| (1) |
No pension or lump sum from a pension fund referred to in section 10, or right to such a benefit, or right in respect of contributions made by, or on behalf of, a member, may be ceded, pledged or hypothecated, or be attached or subjected to any form of execution under a judgement or order of a court of law, and in the event of the beneficiary attempting to cede, pledge or hypothecate a benefit or right thereto, payment of the benefit may be withheld, suspended or entirely discontinued by the pension fund concerned in its discretion: Provided that the pension fund concerned may, during such period as it may determine, make payment of such benefit or of any benefit in pursuance of such contributions or part thereof to one or more of the dependants of the beneficiary or to a curator for such dependant or dependants. |
| (2) |
Notwithstanding the provisions of subsection (1), the pension fund concerned may on the date of a member’s retirement or the date on which he ceases to be a member of the fund, deduct— |
| (a) |
Any amount due to that fund in respect of a loan granted by that fund in terms of its statutes to a member or beneficiary, from any benefit to which the member or beneficiary is entitled in terms of such statutes; |
| (b) |
Any amount due by a member to his employer in respect of— |
| (i) |
any loan granted by the employer to such a member at his request; |
| (ii) |
any amount for which the employer is liable in terms of a guarantee furnished in respect of a loan granted by some other person to the member for the purchase of land or a dwelling or the erection, alteration, improvement, maintenance or repair of a dwelling for occupation by the member or a dependent of the member; |
| (iii) |
any other written agreement between the member and the employer in respect of a study bursary, training of the member or the military service obligations of the member, |
from any benefit payable to the member or a beneficiary in terms of the statutes of that fund, and pay such amount to the employer concerned;
| (c) |
any amount which such fund or the employer has paid or will pay by an arrangement with, or on behalf of, a member or beneficiary in respect of— |
| (i) |
such member’s or beneficiary’s subscription to a medical scheme registered otherwise than provisionally in terms of the Medical Schemes Act, 1967 (Act No. 72 of 1967) |
| (ii) |
any insurance premium payable by such member or beneficiary to an insurer registered in terms of the Insurance Act, 1943 (Act No. 27 of 1943). |
From any benefit to which the member or beneficiary is entitled in terms of the statutes of that fund and pay such amount, if due, to such employer, medical scheme or insurer, as the case may be.
[Subsection (2) inserted by section 8 of Act No. 101 of 1992]
[Section 10B inserted by section 7 of Act No. 85 of 1991]
Stamp Duties Act, 1968 (Act 77 of 1968)
