National Retirement Fund exemption

28 August 2012 Tonga Power Limited (TPL) Exempted from the National Retirement Benefits Fund (NRBF) and no longer a registered member effective from 3 August 2012. TPL Employer and Employee representative terminates.

The NRBS Act 2010 sets up a retirement fund scheme for its members. Whilst the scheme of the Act is for compulsory contribution by members there is provision for exemption from the provisions of the Act. The exemption is predicated on the employer providing the same or a better retirement benefit for its employees.

Tonga Power Limited applied to be exempted and NRBF Board approved the application after due process for exemption by TPL effective from 3 August 2012. The constitution of the Board is by law to be made up of persons representing employee and employer members of the Scheme.

The Term of Office for elected representatives is three years but terminates earlier if the representative ceases to be a registered employer or employee. TPL is no longer a registered member and TPL's employer and employee elected representatives cease.

NRBF Board wishes to convey its appreciation to the former employer and employee representatives of TPL on its Board, Mr. William Edwards Jr. and Mr. Steven ?Esau for their important contribution during their time on the Board.

ENDS

Issued by the: National Retirement Benefit Fund, Vaha'akolo, Nuku'alofa, P.O.Box 195, Kingdom of Tonga. Phone: +676 28833 | Fax: +676 22015 | Web: www.nrbf.to

Source: http://www.mic.gov.to/news-today/press-releases/4040-national-retirement-fund-exemption

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