55B. Contribution to and withdrawal from the Fund for a member of the Fund who has attained the age of sixty years

Notwithstanding section 55A, any contribution that has been credited into the account of a member of the Fund after the member has attained the age of fifty-five years may only be withdrawn when the member attains the age of sixty years or such other age as may be prescribed by the Minister by order published in the Gazette, whichever is higher.

The Board may authorize a member of the Fund who has attained the age of sixty years or such other age as may be prescribed under subsection (1), whichever is higher, to withdraw all sums or part of the amount standing to his credit subject to any terms and conditions as may be prescribed by the Board.

This section shall not apply to a member of the Fund who has attained the age of fifty-five years who falls within the category of the member of the Fund under paragraph 54(1)(c) or (e) or paragraph 70C(1)(b) or (c).