54C. Withdrawal by pensionable employees

Subject to section 56, the Board may authorize a member of the Fund who is a pensionable employee and who has not attained the age of fifty-five years and is still employed with the Government of Malaysia, any State Government or any statutory or local authority to withdraw all sums of money standing to his credit upon such terms and conditions as may be prescribed by the Board.

Notwithstanding subsection (1), the Board may authorize a member of the Fund who is a pensionable employee and who has not attained the age of fifty-five years to withdraw all or part of the sums of money standing to his credit upon any terms and conditions as may be prescribed by the Board if the Board is satisfied that the member of the Fund has been required to retire or has opted for retirement under sections 10, 11, 12 and 12A of the Pensions Act 1980 [Act 227] or sections 10, 11, 12 and 13 of the Statutory and Local Authorities

A member of the Fund who has made a withdrawal under subsection (1) or (2) shall not make any other withdrawal under the same subsection.

(Deleted by Act A1504).

For the purpose of subsection (2), “part of the sums of money standing to his credit” means the amount of money standing to the credit of the member of the Fund up to the date when the written notification of the member’s retirement received by the Board under section 56 comes into effect.