Employees Provident Fund Act 1991 · Updated to 1 Jul 2022 · Part III · The fund
29A. Investment by member of the Fund
Feedback & supportNotwithstanding anything contrary to the provisions of this
Act, the Board may, subject to any regulations and rules made under this Act—
Board
“Board” means the Employees Provident Fund Board established under section 3;
authorize an application made by a member of the Fund for investment in fund management institutions or other institutions approved by the Minister for investment purposes in any investments approved by the Minister; and
authorize transfer of any amount standing to the credit of such member of the Fund into fund management institutions or other institutions approved by the Minister subject to any terms and conditions as he thinks appropriate.
36 Laws of Malaysia
Where the Board has authorized the transfer of a sum of money standing to the credit of such member under subsection (1)—
credit
“credit” means the contributions standing to the account of a member of the Fund together with any dividend thereon;
such amount so authorized shall not be paid dividend as declared by the Board under section 27; and
such amount shall be deemed withdrawn from the credit of such member at the Fund from the date such member has attained the age of fifty-five years and such member may deal directly with the fund management institutions or other institutions approved by the Minister in relation to the credit.