(4) An employer may contribute in relation to a registered scheme more than the percentage contribution specified in Part I of Schedule 4 in respect of the relevant income of his relevant employees but is under no obligation to so contribute in excess of that percentage contribution even where his relevant employee does so contribute in accordance with subsection (3).
(5) Subject to subsection (6), any accrued benefits arising from contributions made in relation to a registered scheme under this section or under section 10 (“excess contributions”) shall be subject to all the provisions of this Ordinance.
(6) Subsection (5) shall not apply where a specified notice (specified in accordance with rules made by the Authority under section 47) is given by an employer or a scheme member to the trustee of a registered scheme in respect of excess contributions if the Authority has granted to that person an exemption from, or modifications to, the requirements in respect of registered schemes as to the vesting of contributions as accrued benefits (section 12), the preservation of accrued benefits derived from contributions (section 13), the portability or transferability of accrued benefits (section 14) or in accordance with regulations made under section 46 in respect of those excess contributions.
12. Vesting of contributions as accrued benefits
(1) Every contribution in respect of a registered scheme made in accordance with this Ordinance and attributable to membership in the registered scheme of a scheme member and for the account of that scheme member shall forthwith vest in the scheme member as accrued benefits.
(2) Any income or profits arising from the investment of those accrued benefits in respect of a scheme member made by or on behalf of the trustee of the registered scheme (but taking into account any loss arising in respect of any such investment) shall also vest in the scheme member as accrued benefits.
(3) The total amount of accrued benefits vested from time to time in scheme members under this section shall be calculated in accordance with rules made by the Authority under section 47.
13. Preservation of accrued benefits derived from contributions
For the purpose of preserving accrued benefits in registered schemes—
- (a) no trustee of a registered scheme shall pay or otherwise dispose of any part of those accrued benefits to any scheme member or any other person otherwise than in accordance with the provisions of this Ordinance;
