Section 116: Power to make regulations Exemption of pension funds from liquidation process or garnishee proceedings.

(1)
Notwithstanding the provisions of any other law, no pension funds or assets kept with a Pension Fund Custodian under this Act shall be used to meet the claims of any of the Pension Fund Custodian's creditors in the event of liquidation of the Pension Fund Custodian and neither shall the pension life annuity funds and assets in the custody of any insurance company be seized or be subject of any execution of judgment debt or be used to meet the claims of any of their creditors in the event of winding up, liquidation or otherwise cessation of business of the insurance company in all cases.
(2)
In the case of winding up, liquidation or otherwise cessation of bus iness of the Pension Fund Custodian or any or all of its shareholders, the pension funds or assets in the custody of the Pension Fund Custodian shall not be seized or be subject of execution of a judgment debt or stopped from transfer to another Pension Fund Custodian.
(3)
Pension fund and assets in the retirement savings accounts shall not be subject to attachment, injunctive and any garnishee proceedings or used in satisfaction of a judgment debt obtained against any person.