) 264/08):
PART VA - TRANSFER OF CREDIT IN ACCORDANCE WITH THE DIVISION OF MATRIMONIAL ASSETS ORDER
Section 53A. Transfer of credit of a member of the Fund in accordance with the division of matrimonial assets order
(1) Notwithstanding section 51, when an order is issued by a court that part of the sums of money standing to the credit of a member of the Fund is matrimonial asset, the Board may, after being served with the sealed order, transfer the sum of money as ordered by the court from the account of a member of the Fund into the account of the receiver named in the order subject to any terms and conditions as prescribed by the Board.
(2) The Board shall postpone such transfer under subsection (1) if an order, appeal or any process of court proceedings which prevents the execution of the order under subsection (1) is served on the Board.
(3) Notwithstanding subsections (1) and (2), the transfer of credit
from the account of a member of the Fund into the account of the
receiver named in the order is subject to the amount standing to the
credit of such member of the Fund at the date of the transfer is made.
(4) For the purpose of subsection (3), "the date of the transfer"
means the date on which the sums of money is debited from the account of
a member of the Fund.
Section 53B. Withdrawal of the transferred amount
(1) Notwithstanding any relevant provisions of this Act, the amount which has been transferred into the account of the receiver named in the order under subsection 53A(1) shall not be withdrawn or transferred except in accordance with subsection (2).
(2) The Board may authorize the withdrawal of all amounts so transferred subject to any terms and conditions as may be prescribed by the Board if the Board is satisfied that the receiver-
(a) has died;
(b) has attained the age of fifty-five years;
(c) is physically or mentally incapacitated from engaging in an employment; or
(d) is not a Malaysian citizen and is about to leave Malaysia.
(3) Where such authority for withdrawal under paragraph 2(a) or 2(c) has been granted, no additional amount under section 58 may be paid.".
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