L10
Investment of Assets and Moneys While Claim Pending

10. INVESTMENT OF ASSETS AND MONEYS WHILE CLAIM PENDING
10.1.1 The FUND will cause the benefit arising from a MEMBER’s termination of service, retirement or death to be invested in near-cash from not later than the first day of the month following the later of
   

  • the date of termination of service, retirement or death;

  • the date that the FUND’s ADMINISTRATOR receives the full particulars required to process the claim for payment of the benefit;  and

  • the date that the contributions payable to the FUND by the relevant pay-point up to the last month in respect of which a contribution is payable in respect of the MEMBER are paid to the
    FUND and accurate data on these contributions are received by the ADMINISTRATOR of the FUND, plus the time reasonably required by the ADMINISTRATOR to verify the correctness of
    the contributions paid.
10.1.2 The rate of net income (after the deduction of tax) earned on the investment referred to in the preceding sub-RULE constitutes the FUND INTEREST in regard to the MEMBER from the commencement of that investment until the date of payment of the benefit.
10.1.3 The proceeds of insurance forming part of benefits payable to or in respect of a MEMBER must be invested however in near-cash from the date of receipt from the INSURER.  And the net income on the investment of those proceeds will be added to the benefits payable.
10.1.4 In the case of a transfer to another retirement fund following termination of service the benefit transferred is subject to RULE 7.4.

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